When Will I Get My Stimulus Check? PPP Update
EIDL News
Stimulus Check FAQ
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President Trump on Friday signed legislation providing $484 billion in additional funding with $310 billion in funding for the Paycheck Protection Program (PPP), $60 billion of which is reserved for community banks and small lenders; $75 billion for hospitals; $25 billion to support testing efforts; and $60 billion for emergency disaster loans and grants.
PPP applications will resume Monday. EIDL applications will resume after all the current applications have been processed.
I have heard word that there will be a revised EIDL application once it is opened back up but it does not appear anyone will need to re-apply. I will report more on that once I get more information.
The second round of PPP funding is likely to run out even more quickly than the first round. If you have not yet secured funding I recommend applying at smaller banks. I won’t go too much into detail on this since I have an entire video on my top 9 tips to secure PPP funding.
As of today April 25 9.8% of businesses who have applied for the EIDL grant have received funding. This up from 9.6% just yesterday.
That makes me really excited for those of you who have yet to receive funding.
In PPP news as of today, the 25th according to covidloantracker.com 8.7% of businesses who have applied have been funded. This is up from 8.6% yesterday. Again, I expect this number to go up next week.
On to stimulus check news:
I haven’t filed a tax return for 2018 or 2019 and don’t need to file tax returns for those years. I receive Social Security, SSI, Railroad Retirement, or Department of Veterans Affairs (VA) benefits. What do I need to do to get a Payment?
You are not required to file a tax return and will automatically receive a $1,200 Payment if you received Social Security retirement, SSDI, survivors benefits, SSI, Railroad Retirement benefits, or VA Compensation and Pension (C&P) benefits in 2019. You do not need to contact the IRS, Social Security Administration (SSA), the Railroad Retirement Board (RRB) or Veterans Affairs. The IRS will use the information from your 2019 benefits to generate a Payment to you.
Is the Payment included in my gross income?
No, the Payment is not included in your gross income.
You will not include the Payment in your taxable income on your Federal income tax return or pay income tax on your Payment.
It will not reduce your refund or increase the amount you owe when you file your 2020 Federal income tax return.
Nor will it affect government assistance or benefit programs.
How will the IRS know where to send my Payment?
If you received direct deposit of your refund based on your 2019 or 2018 tax return the IRS will deposit funds into that account
If you filed your 2019 or 2018 tax return but did not receive your refund by direct deposit, your Payment will be mailed to the address we have on file even if you also receive Social Security, Railroad Retirement or Veterans Affairs benefits by direct deposit.
If you did not receive your refund by direct deposit based on your 2019 or 2018 tax return you have the opportunity to provide bank account information through the IRS Get My Payment tool before your Payment is processed.
Where did you get the bank information for me, and what if I need to change it?
Your bank account information is obtained from the most recently filed tax return or from the Get My Payment application. If Get My Payment indicates your Payment has been processed, you cannot change your bank account information.
If you haven’t filed a 2018 or 2019 tax return and you received SSA, RRB or VA benefits, your bank account information may be obtained from the SSA or VA. You will receive your Payment as a direct deposit or by mail, just as you would normally receive your benefits.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.
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