Economic Impact Stimulus Payments
Many people that are eligible for the economic impact stimulus payment have not received it in their bank account. We have gotten questions about why the IRS Get My Payment site says, “Status Not Available”.
Your payment will be direct deposited if you filed your 2018 or 2019 taxes, and you received a refund, and you provided bank account information with your return.
If you did not get a refund or did not provide a bank account, then you will receive your payment in the mail at the last address on file with the IRS. You can add a bank account at the Get My Payment website.
This also applies to recipients of social security or railroad retirement benefits. Check the status of your payment on the site and add a bank account if necessary.
Expanded Unemployment benefits
Congress authorized the States to expand the scope of who is eligible for unemployment benefits and included a federal benefit to the eligible payments.
Under the guidance, self-employed individuals and independent contractors can claim benefits. You will likely need your 2019 1040 tax return with Schedule C form.
The expanded benefits increase the state amount by $600 a week for up to 13 weeks. To apply in CT visit the Dept. of Labor Website here and sign up. Click Here
Paycheck Protection Program (PPP) Loans
Small business loan program to help keep workforce.
UPDATE: The new round of $310B is available now.
This program gives business forgivable loans of up to 2.5 times their average monthly payroll. The initial funding for the PPP program were depleted within two weeks. Much of that funding went to large businesses.
if you already applied through your bank and completed all the requirements, they will likely submit the application to the SBA this week when the program starts back up. Be sure your loan status on your bank’s website says ready to submit to the SBA.
If you have not applied, it is strongly recommended that you complete an application ASAP as funding will likely be gone quickly. Applications are processed via your current business banking. You will need your quarterly payroll tax reports form 941 and annual 940 as well as the PPP application from the bank. You may also need copies of the W2 or W3 reports. Check with your bank.
Self-employed individuals must provide their 2019 1040 tax return and Schedule C as well as the Form 1099-Misc detail of income with the PPP Loan application. For additional guidance, visit the SBA PPP site.
Economic Injury Disaster Loans (EIDL) & Emergency Economic Injury Grants
This program provided loans of up to $2 million at a rate of 3.75% with long-term repayment of up to 20 years. Up to $200,000 can be approved without a personal guarantee.
Conditions of the program continue evolve. The grant portion that began with $10,000 but was later reduced to $1,000 and no longer appears on the SBA information page.
This program was also overwhelmed with demand and funds were depleted quickly.
The SBA announced that additional funding was provided by the new Covid-19 relief package and they will resume processing EIDL Loan and Advance applications that are already in the que on a first come, first-served basis.
The SBA will provide further information on when the EIDL portal will be available to receive new applications. If you have not yet applied, check their website regularly.
To apply or for more information, visit the SBA covid-19 website.
Many people that are eligible for the economic impact stimulus payment have not received it in their bank account. We have gotten questions about why the IRS Get My Payment site says, “Status Not Available”.
Your payment will be direct deposited if you filed your 2018 or 2019 taxes, and you received a refund, and you provided bank account information with your return.
If you did not get a refund or did not provide a bank account, then you will receive your payment in the mail at the last address on file with the IRS. You can add a bank account at the Get My Payment website.
This also applies to recipients of social security or railroad retirement benefits. Check the status of your payment on the site and add a bank account if necessary.
Expanded Unemployment benefits
Congress authorized the States to expand the scope of who is eligible for unemployment benefits and included a federal benefit to the eligible payments.
Under the guidance, self-employed individuals and independent contractors can claim benefits. You will likely need your 2019 1040 tax return with Schedule C form.
The expanded benefits increase the state amount by $600 a week for up to 13 weeks. To apply in CT visit the Dept. of Labor Website here and sign up. Click Here
Paycheck Protection Program (PPP) Loans
Small business loan program to help keep workforce.
UPDATE: The new round of $310B is available now.
This program gives business forgivable loans of up to 2.5 times their average monthly payroll. The initial funding for the PPP program were depleted within two weeks. Much of that funding went to large businesses.
if you already applied through your bank and completed all the requirements, they will likely submit the application to the SBA this week when the program starts back up. Be sure your loan status on your bank’s website says ready to submit to the SBA.
If you have not applied, it is strongly recommended that you complete an application ASAP as funding will likely be gone quickly. Applications are processed via your current business banking. You will need your quarterly payroll tax reports form 941 and annual 940 as well as the PPP application from the bank. You may also need copies of the W2 or W3 reports. Check with your bank.
Self-employed individuals must provide their 2019 1040 tax return and Schedule C as well as the Form 1099-Misc detail of income with the PPP Loan application. For additional guidance, visit the SBA PPP site.
Economic Injury Disaster Loans (EIDL) & Emergency Economic Injury Grants
This program provided loans of up to $2 million at a rate of 3.75% with long-term repayment of up to 20 years. Up to $200,000 can be approved without a personal guarantee.
Conditions of the program continue evolve. The grant portion that began with $10,000 but was later reduced to $1,000 and no longer appears on the SBA information page.
This program was also overwhelmed with demand and funds were depleted quickly.
The SBA announced that additional funding was provided by the new Covid-19 relief package and they will resume processing EIDL Loan and Advance applications that are already in the que on a first come, first-served basis.
The SBA will provide further information on when the EIDL portal will be available to receive new applications. If you have not yet applied, check their website regularly.
To apply or for more information, visit the SBA covid-19 website.
