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More Recovery Disaster Funds Could be here soon for Businesses

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Additional round of funding could be available this week for Businesses impacted by Covid-19.

Among the items being voted on, there appears to be emergency funding for businesses and front line healthcare responding to the pandemic:

  • $300B – Payment Protection Program
  • $50B – EIDL Economic Injury Disaster Loan
  • $25B – Testing
  • $75B – Hospitals

Congress and the President are expected to finalize the deal this week and funds should be available shortly thereafter.

Speak with your SBA banking advisor soon to start the application process and make sure to take advantage of planning opportunities for the Payment Protection Program (loan forgiveness) and Economic Injury Disaster Loan ($10k grant). Visit the following links for additional information.

-Michael Arrache, CPA, EA

Non-filers can still get Stimulus Checks

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IRS launches tool for non-filer economic impact payments (04-10-20)

The IRS has created a new website that allows non-filers to request economic impact payments. (IR-2020-69)

Individuals receiving Social Security retirement or disability benefits, or Railroad Retirement benefits, are not required to use this new tool to receive their payments. The IRS will still rely on Form SSA-1099 and Form RRB-1099 for purposes of determining the amount of the impact payment. However, if these individuals have dependents, and have not filed a return for 2018 or 2019, they should visit the website; otherwise, their payment will only be issued for the $1,200 for the recipient and not their spouse or any of their dependents.

Here is a list of who should go to the website and enter their information:

  • Individuals who haven’t filed a 2018 or 2019 return because their income is below the filing requirement threshold;
  • Veterans beneficiaries and SSI recipients; and
  • Social Security, SSDI, and Railroad Retirement beneficiaries with qualifying dependents.

Here is the link to the website:

www.irs.gov/coronavirus/non-filers-enter-payment-info-here

The IRS also announced that the website for other taxpayers to enter bank account information for direct deposit, and a website for everyone to check on the status of their payment, will be available next week.