The PPP is another loan for small businesses affected by the COVID-19 virus.  While it is backed by the Small Business Administration, you have to go through your bank in order to apply.  The basics are you will need to prove what payroll you had last year.  Take your annual gross payroll, divide by 12 to get your average monthly payroll.  Then multiply that by 2.5 to come up with the estimated loan you could receive.  This money is strictly to retain your employees by paying them their regular paychecks so they don't have to go on unemployment.  You must retain them and pay them for 8 weeks after you receive the loan.  The additional .5 can be used toward rent and utilities only.  If you adhere to these strict rules, the loan should be forgiven.  If you don't use it for what it is intended, you can be fined, have to pay interest, pay it back, or possibly even charged for fraud.

We have processed several of these loans for our clients through their banks with success.  Please contact your bank to begin the application.

The EIDL has been around for a long time for people to use when there is a disaster like a hurricane or tornado.  The federal government declared the COVID-19 pandemic as a disaster so small businesses can use the EIDL to get a loan that may be forgiven.  To apply you need to go to the Small Business Administration website and apply for it.

Unfortunately, there has been an overwhelming response to it and they are no longer taking new applications.  If you were lucky enough to get an application in, then you should get an email from them with instructions.  It appears they are giving out $1,000 per employee to a maximum of $10,000 in order to help as many as they can.  They say they are processing them on a first come, first serve basis.

The stimulus checks are already being deposited!  If the IRS, or the Treasury Department has your direct deposit information, there is nothing else you need to do.  The money will just show up in your account.  This also goes for those getting Social Security, SSI, and Railroad Retirement benefits.  Think about it, you get your deposit into your account now so they can just put that stimulus money in your account right along with it.

If you have not used direct deposit for your refund and don't get any federal benefits, then you will need to enter in your information on the IRS page.  https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

Just follow the directions on the page to enter in the information they ask for.  If you want to see if you are eligible for this money, please go to this page https://www.irs.gov/coronavirus/economic-impact-payment-information-center

The IRS has also opened a link where you can check the status of your money.  If it comes back as unavailable, then you probably receive your benefits from an agency, like Social Security, and the IRS doesn't have that information at its disposal.  Don't stress it, eventually that money will be deposited.  https://www.irs.gov/coronavirus/get-my-payment 

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment. If a taxpayer is unsure they’re receiving a legitimate letter, the IRS urges taxpayers to visit IRS.gov first to protect against scam artists.