**COVID-19 UPDATE 1/7/21**
If you have any questions or concerns regarding the most recent round of stimulus payments please check IRS Statement about Second Economic Impact Payments. In addition Cross River Bank is taking preliminary applications for the 2nd round of PPP loans which are awaiting final approval from the SBA before they go live.
**COVID-19 UPDATE 8/8/20**
Today is the deadline to apply for the latest round of PPP loan funding, however, it appears in both proposals, the Democratic led HEROES Act and the Republican led HEALS Act there will be an extension to apply as well as expanded qualified usage for the funds beyond payroll and utilities. For more information on both proposals please check out this CNET article: HEALS vs CARES vs HEROES: The biggest sticking points in the proposals and how they compare. It also highlights the key differences for both individuals and businesses in the CARES Act, which was passed in March, and the upcoming act that will most likely be a compromise between HEROES and HEALS.
In addition, if you own a business and are looking for a lending institution to secure PPP funding, please check out Cross River Bank. Here is an article explaining how this small bank has done more for small businesses in need of funding than any of the larger, more well-known banks: Meet the one-branch bank that did more PPP lending than Citi.
**COVID-19 UPDATE 4/25/20**
Still having trouble with the IRS Get My Payment site? Here’s some helpful information from USA Today on what the IRS is doing to fix it: Troubled IRS payment-tracking tool to get critical update.
Own a business? Been in business since before 2/15/20? You’re in luck! Additional funding for the popular Paycheck Protection Program(PPP), a loan which may be forgivable if certain criteria is met, has been infused with an additional $310 billion in funding. To complete your application go to the SBA PPP site. Banks will start accepting applications on Monday April 27th. DO NOT DELAY! The first round of funding was spoken for immediately. This Fast Company article has great information in an FAQ format to help get you started.
There is an additional $60 billion in funds for the Economic Injury Disaster Loan(EIDL). For more information on how to apply please go to the SBA EIDL site.
If you need help determining if you are eligible please reach out to us through our Contact page. We will setup a Tax Discovery Session consult as soon as possible to discuss your options.
**COVID-19 UPDATE 4/20/20**
If you need to change your address or direct deposit information for your Economic Impact Payment please use the following link: IRS Get My Payment.
If you go to that link, enter your information and receive the message below, it is a common error in the IRS system. They have acknowledged it and are in the process of correcting. Please check back daily until the error has been corrected. For more information on the error please check out this article from CNBC: IRS Stimulus Check Tracking Tool Isn’t Working For Everyone
**COVID-19 UPDATE 4/15/20**
Stimulus payments(aka Economic Impact Payments or EIP) have arrived! If you have already filed for 2018 and/or 2019 and have not received your payment please check on the IRS website’s GET MY PAYMENT tool for more information. If you have further questions here is their FAQ regarding stimulus payments which covers those who do not need to file or those who may or may not be eligible.
For those of you affected by COVID-19 there are options. Here are the thresholds for stimulus payments:
SINGLE w/ AGI up to $75k = full $1200 payment
SINGLE w/ AGI of $75,001-$99k = reduced payment
HEAD of HOUSEHOLD up to $112.5k = full $1200 payment
HEAD of HOUSEHOLD w/ AGI of $112,501-$146.5k = reduced payment
MARRIED JOINT w/ AGI up to $150k = full $2400 payment($1200/spouse)
MARRIED JOINT w/ AGI of $150,001-$198,000 = reduced payment
In addition, for each child under the age of 17 claimed as a dependent filed on your most recent tax return(either 2018 or 2019) you will receive an additional $500 in stimulus payment.
For business owners there are 2 major programs to help you weather the storm: The Paycheck Protection Program(PPP) and the Economic Injury Disaster Loan(EIDL) which can be up to $2m. To see which one you qualify for please email us via the contact form.
NOTE: if you do not specify you are a new or existing client these emails will be blocked and filtered.
Accounting and Tax Services
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