IRS’s “Get My Payment” portal is up and running. Use it to enter direct deposit information to get your stimulus payment quicker. Don’t be surprised if the portal is slow to work or has issues as it is brand new and probably experiencing high volumes of access. Go to this website:
The IRS should start issuing Economic Impact Payments soon. If you filed a 2018 or 2019 tax return and your income is below $75,000 if single or $150,000 if married, you need to do nothing so long as the IRS has your direct deposit bank account information. If they don’t, they are developing an online portal so that you can enter bank account info to get your payment quicker. Go to this link to get more information:
Click the links below for more information
- Families First Coronavirus Response Act: Questions and Answers
- Filing and Payment Deadlines Questions and Answers
- Employee Rights Poster
- IRS FAQ on the Employer Retention Credit
- IRS FAQ on the Required Paid Leave and associated tax credits
- IRS guidance on taxpayer Economic Impact Payments also knows as Recovery Rebate Payments
- Paycheck Protection Program Application Form
- Small Business Paycheck Protection Program
- Paycheck Protection Program (PPP) Information Sheet: Borrowers
- Paycheck Protection Program (PPP) Information Sheet: Lenders
- SBA FAQs on the PPP loan program. The biggest takeaway, use gross payroll costs to calculate the max loan amount. See Question 16.
- SBA has updated FAQs. See question 20. Once a PPP loan is approved, the lender must make the loan proceeds available within 10 calendar days.
- Spreadsheet to calculate average monthly payroll for self employed individuals:
SBA has released an “Interim Final Rule”, which provides guidance on the Paycheck Protection Program loan.
As always, call or email us with any questions and please stay healthy!!