When will I receive my stimulus check? EIDL grant news
PPP Loan news
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Hello and welcome to this weekend stimulus update. I didn’t think I would have much to talk about today but boy was I wrong. I have updates with PPP and EIDL and potential additional funding, stimulus check portal issues including people now being mailed a paper check and much more.
Printed stimulus checks are set to start being sent out next week so if you are a person who either didn’t file your taxes electronically and didn’t add electronic payment information in the stimulus check portal your paper check should be arriving faster than previously expected.
This is especially a victory for those of you who checked the status of your stimulus online and noticed it was being deposited in an old or incorrect account. In this case under current guidelines the IRS will receive the return of this payment and mail you a physical check.
First people are receiving EIDL loan agreements
The terms that Youtuber use Ki Kim received were as follows:
-A $15,000 loan at a 3.75% interest rate
-The loan will have no payments due for 1 year
-The loan has a 30 year term which comes out to only $74/mo
-There are no prepayment penalties
-There is no collateral required unless the loan amount is over $25,000 in which they are considering you personally liable for the loan
-As a part of the loan you need to request permission from the SBA for any ownership changes
-If you were to sell your business you will have to give the SBA notice
-The loan can only be used for business purposes and you must keep records for 3 years on what exactly the funds are spent on.
-The loan requires you to have a hazard insurance policy and to submit proof within 12 months
As I'm sure you’re well aware if you’re watching this all of the committed money for the paycheck protection program ran out last Thursday.
Well we might have some good news coming
Chuck Schumer said Democrats and the Trump administration will talk through the weekend about another emergency coronavirus relief bill.
Republicans want to add an additional 250 billion to the Paycheck Protection Program where
Democrats are looking for $250 billion more for for hospitals and state and local governments as Republicans try to replenish a small business loan program approved last month.
Both sides are claiming to be hopeful that they will come to an agreement over the weekend so I am looking forward to potentially bringing good news in the next couple days.
We also have funding news from covidloantracker.com
There’s another major issue with the stimulus checks that has been popping up the last few days. Many people have entered in direct deposit information into the Get My Payment tool only to check back a day or two later to find that they are now scheduled to be mailed a check.
The message typically states “We scheduled your check to be mailed on this day. We will mail you a letter with additional information on this payment” and to refer to the FAQ
As of what I can find right now there is not a way to reverse this issue and submit for an electronic payment unfortunately. It’s not quite as bad that they are now ahead of schedule on actually mailing out checks and they will begin to be sent out starting the week of the 20th, however it’s still frustrating don’t get me wrong.
We’re still seeing people locked out of the Track my Payment portal for longer than 24 hours and people getting the “Payment Status Not Available” error message without much of a solution as of yet. I’ll do more digging and report back tomorrow if I can find anything so make sure you subscribe and turn on notifications to be notified.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.
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