When will I receive my stimulus check? EIDL grant news
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$2000/mo stimulus
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Mnuchin said that the proposed new bill will include money for testing, hospitals and small businesses, but not for state and local governments, a contingent the Democrats asked to be included. He said that the new deal being defined would allocate $310 billion for the PPP, setting aside $60 billion for rural and minority groups, $60 billion for the Economic Injury Disaster Loan program, $75 billion for hospitals and $25 billion to invest in testing.
Mnuchin said that another $310 billion “should be sufficient to reach almost everybody.”
The numbers haven’t been finalized, but Democratic and Republican leaders have stated that they want the agreement reached and the program up and running within the week.
I decided to do some math on this. If an additional $60 billion is given to the EIDL grant programs at an average of $3,000 in grants for each business who applies, that comes out to 2,000,000 businesses covered. Which as of the last I’ve heard is around the number of total applicants
If the Paycheck Protection Program gets an additional $250 billion with an average loan amount of $120,000 we’re looking at an additional 2,083,000 businesses funded.
This sounds like a lot but take this into consideration... 2 million additional businesses plus the 1.7 million businesses already approved for funding equals 3.7 million businesses. There are 30 million small businesses in the U.S. That means there will be funding for just 12.3% of small businesses in the U.S.
What I’m getting at here is additional funding is great but there is still a rush if you own a small business and have not received funding yet.
To solidify that there will likely be additional funding just this morning I received notice from 4 banks that they are continuing loan processing in order to be ready for newly allocated funds.
Chase Bank, Kabbage, Wells Fargo, and my local Bank Arizona Bank all stated that they are being told additional funding will go through.
Shake Shack Returns $10 Million PPP
EIDL grant programs are at 7.7% of businesses who applied have been funded. This is up from 5.9% the previous two days
PPP program funding is at 7.8% of businesses funded. Up from 5.8% the last two days.
Many of you have wanted me to speak more on the new $2,000/mo stimulus proposal. I have done an entire video on that already so I’m just going to do a brief overview and talk about another proposal on the table.
The $2,000/mo stimulus check would be a stimulus for every American age 16 and older making less than $130,000 annually or married couples earning less than $260,000 annually AGI.
Single filers would receive at least $2,000 per month. Couples would receive $4,000 per month
Qualifying families with children will receive an additional $500 per child – for up to three children.
Those who had no earnings, were unemployed, or are currently a dependent on someone else’s taxes would be eligible for this stimulus.
Proposal 2: Cancel Rent & Mortgage Payments Through The Coronavirus Emergency
Representative Omar from MN introduced the Rent and Mortgage Cancellation Act. This Act, if approved, would call for a nationwide cancellation of rents and home mortgage payments through the duration of the coronavirus pandemic, or up to one year.
The bill would include:
Full rent payment forgiveness for your primary residence
Full mortgage payment forgiveness for your primary residence
No accumulation of debt for renters or homeowners
No negative impact on their credit rating or rental history.
It would establish a relief fund for landlords and mortgage holders to cover losses
It would create an optional fund to finance the purchase of private rental properties to increase the availability of affordable housing.
For one-on-one business consulting email me at maxmahershow@gmail.com
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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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