The IRS Is Issuing Some Stimulus Payments by Debit Card; Some Are Being Mistaken as Junk Mail and Thrown Out

If you are like most Americans, you receive tons of junk mail, which you tend to discard without ever reading. Well, if you haven’t already received your stimulus payment from the feds, maybe you shouldn’t be so quick to throw away those envelopes from unknown senders, at least until you have received your stimulus payment.

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New $3 Trillion Coronavirus Relief Bill Proposed by House Democrats

New $3 Trillion Coronavirus Relief Bill Proposed by House Democrats

As the coronavirus continues to lay waste to the American economy, legislators are hoping to provide additional relief and to shore up the country’s healthcare system. To that end, Democrats in the House of Representatives have proposed a new relief bill encompassed in an 1,800-page document. The entire body will vote on this bill on Friday.

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Paycheck Protection Program and Health Care Enhancement Act: What’s In It?

Paycheck Protection Program and Health Care Enhancement Act: What’s In It?

PPP & The CARES Act

Following the passage of the $2.2 trillion CARES Act stimulus package at the end of March, one of the most talked about provisions was the Paycheck Protection Program (PPP). The CARES Act had earmarked $349 billion for PPP, which was designed to help small businesses cover their payroll, benefits, utilities, and rent and mortgage payments.

However, it came as no surprise that these loans – forgivable if certain requirements were met – ran out extremely quickly, as small businesses flocked to banks to apply for relief. On paper, $349 billion sounded like a lot of money – but it was “destined to be oversubscribed from the start.”

The public demand for more funding allocated to the PPP was a major factor in driving the creation of the latest bill.

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Track Your Economic Impact Payment in the New IRS Portal

Track Your Economic Impact Payment in the New IRS Portal

The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information.

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Stimulus Legislation Includes SBA Loan Forgiveness

Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times.

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What Does the $2 Trillion Stimulus Package Mean for You?

What Does the $2 Trillion Stimulus Package Mean for You?

The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time.

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