The Morning Briefing, So Where’s My Money…
16th April 2020
I am so glad to share this photo from another beautiful morning run on the beach today, I hope you are all doing something for YOU each day, it really does help.
The reports are coming in about the stimulus checks. It seems that only those eligible individuals who had an over-payment direct deposited into their (current) bank account when they filed their 2018 or 2019 tax returns have received their payments. The IRS has set up a portal which will allow you to check on the status and to change the bank account information.
So, where are the promised funds from the Paycheck Protection Program Loans/Grants and EIDL advances?
Paycheck Protection Program Loans/Grants
Per my daily INC. morning briefing: As of Wednesday evening, the U.S. Small Business Administration reported more than 1,562,000 loan approvals, totaling over $329 billion. That’s roughly 94 percent of the program’s $349 billion. Approvals are not the same as funding which we hope to see soon. Here’s a link to a recent Washington Post article and link to an article from The New York Times. Steven Mnuchin, the Treasury secretary, and Jovita Carranza, the head of the Small Business Administration, urged Congress to approve additional funds, as the demand “underscores the need for hardworking Americans to have access to relief as soon as possible.”
Emergency Injury Disaster Loans EIDL
We all rushed to apply for the Emergency Injury Disaster Loan and recently found that although the funds were promised to be forthcoming within 3 days the system was quickly overloaded and the funding promise adjusted downward to $1,000 per employee (which is still “up to $10,000 per application”)
A spokesperson for the SBA confirmed the contents of the emails that have been going out:
“To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.” and here’s a link to a recent Fast Company article regarding this “scaling down of fund advances”.
Here is today’s New York Times Morning Briefing to see what’s going on with our country, our government, our economy, taxes and of course, the Coronavirus NYT Thursday briefing…
We know this is a difficult time for everyone, but please remember we are here to help. We can help you navigate the issues the virus and it’s impact raises. If you have any questions or concerns at all, please don’t hesitate to get in touch.