Updates: EIDL, PPP & Stimulus
The major theme with the EIDL, PPP, and Stimulus Checks overall is the notable progress across the board, and that you need to know a few key things on each of these programs to stay ahead of the curve. It’s also looking like not everyone will get the full amounts advertised, especially EIDL and even PPP.
April 15th starts with good news: Taxes aren’t due today! Instead, 80 million stimulus checks are set to begin being sent out today. (That’s the direct deposit people first.) The IRS check tool now works to help you see the status of your stimulus check. However, if you’re getting a paper check, that won’t be coming until first week of May. (You do get the added bonus of Trump putting his name on the Memo.)
States are working to add unemployment for independent contractors, gig workers, Uber drivers, etc. Michigan just started for these guys, but site crashed from 8pm-8am.
Lastly, Child Support: It’ll eventually be going to whoever is taking care of the kid if you’re behind on payments.
EIDL (Economic Injury Disaster Loans)
Over 3 million applications have been filed according to the SBA in a letter published on April 10th. 15 lawmakers are angry at the SBA for not awarding grants consistent with congressional intent. So some members of congress are now pushing to add another $15billion in grants and $50 billion in EIDL loans. People are sharing screen shots and such, so that’s great. Applicants are being given $1K per employee instead of the full $10K previously advertised.
Some members of Congress are pushing to add an additional $15,000,000,000 in grant money.
They are also pushing to add $50,000,000,000 in funds toward EIDL loans.
Also a note:
YouTuber, Charlie Chang, said he followed the instructions when he got the EIDL loan but it reset him. So make sure you login regularly to stay on top of this or else you might think it’s coming…and it’s not.
But if you’ve gotten your EIDL, let us know in the comments and how long it took to get it because I’ve gotten close to 100 questions on my last video regarding the process. Lots of questions here.
Click here to see a Schedule C document via the IRS website.
Click here to see a list of small bank lenders that don’t require an existing account.
PPP (Paycheck Protection Program)
$349 billion was allocated in total. $220 billion was approved, but not yet distributed. So get your application going!
Loan per calculation is based on your net income.
Lots of CPAs were thinking it’d be based on gross income, but it’s actually net income.
Keep in mind: You will need a 2019 return and a Schedule C. (See link for a Schedule C if you’re unfamiliar.)
Shop them at smaller community banks if you’re having issues. (See link for PPP lenders that don’t require an existing bank account.)
Taxing Filing Extended
The United States has extended their tax filing due date to July 16th, 2020.
Tax return and tax balance are due on July 16th now.
Extension October 15th, due as well on July 15th.
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Associate Broker, CEO
I grew up in the Real Estate industry. I started by ripping up carpet for turnovers in middle school and have been moving up the ladder ever since.
Now I am ranked in Arizona’s top 10 brokers for real estate sales volume and total asset value sold. I am the go-to broker for large funds, Family Trusts, and select high net-worth individuals.
My newest Real Estate Equity Fund now brings my investors added value through our vertically integrated business model.
For years I’ve bought 30 houses a month cash at market rate. I buy and sell apartment complexes between Phoenix and Tucson. I reposition and rehab large apartment complexes in Arizona.
I helped grow the family property management company from 350 properties to over 1000. This was achieved by creating superior software and marrying that tech with generations of real estate experience.
Robert (Bob) Collopy – am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice.
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3020 E Camelback Rd #255, Phoenix, AZ 85016