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4-26-2020 Updates:
SBA Page:
Next Wave of IRS Stimulus, by WSJ:
IRS.gov/eip
There’s now a lawsuit against Trump over iTIN filers not receiving stimulus payments, including their spouses. If you are a non-filer like a veteran, SSI, SSDI, or social security retirement benefit recipient, make sure to use the non-filers tool: irs.gov/eip What if the system says: "Please try again later." Come back 26 hours later and make sure you actually have your 1040 with you. The TOP (Treasury Offset Database) is the reason why those who are behind on child support will not receive their stimulus.
Why don't I get the stimulus if I claimed someone as a dependent? That's the way the law is written and you claimed someone as a dependent to receive other tax benefits - it sucks, but it's the way the Cares Act was written.
Many questions over unemployment and the $600 boost. Remember, the most important thing to consider is: When in doubt, apply. Can you take unemployment and the PPP? Yes but the pay cannot cover the same time period.
The next wave of IRS direct deposits is expected to arrive by April 29th. If you received an overpayment or you make more money in 2020, are you required to repay your stimulus check? No. The IRS has clearly stated that no repayment is required by law. If you make more money or you receive an additional $500 for a child who no longer qualifies, you do not have to repay the stimulus money.
If you are waiting for your tax return to be processed or you are receiving errors on the IRS portal, use the IRS2Go app to check the status of your tax return. It has to be processed before the IRS.gov/eip portal will work and remove error messages.
Additionally, a lot of questions have been coming up regarding the EIDL Grant. Remember, the EIDL is a loan, but you receive a free “advance” that does NOT require repayment EVEN if you get denied for the loan. The Emergency Injury Disaster Loan is an SBA (Small Business Administration) program to give you an affordable loan. Again though, you do not need to actually take the loan to receive the free grant money. When the portal comes up, you are self-certifying your information and the impact to your business by the disaster.
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❎I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Kevin MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Kevin's videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Meet Kevin®. Any use of other media is by fair-use or license only. The Paffrath Organization is a licensed real estate brokerage doing business as Meet Kevin® in California under DRE #02032575. This is not an advertisement of property for sale. Any mention of properties listed or sale or otherwise shall not be construed as anything other than an opinion for entertainment purposes only.
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