Stimulus Update 4-30 | Updated $1200 Stimulus Dates, Get My Payment News, PPP

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Updated stimulus check arrival dates and stimulus portal updates:

An IRS spokeswoman has stated:
-Veterans benefit recipients should also begin receiving their stimulus payments by early May
-SSI non-filers should begin seeing payments in early May.

On the stimulus portal
In an update posted Sunday, the IRS said that if you have successfully entered your bank information “any day until noon on Tuesday, your payment date will be available beginning the following Saturday.” If you miss the Tuesday deadline, you have to wait another week to get a payment date. Or, if your payment has already been processed, you’ll get a check that could take up to 14 days to receive.

https://www.washingtonpost.com/business/2020/04/27/more-1200-stimulus-checks-are-way-here-are-key-dates-next-set-payments/

In PPP news according to covidloantracker.com as of today April 30th 10.2% of businesses have received funding through the PPP. This is up from 10.1% yesterday.

It has been stated the the SBA’s E-tran system had a function yesterday where it locked out large lenders for an 8 hour period allowing smaller lenders a better chance to get their applications in.

There’s a huge push in this program for small lenders and I’m going to sound like a broken record on this but I recommend everyone who hasn’t yet received their loan to apply at a small lender.
There has also been a ruling put in place that no one lender can process more than 10% of the total PPP funds. This would amount to 60 billion dollars and as of right now no one is looking like they will hit that cap.

I’m conflicted about this lending cap rule, though. On one hand I think it’s good that all lenders will have a better chance of getting their clients in but on the other hand if someone for example only applies through BOA and BOA hits the lending cap that small business is now out of luck, has to apply elsewhere, and will be put in the back of the line. What are your guy’s thoughts?

I personally have not received any more communication on my PPP loan. Yesterday I received some conditional approval but nothing else has been put in motion yet.

In EIDl news as of today 12.5% of small businesses have received the EIDL grant money. This is up from 12.1% yesterday

Your Stimulus Questions Answered
Vincent Fried asks “I received a $1000 SBA disaster advance as an independent contractor. Do I get to keep it without proof? Also I applied for the PPP what happens if I get that too?

This is a major issue I see with the EIDL grant. I have yet to see anything that says you need to prove what it was spent on. This seems very odd to me. Especially when there are stipulations that if you get both the EIDL and the PPP you cannot spend them on the same things for a double benefit. It may be a case where there are simply too many applications for the SBA to keep track of but I am wary of it and will personally only spend mine on approved expenses like payroll and rent and will keep a record of it.

David Green asks “Is the spouse of a social security recipient eligible for the 1200 stimulus?

Yes, as long as they are not claimed as a dependent on anyone’s taxes

Oscar Blanco asks “SBA pulled my credit. I applied for the EIDl. What does this mean?”

It’s a good sign! Chances are you’re an independent contractor or sole prop and have the business under your SSN. Many people tend to get their credit checked then receive funding 2-5 days later.
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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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