Blog #4 by Montgomery Dillavou CPA The Coronavirus Aid, Relief, and Economic Security Act or the CARES Act.
IRS Launches website to track your Stimulus check
This will likely be the most visited website in the world over the next few weeks. More than the SBA disaster loan site or the numerous state unemployment websites. This website is promising a tool in mid April whereby you can track the amount, method of payment (electronic or paper check) and status of your Stimulus money. On this page you can update your information with the IRS if you have recently moved, changed banks or changed bank accounts. You can even provide them your information if you didn’t file a tax return for 2018 or 2019 so you can receive your Stimulus money.
Self employed should NOT apply for Unemployment Insurance at this time. Your application will be DENIED and sent to a secondary system that does not yet exist. You will have to re-apply again!
The Pandemic Unemployment Assistance (PUA) rules were just issued on Sunday, April 5th. State unemployment offices have begun to implement programs and secondary systems to facilitate the claims. It is anticipated that this could take several weeks. State unemployment offices anticipate they will be able to release time frames and guidelines later this week.
Benefits will be retroactive, however, the effective date has not yet been determined. Your state unemployment office will announce when initial claims can be filed.
SBA PPP Money
I have some business clients who’ve been approved for their loans in the past week. However, we haven’t seen their loans funded yet. Hopefully soon !!