If you are seeking aid through the Payroll Protection Program for your business and your bank is either not accepting or slow-walking applications, you may have other options:
SBA.GOV
Paycheck Protection Program - Participating Lenders
DO NOT be misled by unsolicited eMails directing you to, "Check the status of your 'stimulus' here:"
The official name for the payments is, "Economic Impact Payments"; any source offering you information about "stimulus" payments is a scam.
The IRS link in our previous post is the ONLY official online resource for obtaining information about the payments. ANY eMail you receive suggesting you input personal information to determine your eligibility should be ignored/deleted.
The Internal Revenue Service has unveiled this resource to help persons who are required to file tax returns but who have moved since 2018 or who do not have their bank account information on file; please refer to the following link first:
https://www.irs.gov/newsroom/treasury-irs-unveil-online-application-to-help-with-economic-impact-payments
IRS.GOV
Get My Payment | Internal Revenue Service
Just to clear up some of the misinformation that's been going around regarding the CARES Act:
1. The additional $600.00 per week in Unemployment Compensation [which will last 4-8 weeks] was part of the CARES Act and will emanate from the Federal Government, not the PA UC Fund. As we currently understand it - this is subject to change - employers in PA will not see their UC rates increase as a result of the SARS-COV-2 situation. That said, PA and the US Treasury have not established a time-frame for UC applicants to get the additional $600.00. That should start sometime within the next couple of weeks, but as of now there is no set date.
2. The April 3 and April 10 dates you may have heard about were starting dates for people to apply for the Paycheck Protection Program. There's some confusion regarding the nomenclature ["self-employed" and "gig worker" are, effectively, the same thing], but what's most important is that you understand that the PPP is meant primarily for people who have employees. The PPP is a way to keep businesses that have employees receiving paychecks that aren't that much different than if they were working [and keeping them off the UC rolls]. This can also be beneficial for shareholders of S Corporations who are "employed" by them. But a "self-employed" person or a "gig worker" who has no employees will derive no benefit whatsoever from the PPP as far as I can see.
3. "Self employed" people and "gig workers" - persons who report their business income on Schedule C - are, under the CARES Act, eligible for unemployment for the first time - including the additional $600.00 payment that comes from the US Treasury through the state UC programs, but as of right now the PA Department of Labor and Industry has not set up a system for self-employed persons to file. Again, I suspect this will be put in place soon but, as of the time of this post, that system is not in place.
4. The "EIDL" loans via the SBA are NOT subject to forgiveness due to the SARS-COV-2 situation. The PPP "loans" can be forgiven to the extent they're used for eligible costs of payroll, but the only portion of the EIDL loan that is eligible for forgiveness is the $10,000.00 advance which, per CURRENT SBA documentation, does not have to be paid back even if you do not qualify for an EIDL loan. Personally, that sounds too good to be true - and I suspect in time we'll find out what strings are attached to that.
5. If you have either a 2018 or 2019 tax return on file with the IRS, but you did not receive a refund via direct deposit or you owed money in those years, it's very likely that the Treasury does not have your banking information on file. An online tool is supposed to be established within the next two weeks for provide this information to the Treasury, but that does not exist at this moment. You must have either a 2018 or 2019 tax return on file for them to determine if you are eligible, and there are income limitations and phase-outs associated with eligibility.
Contact me ASAP for further information.
Hang in there, people! This whole thing is changing minute-to-minute.
Many people are wondering if or when the Commonwealth of Pennsylvania will announce an extension of the due dates for filing their individual tax returns and paying any tax due; per Pennsylvania Statute, the due date for filing Form PA-40 and paying any tax liability reported thereupon is automatically that which is determined to be the due date of one's Federal Income Tax Return and associated liabilities.
Per Title 72 of the Pennsylvania Consolidated Statutes, §7330, individual tax returns and associated taxes are due:
(a) On or before the date when the taxpayer's Federal income tax return is due or would be due if the taxpayer were required to file a Federal income tax return, under the Internal Revenue Code of 1954, a tax return under this article shall be made and filed by or for every taxpayer having income for the taxable year.
While the deadline for paying taxes due April 15, 2020 had previously been extended to July 15, 2020, it appears that the deadline to file has now been extended as well.
WSJ.COM
U.S. Extends Individual Tax Filing Deadline from April 15 to July 15
If you’re making your way to or through Lower Burrell, you MUST give John Booth’s food truck a try! He’s currently operating out of the lot at Forza Motorcars at 2555 Leechburg Road, less than a block from our office. So when you’re done seeing me about your tax and accounting needs, treat yourself to a wonderful pork sandwich.
We’ve not seen a lot of delays, but there are many returns currently awaiting processing by the Internal Revenue Service.
https://abc7ny.com/irs-refund-tax-delay-returns-status/10435366/?fbclid=IwAR2yfHz63xBMNUGNvDCrTUNUkdBSalVrBSnCdNLqxco791DSUESqzHhm8Os
ABC7NY.COM
IRS tax refund status: 12 million returns trapped in logjam, should be fixed 'by summer'
https://www.bloomberg.com/news/articles/2021-03-17/irs-plans-to-delay-tax-deadline-to-mid-may-after-chaotic-year
BLOOMBERG.COM
IRS to Delay Tax Deadline to Mid-May After Chaotic Year