COVID-19 Updates
Stimulus Payments:
The IRS has started distributing the Economic Impact Payments, also known as the Stimulus Payments. Millions of people have received their payment either by direct deposit or by paper check.
For those who have not received their payment there are numerous reasons for the delay.
For most it is because the payments are being processed based on your adjusted gross income, starting with payments to those whose adjusted gross incomes are under $10,000 and continuing in $10,000 incremental increases of adjusted gross income.
If you collect Social Security, your payments are set to be processed beginning some time in May.
Finally, if you have not filed tax returns for 2018 and 2019, you need to file ASAP or risk missing out on the payment.
The IRS website for tracking stimulus payments can give some confusing status information. There are a couple of things to note about the tracking site.
First, the website is updated once a day (over night). So, checking once a day will keep you as updated as you can be.
Second, until your payment has made it into a scheduled processing queue, the status will appear as if the IRS does not have enough information. Just give it some time and keep checking once a day.
Self-Employed Unemployment
The Illinois Department of Employment Security (IDES) is set to begin processing claims for Self-Employed Individuals on May, 11, 2020.
IDES is asking Self-Employed individuals to file a claim on-line now. Even though the claim will be rejected, IDES says the rejection will be necessary to receive your Self-Employed unemployment benefits.
IDES also says once you have been rejected your application will automatically made for Self-Employment benefits.
Small Business Funding:
Congress has appropriated additional funds for the Paycheck Protection Program (PPP). These funds will run out quickly. So, determine if a PPP Loan is right for you and get your application in to your bank.
Additional funds have also been appropriated for the SBA Economic Injury Disaster Loan (EIDL). The SBA is not yet taking applications for these loans. Keep checking their website if you are interested in applying.
If you would like additional information or help with any of your issues, please contact us at: