Individuals who need to update their direct deposit information or who want to get an update on their economic impact payments can use the IRS’ new “Get My Payment” tool on IRS.gov. If you received a refund on your 2018 or 2019 tax return and had your refund applied to your estimated taxes, be sure that if you use the “Get My Payment” tool and are asked what your refund amount was, you enter “$0,” or else it won’t work.
Federal unemployment benefits are now being administered through the MA unemployment website for Massachusetts residents. If you were displaced from your business or place or work early on in the COVID-19 crisis, you will be be receiving a catch-up lump sum payment, and then the additional $600 per week going forward.
The economic injury disaster loans are actually a grant of up to $10,000 based on number of employees, with employers receiving up to $1,000 per employee. These funds have been hitting accounts over the last week. Additionally, the latest round of the Paycheck Protection Program was unleashed this week, and funds are expected to go quickly. Some banks are no longer receiving PPP applications, so if that is the case with your bank, move quickly to find another loan source. If you receive these funds, you have eight weeks to incur qualifying expenses in order for those expenses to be forgiven. Be sure you are frequently checking the SBA’s FAQ on PPP page so that you spend the funds you receive correctly in order for the loan to be forgivable. Even if a portion of your loan is not forgiven, the terms are very favorable: 1% over 24 months, with no interest or payments due for the first six months.
The U.S. Treasury and SBA will soon be providing guidance on how to do your PPP loan forgiveness application, so small businesses will need to take that step next.
Heather will be appearing on the show every Wednesday to give ongoing updates. Tune in next Wednesday at noon on the PAC-TV community channel and Plymouth government channel (Comcast 13 and 15, and Verizon 43 and 47), or online at PAC-TV’s streaming channel. You will have the opportunity to ask questions via email. The email address will be shown onscreen during the PAC-TV broadcast.