Hi folks! So the House and Senate FINALLY passed a new stimulus bill and Trump finally deigned to sign it. So what's in it?
1. The biggie, $600 checks. As we speak, they are being direct deposited to accounts, and mailed out. Even if you got your previous $1200 stimulus direct deposited (DDed), you might not get your new one directly into your account. If you got a refund DDed when you filed 2019 OR specifically included direct deposit info when you filed your return then your stimulus should be DDed. If you owed money for 2019, even if you paid with direct debit, you are getting your check mailed and not DDed. And it's getting sent to whatever address the IRS has on file for you, which is likely the address you used when you filed 2019. If that's not where you are, you will need mail forwarding or hopefully a roommate or something at your old address who can grab it for you. If you have moved, have no ties to your old address, and haven't set up forwarding in time, then you can claim the $600 on your tax return, but you will have to wait til you file. The IRS has set a deadline of Jan 15 to get the money out, if you don't get your money by then, you have to wait til you file your 2020 taxes. Check to see where your money is here. My first stim check got DDed, but I just got my new one in the mail, so they are really churning them out.
2. More unemployment! They extended emergency unemployment benefits, and added $300 a week to whatever your state benefits are. So it's like the $600 extra per week you were getting last year, just, you know, less.
3. Opened up a new round of PPP loans! If you had Schedule C income in 2019 (so 1099s or self-employment!) and are NOT on unemployment, a PPP loan might be a great idea for you. They call it a loan, but it's 100% forgivable, so really, it's a grant. You can't get it with unemployment though, because it's meant to cover wages for 10 weeks. If you think you might benefit from a PPP loan, please do get in touch with me. And if you already got one, you can get another one if you can prove you had 1 quarter of revenue in 2020 that was 25% lower than the same quarter in 2020. Again, if this might be you, get in touch!
1. The biggie, $600 checks. As we speak, they are being direct deposited to accounts, and mailed out. Even if you got your previous $1200 stimulus direct deposited (DDed), you might not get your new one directly into your account. If you got a refund DDed when you filed 2019 OR specifically included direct deposit info when you filed your return then your stimulus should be DDed. If you owed money for 2019, even if you paid with direct debit, you are getting your check mailed and not DDed. And it's getting sent to whatever address the IRS has on file for you, which is likely the address you used when you filed 2019. If that's not where you are, you will need mail forwarding or hopefully a roommate or something at your old address who can grab it for you. If you have moved, have no ties to your old address, and haven't set up forwarding in time, then you can claim the $600 on your tax return, but you will have to wait til you file. The IRS has set a deadline of Jan 15 to get the money out, if you don't get your money by then, you have to wait til you file your 2020 taxes. Check to see where your money is here. My first stim check got DDed, but I just got my new one in the mail, so they are really churning them out.
2. More unemployment! They extended emergency unemployment benefits, and added $300 a week to whatever your state benefits are. So it's like the $600 extra per week you were getting last year, just, you know, less.
3. Opened up a new round of PPP loans! If you had Schedule C income in 2019 (so 1099s or self-employment!) and are NOT on unemployment, a PPP loan might be a great idea for you. They call it a loan, but it's 100% forgivable, so really, it's a grant. You can't get it with unemployment though, because it's meant to cover wages for 10 weeks. If you think you might benefit from a PPP loan, please do get in touch with me. And if you already got one, you can get another one if you can prove you had 1 quarter of revenue in 2020 that was 25% lower than the same quarter in 2020. Again, if this might be you, get in touch!
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