Stimulus checks update by Florida State Senator Bracy

From the Office of State Senator Randolph Bracy, District 11

The IRS will make about 60 million payments to Americans through direct deposit in mid-April (likely, the week of April 13th).

Shortly (hopefully within 10 days) after the first round of payments are made in mid-April, the IRS plans to make a second run of payments. These payments will be made to SS beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit. (The estimates are that nearly 99 percent of SS beneficiaries who do not file a return receive their SS benefits through direct deposit.)

About 3 weeks after the first round of payments are made (the week of May 4th), the IRS will begin issuing paper checks to individuals.

The paper checks will be issued at a rate of about 5 million per week, which could take up to 20 weeks to get all the checks out.

The checks will be issued in reverse “adjusted gross income” order—starting with people with the lowest income first.

The IRS expects to create a portal by the end of April/early May that will allow taxpayers, once they have been authenticated, to: (1) find out the status of their rebate payment and (2) update direct deposit information.

Who is eligible for the Paycheck Protection Program (PPP)?

Small businesses and 501(c)(3) non-profits including religious organizations, veteran organizations, and tribal businesses with 500 employees or fewer.

Sole proprietors, independent contractors, gig economy workers, and self-employed individuals are all eligible.

How much can you borrow? What is forgiven?

PPP loans are designed to cover 8 weeks of payroll, up to a total of $10 million.

Your loan will be forgiven if you use it for payroll including cash tips and hourly wages, paid sick or medical leave, and group health insurance premiums.

Loans used for existing interest payments on mortgages, rent payments, leases, and utilities will also be forgiven.

What is the covered period of the loan?

The covered period for loan forgiveness starts from February 15, 2020 to June 30, 2020.

Borrowers can choose which 8 weeks they want to count toward the covered period.

Where can you apply for the program?

You can apply at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration lending programs

Approved Lenders in Orlando