First off, the House of Representatives just passed the Paid Protection Program and Health Care Enhancement Act to build and improve upon the substantial relief afforded to local businesses and hospitals in the CARES Act.
Congressional Democrats successfully negotiated the interim communities-first funding package to include:
- $310 billion for the Paycheck Protection Program, with $60 billion reserved for community-based lenders, small banks and credit unions so that companies who have preexisting relationships with large corporate banks don’t get special treatment while many of our Main Street businesses get left behind
- $50 billion for the Economic Injury Disaster Loans program, which provides quick $10,000 advances to small businesses that apply for loans of up to $2 million
- $75 billion to provide funding and resources, like Personal Protective Equipment (PPE), to hospitals and health care workers operating on the front lines of the crisis
- $25 billion to increase testing capacity in the United States and ramp up the collection of demographic data so we can identify and help those in need – particularly communities of color, who are being disproportionately impacted by this crisis
For people who have previously applied for PPP or EIDL it is our understanding that:
- For those who have already applied for EIDL but did not hear back, they should still be in the system and their applications should be processed.
- For PPP, if an applicant got a loan number, they should be getting money.
- If they applied but did not receive a loan number and also did not get a denial, they should reach out to their lender to follow up.
- The lender might have held onto their application because they had been told the PPP was out of money and may be able to submit it now.
State-by-state PPP lender information from SBA. Below are the specific links to the website.
- Under the Loan Details and Forgiveness section:
- And the specific document:
IRS Economic Impact Payment Toolkit.
Here’s an overview of key resources from the IRS:
- Overview of Economic Impact Payments (EIP): IRS.gov has a special page that allows individuals, businesses and others get the information they need about EIP and CARES Act provisions.
- Common Questions: The IRS is seeing a variety of questions about Economic Impact Payments, ranging from eligibility to timing. These FAQs provide an overview and are updated frequently. Common questions for which guidance is available are also included in this Toolkit with direct links to the answers online.
- “Get My Payment” Tool Tracks Payments, Helps with Bank Account Information: The IRS designed a new tool called “Get My Payment” to help people track the status of their payments, similar to the “Where’s My Refund?” tool used during tax season. Some taxpayers who don’t have a scheduled payment date can provide direct deposit payment on this app to speed their payment.
- “Get My Payment” questions and “Status Not Available”: To help taxpayers understand the “Get My Payment” tool and the results, we have an extensive set of FAQs online at IRS.gov. We encourage people to review these. For the “Status Not Available” screen that taxpayers get on the “Get My Payment” tool, there are several reasons they may receive this. The FAQs will continue to be updated online as necessary, and common questions for which guidance is already available are included in this Toolkit with direct links to the answers online.