Stimulus check 2020: Here is what you need to know about your Economic Impact Payment. For most taxpayers, payments are automatic, and no further action is needed. This includes taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees. Eligible US taxpayers can receive up to $1,200 from the federal government as part of a $2 trillion relief package intended to help people pay rent, purchase essentials and jog the economy as unemployment levels rise. The first 2020 stimulus checks should start to arrive shortly, the second or third week of April 2020. Help for small business owners from SBA Paycheck Protection Program.

Stimulus Check Requirements 2020

Who is eligible for Stimulus Check?

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

– $75,000 for individuals
– $112,500 for head of household filers and
– $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their AGI is between:

– $75,000 and $99,000 if their filing status was single or married filing separately
– 112,500 and $136,500 for head of household
– $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.

Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans’ benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.

Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically.

Who is not eligible for Stimulus Check?

Although some filers, such as high-income filers, will not qualify for an Economic Impact Payment, most will.

Taxpayers likely won’t qualify for an Economic Impact Payment if any of the following apply:

– Your adjusted gross income is greater than
– – $99,000 if your filing status was single or married filing separately
– – $136,500 for head of household
– – $198,000 if your filing status was married filing jointly
– You can be claimed as a dependent on someone else’s return. For example, this would include a child, student or older dependent who can be claimed on a parent’s return.
– You do not have a valid Social Security number.
– You are a nonresident alien.
– You filed Form 1040-NR or Form 1040NR-EZ, Form 1040-PR or Form 1040-SS for 2019.

How much is Stimulus Check worth?

Eligible individuals with adjusted gross income up to $75,000 for single filers, $112,500 for head of household filers and $150,000 for married filing jointly are eligible for the full $1,200 for individuals and $2,400 married filing jointly. In addition, they are eligible for an additional $500 per qualifying child.

For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$112,500/$150,000 thresholds. Single filers with income exceeding $99,000, $136,500 for head of household filers and $198,000 for joint filers with no children are not eligible and will not receive payments.

Do I need to take action to get Stimulus Check?

People who filed a tax return for 2019 or 2018

No additional action is needed by taxpayers who:

– have already filed their tax returns this year for 2019. The IRS will use this information to calculate the payment amount.
– haven’t filed yet for 2019 but filed a 2018 federal tax return. For these taxpayers the IRS will use their information from 2018 tax filings to make the Economic Impact Payment calculations.

People who aren’t typically required to file a tax return

Social Security and Railroad Retirement recipients who are not typically required to file a tax return need to take no action. The IRS will use the information on the Form SSA-1099 and Form RRB-1099 to generate Economic Impact Payments of $1,200 to these individuals even if they did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, just as they would normally receive their benefits. Social Security Disability Insurance (SSDI) recipients are also part of this group who don’t need to take action.

For Social Security, Railroad retirees and SSDI who have qualifying children, they can take an additional step to receive $500 per qualifying child.

There are other individuals such as low-income workers and certain veterans and individuals with disabilities who aren’t required to file a tax return, but they are still eligible for the Economic Impact Payments. Taxpayers can check the IRS.gov tool – Do I Need to File a Tax Return? – to see if they have a filing requirement.

The IRS will soon provide guidance for these individuals on the steps to take to get their payment as soon as possible.

Payment recipients: watch for an IRS letter regarding your Stimulus Check

For security reasons, the IRS plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid. The letter will provide information on how the payment was made and how to report any failure to receive the payment.

How can I get a stimulus check 2020?

You will get a stimulus check if you fou filed a tax return this year or last year.

How much money can I get from Stimulus Check 2020?

Individuals: $1,200
Married Couples: $2,400
Dependent Children: $500 (must be less than 17-years-old)

How do I claim my stimulus check?

Except filing a tax return, you don’t have to do anything to claim your stimulus check. The IRS will send you a check automatically to either your bank account through direct deposit or your mailing address listed on your tax return.

Stimulus Check 2020 Schedule And Release Dates

When will I get my stimulus check?

Direct Deposit: within a few weeks

By Mail: within a few weeks (or a few months), see expected dates bellow.

Treasury Secretary Steven Mnuchin has said most Americans will receive their stimulus check by April 17, 2020.

Timetable from the IRS, stimulus checks could be distributed as follows (of course, these dates are subject to change):

April 9, 2020

Stimulus checks could be sent to some taxpayers as early as Thursday, April 9. If you filed your income taxes in 2018 or 2019 and provided your direct deposit information to the IRS, your stimulus check could be sent today. Estimated arrival time in your bank account could be on or before April 14, 2020.

April 24, 2020

The IRS will begin sending paper stimulus checks. The plan is to send paper stimulus checks to taxpayers with the lowest adjusted gross income first. Therefore, taxpayers who earned less than $10,000 will receive a paper check first.

May 1, 2020

This week, the IRS will send paper stimulus checks to taxpayers who earned between $10,001 and $20,000.

May 8, 2020

This week, the IRS will send paper stimulus checks to taxpayers who earned between $20,0001 and $30,000.

May – September 2020

From May through September, the IRS will continue to send paper checks in order from lowest income to highest income based on 2018 or 2019 tax information.

September 4, 2020

The IRS will mail any remaining checks, such as to married couples making $198,000 (the maximum joint income that is eligible to receive a stimulus check).

September 11, 2020

The IRS will send checks to those who didn’t provide contact information to the IRS.

Stimulus Check External Links:

Stimulus Check 2020
IRS Stimulus Check News

SBA Paycheck Protection Program And How To Get Stimulus Money

SBA Paycheck Protection Program is getting funds from the $2 trillion stimulus package signed into law are starting to be disbursed by the federal government. Small businesses are eligible for loans that can get converted into grants if certain requirements are met. Businesses with fewer than 500 employees, 501(c)(3) organizations with under 500 employees, certain veteran organizations, freelancers, sole proprietors and gig workers are all eligible for the Paycheck Protection Program (PPP) loans. The PPP loans are different from the disaster loans. The disaster loans, which are for those in a state that has declared a state of emergency, have a 3.75% interest rate for businesses and 2.75% rate for nonprofits and will have to be paid back. If you apply for these loans, you are eligible to apply for a $10,000 grant that you would receive three days after applying. More details are available here. The PPP loans are backed by the SBA but will be provided by lenders. Interest rates cannot be higher than 4% and the maximum loan amount is $10 million. Lenders that are already part of the SBA’s 7(a) program are also qualified to make these loans. You can find a list of those lenders below. Business owners and sole proprietors can begin applying for the PPP loans on April 3, and freelancers and individual contractors can apply on April 10, according to the U.S. Chamber of Commerce. PPP loans can be forgiven if the funds are used for payroll expenses, mortgage payments, or rent and utility costs within eight weeks of receiving the loan. The forgiveness amount depends upon your headcount and can be reduced or increased based on layoffs or hiring. However, the SBA states “due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Federal:
1) Paycheck Protection Program: SBA loan of up to 2.5x your monthly payroll costs, forgivable if primarily applied to maintaining your staff (can also be applied to rent and other overhead expenses to a lesser extent)
2) Small Business Debt Relief Program: Covers existing and new SBA loan payments for 6 months
3) Economic Injury Disaster Loans: Up to $10,000 advance for businesses harmed by COVID-19

Paycheck Protection Program How To Apply

In this video we are talking about the paycheck protection program how to apply for the loan. The paycheck protection program can be a forgivable loan if you use it for the designated expenses. We are also doing an application walk-through step by step on how to prepare. Watch this step-by-step video now.

SBA Paycheck Protection Program Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

Who Can Apply For SBA Paycheck Protection Program

The following entities affected by Coronavirus (COVID-19) may be eligible:

Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
500 employees, or
That meets the SBA industry size standard if more than 500
Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
Sole proprietors, independent contractors, and self-employed persons

SBA Paycheck Protection Program Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender. SBA loan process