May 18, 2020
The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way as millions of Americans are still waiting for that payment. To check the status of their check they can visit the ‘Get My Payment’ portal.
However, some Americans may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status, and family size.
Below are some common scenarios that may explain why you received a different payment amount than expected:
What if the amount is incorrect?
Everyone should review the eligibility requirements for their family to make sure they meet the criteria.
In many instances, eligible taxpayers who received a smaller-than-expected Economic Impact Payment (EIP) may qualify to receive an additional amount early next year when they file their 2020 federal income tax return. EIPs are technically an advance payment of a new temporary tax credit that eligible taxpayers can claim on their 2020 return. Everyone should keep for their records the letter they receive by mail within a few weeks after their payment is issued.
It’s safe to say that most people are laser focused on money right now—specifically on how to make it last longer. To help you do just that, we compiled the following list of tips for spending less in 2020:
The U.S. House overwhelmingly (417-1) approved legislation Thursday, May 28th, making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans.
The House bill, called the Paycheck Protection Program Flexibility Act (PPPFA), H.R. 7010, includes:
The following are the rules for the Paycheck Protection Program — especially in relation to maximizing Loan Forgiveness. Regulations and guidance from the government have evolved and we will continue to keep you updated on changes moving forward.