According to the U.S. Treasury Department, by mid-week 10’s of millions of Americans will have received their CARES Act relief funds.
The IRS started depositing the first wave of stimulus checks into American’s bank accounts on Saturday April 11th. Those initial deposits were being made to the bank accounts on file for those who filed 2019 and 2018 tax returns. Those initial relief funds went out as direct deposits. For those that have not received tax refunds from the government via direct deposits, they can expediate their relief funds payment by downloading the new IRS app “GET MY PAYMENT;” however this new app will not be launched until sometime later this week (the week of Monday April 13th).
Also, for those that do not or did not file tax returns for 2019 or 2018, you can go to the IRS website (www.irs.gov) and use the “Non-Filers: Enter payment info here” section to enter your banking info. That should speed up the process for you to receive your relief funds.
As a reminder, qualified individuals are to receive $1,200 and couples are to receive up to $2,400, plus $500 for each child claimed as a dependent. Payments are incrementally phased out depending on the individual’s income or the couple-combined income level.
Lastly, we are pleased to report that several LL Roberts Group PEO clients have reported that they have received their Payroll Protection Program (“PPP”) loan funds, with some reporting those deposits on Saturday April 11th. It appears that the PPP funding process is finally picking up some steam, so hopefully all our clients can look forward to receiving their loan funds shortly.
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