Скачать или смотреть Afternoon Stimulus Updates Stimulus Check, EIDL, & PPP

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When will I receive my stimulus check?
When will I receive my EIDL grant?

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As of 4-14 According to a poll of over 6,500 small businesses the SBA has funded approximately 4% of PPP loans. Up from 2.5% of businesses funded yesterday.

The average wait time for those who have been funded is now 5 days.

The median company size is 16 employees and the median loan amount is $165,000

According to the same poll 1.5% of small businesses who have applied for the EIDL grant money have received funding. Which doesn’t sound like a whole lot BUT that is up 3X what we were at yesterday with it only being 0.5% as of yesterday afternoon.

The median company size is 6 employees and the median grant amount is $6,000.


Stimulus check payments are still being rolled out with millions already receiving funding pending in their accounts. SSI and SSDI recipients are scheduled to begin receiving checks next week.

One piece of news is those who receive their tax return on tax debit cards such as the Emerald card, Turbo Card or Direct Express Card seem to be receiving their stimulus directly on their debit cards. This is great news because even just two days ago TurboTax and H&R Block were unsure if this would be the case. We need to applaud the IRS for being on top of this!


EIDL News
Millions of small businesses seemed to have received the following email yesterday “The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.”

What I find strange about this email is it tells you to make an account but there is no where to actually make one.

It’s my suspicion that this was a blanket email sent to literally everyone in order to make it seem like things are happening more quickly than they really are. Again only 1.5% of EIDL grants have been funded.

A good piece of EIDL news is there seems to be a select group of people who are receiving funding for their EIDL advance despite having their credit frozen.

It was thought in the past that if your credit was frozen you may be skipped for a period and placed in line for a loan officer to contact you however a fellow YouTuber Meet Kevin received his advance today despite having his credit frozen.

It is my hypothesis that his advance went through because for that advance he had used an EIN number which is similar to a SSN but for a business.

I’m in a similar boat where I have my credit frozen and I used an EIN for my application.

I will keep you guys updated on what I receive.

EIDL Loan News:
So we have seen some people receiving their advance but I have yet to see anyone receive their EIDL loan amount. The loan above the advance in which has defaulted to $15,000 for many small businesses.

A YouTube user by the name Ki Kim was accepted for the EIDL loan last week and reported that he had to login again and submit loan documents again because the online portal reverted him back to a pending status.

So once you do receive a loan offer and a login portal be sure to check it regularly to ensure it has submitted properly. All of these systems are new and there is likely going to be a few kinks.

If you have not received a link to the login portal yet the best thing to do is to be patient at this time.

That’s all I have for today on the stimulus checks, PPP, and EIDL grant program thanks for tuning into my quick afternoon update.


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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.

Sources: www.covidloantracker.com/