ECONOMIC IMPACT PAYMENTS

The distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. Social Security beneficiaries who are not typically required to file tax returns will not need to file to receive a payment. Instead, payments will be automatically deposited into their bank accounts. However, some people who typically do not file returns will need to submit a simple tax return to receive the economic impact payment. When more specific details become available, we will update this page.

Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and up to $500 for each qualifying child.

For people who have already filed their 2019 tax returns, the IRS will use this information to calculate the payment amount. For those who have not yet filed their return for 2019, the IRS will use information from their 2018 tax filing to calculate the payment. The economic impact payment will be deposited directly into the same banking account reflected on the return filed.

In the coming weeks, Treasury plans to develop a web-based portal for individuals to provide their banking information to the IRS online, so that individuals can receive payments immediately as opposed to checks in the mail.

ECONOMIC INJURY DISASTER LOAN EMERGENCY ADVANCE

In response to COVID-19 pandemic, all small business owners in all U.S. states, Washington D.C., and territories may qualify to apply for an Economic Injury Disaster advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. THIS LOAN ADVANCE WILL NOT HAVE TO BE REPAID.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501©(19) veterans organizations.

To apply for the Economic Injury Disaster Loan and loan advance, CLICK HERE

Visit the IRS’s Coronavirus page, CLICK HERE