Coronavirus Economic Assistance
For other information about the COVID-19 virus, people should visit the Centers for Disease Control and Prevention (CDC) (https://www.coronavirus.gov) for health information. Other information about actions being taken by the U.S. government is available at https://www.usa.gov/coronavirus and in Spanish at https://gobierno.usa.gov/coronavirus. The Department of Treasury also has information available at Coronavirus: Resources, Updates, and What You Should Know.
Guidance from the IRS:
- Filing and Payment Deadlines Questions and Answers
The IRS will have two new, online portals related to the economic impact payments.
The first portal—Non-Filers: Enter Payment Info— was launched on April 10 for individuals who are not required to file tax returns. A second portal—Get My Payment—will allow taxpayers to obtain information about their economic impact payment and provide their banking information.
- Non-Filers: Enter Payment Info (launched April 10): This portal is for individuals who are not required to file tax returns. It will allow non-filers to register for their rebate payments and provide the IRS their adjusted gross income, number of dependents, marital status, and banking information for direct deposit.
- Get My Payment (forthcoming): The IRS plans to open a new, online portal called Get My Payment soon. It will allow taxpayers, once authenticated, to find out the status of their economic impact payments and, if no payment or check has been issued, to provide their banking information for direct deposit. No other updates may be provided on the portal.
Why are these portals important? Treasury and the IRS initially estimated that there would be 171 million rebate payments under the CARES Act and that 101 million of these payments would be paid by paper check unless the IRS receives direct deposit information for these payments before a paper check is mailed. These checks will be issued at a rate of about 5 million per week beginning at the end of April, which could take up to 20 weeks to get all the checks out. The IRS is endeavoring to pay as many individuals as possible through direct deposit rather than by mailing paper checks.
With these new portals, individuals have three options for providing their direct deposit information to the IRS before a paper check is mailed. An individual could:
- file his or her 2019 tax return and include the requested banking information on the return (for individuals required to file a federal tax return in 2019 that have not done so);
- provide his or her information, including banking information, through Non-Filers: Enter Payment Info (for individuals not required to file a federal tax return); or
- provide his or her banking information through Get My Payment (for individuals who already filed a tax return in 2018 or 2019 without this information).
ASSISTANCE FOR AMERICAN WORKERS AND FAMILIES:
In the weeks immediately after the passage of the CARES Act, Americans will see fast and direct relief in the form of Economic Impact Payments. For more information, CLICK HERE.
The information that Congressman Horsford received from the IRS and Treasury Department is below:
Starting the week of April 13, the IRS will begin sending out direct payments, starting with about the 60 million Americans who have direct deposit information on file with the IRS from their 2018 or 2019 tax returns.
This will include SSA beneficiaries who filed federal tax returns that included direct deposit information.
Shortly (hopefully within 10 days) after the first round of payments is made in mid-April, the IRS plans to make a second run of payments. These payments will be made to SS beneficiaries who did not file tax returns in 2018 or 2019 and receive their Social Security benefits via direct deposit. (The estimates are that nearly 99 percent of SS beneficiaries who do not file a return receive their SS benefits through direct deposit.)
For Americans receiving Social Security who do not file returns, the Treasury Department and the IRS announced that they will NOT need to file a tax return to receive their rebate. Social Security recipients will receive their rebate just as they would their Social Security benefits.
Treasury announced on April 1 that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an economic impact payment. The IRS will use the information on the Form SSA-1099 to generate $1,200 economic impact payments to Social Security beneficiaries who did not file tax returns in 2018 or 2019.
Treasury, not Social Security, will make automatic payments to Social Security beneficiaries. Beneficiaries will receive these payments by direct deposit or by paper check, just as they would normally receive their Social Security benefits.
During the first week of May, the IRS will begin sending paper checks to individuals. About 5 million paper checks will be sent per week, which could take up to 20 weeks to get all the checks out.
The checks will be issued starting with people with the lowest income first. Paper checks will be sent to roughly 100 million Americans who do not have direct deposit information on file with the IRS. Those who want to receive their payment via direct deposit may file a “simple tax return” released by the IRS in the coming weeks.
For other taxpayers who do not file returns, the IRS expects to release a “simple tax return” that will contain only a few questions, including name, social security number, dependents, and deposit information. There also will be future IRS guidance on this “simple tax return” when it’s released.
The IRS expects to create a portal by the end of April/early May that will allow taxpayers to find out the status of their rebate payment and update direct deposit information. The agency is also encouraging taxpayers to file their 2019 returns to the maximum extent possible. As taxpayers file their 2019 returns electronically, the IRS will post updated tax information weekly to its files and then send this information to another agency that will issue weekly payments.
ASSISTANCE FOR SMALL BUSINESSES:
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- For a top-line overview of the program CLICK HERE
- If you’re a lender, more information can be found HERE
- If you’re a borrower, more information can be found HERE
- The application for borrowers can be found HERE
PROCEDURES AND APPLICATIONS FOR TREASURY PROGRAMS:
If you receive calls, emails, or other communications claiming to be from the Treasury Department and offering COVID-19 related grants or stimulus payments in exchange for personal financial information, or an advance fee, or charge of any kind, including the purchase of gift cards, please do not respond. These are scams. Please contact the FBI at www.ic3.gov so that the scammers can be tracked and stopped.
Fraud involving payment of Federal taxes should be reported to the Treasury Inspector General for Tax Administration.