APRIL 16 UPDATE: Latest on the PPP and Stimulus Checks
Thursday, April 16, 2020
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Posted by: Sabrina Hidalgo
APRIL 16 UPDATE: Latest on the PPP and Stimulus Checks
RCRI members may wish to be aware of the following:
Paycheck Protection Program
On April 14, 2020, the SBA released 28 updated FAQ's regarding the Paycheck Protection Program. Questions 26-28 were originally published on April 14, 2020. The FAQ's are available, please Click Here
The following FAQ's are noteworthy:
- QA#7: makes clear that the $100,000 compensation limit per employee applies only to cash compensation and not to retirement or insurance benefits.
- QA#14: discussed the time period used to determine the number of employees.
- QA#16: the SBA interprets the payroll cost to be gross payroll to employees.
- QA#20: the 8-week period begins the day that the PPP loan is disbursed to the borrower.
Economic Impact Payments ("Stimulus Checks")
On April 15, 2020, the IRS unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.
With an initial round of more than 80 million Economic Impact Payments starting to hit bank accounts over the weekend and throughout this week, this new tool will help address key common questions. Get My Payment will show the projected date when a deposit has been scheduled, similar to the “Where’s My Refund tool” many taxpayers are already familiar with.
Go to www.irs.gov for the Get My Payment tool. See also IR 2020-72 for further information.
SSDI recipients need not file for Economic Impact Payment checks
The Internal Revenue Service, working in partnership with the Treasury Department and the Social Security Administration, announced on April 15, 2020 that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments. SSI recipients will receive a $1,200 Economic Impact Payment with no further action needed on their part. The IRS projects the payments for this group will go out no later than early May.
See IR 2020-73 for further information.
However, while not applicable to members of religious institutes, it is worth noting that if SSI recipients have qualifying children under age 17, they should not wait for their automatic $1,200 individual payment. Rather, they should visit the Non-Filers: Enter Your Payment Info section of the IRS’s webpage to provide their information. Go to:
For more information, go to:
Non-Filers Tool
Since the initial release of the Non-Filers tool by the IRS, and based on consultations coupled with the lack of immediate guidance from the IRS as to the question, RCRI is cautiously optimistic – at this point - that the use of the Form 1040 on the Non-Filers tool is not so much the generation of an income tax return.
Rather, the use of the Form 1040 in this instance seems to be the means the federal government has elected to generate Economic Impact Payments in an expeditious way.
RCRI will continue to monitor this question and share any developments.
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