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I refer everyone to the IRS FAQ's and to the article about the delay. If they are not satisfied with these, I suggest they call their US Congressperson and US Senator. They are the ones that write the laws. https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions https://www.msn.com/en-us/money/smallbusiness/stimulus-checks-and-other-coronavirus-relief-hindered-by-dated-technology-and-rocky-government-rollout/ar-BB12NSM3?ocid=msedgdhp

More PPP funds appear to be coming available, in addition to the 10 mill Shake Shack has decided to return... Time will tell if banks really do or did use first come, first served, as there are at least two class action suits already filed with clean appearing data showing banks processed high dollar (meaning high commission paying) applications first, then tried to stuff in a non statistically likely amount of lower dollar loans just before funds ran out. The commission amount is absolutely great income for a bank compared to their normal activities, especially so since they have no liability for the loans. I have no idea what the SBA rules are, or if there is any penalty for not going in order received, but this will be interesting to watch.

Good riddance! We've been swamped with all manner of calls and emails. Mostly about the loan/business stuff, but also about stimulus payments. Out-of-country (US citizen) clients too. ("Am I eligible?" Magic 8-Ball says "Answer hazy - ask again later" aka I dunno!) FORMER clients are calling. People wanting to know why they didn't get the payment for the new baby (born in Jan, not even on the not-yet-filed 2019 return). I've been sending them all to the IRS web page.

...and both were from wealthier retired clients, whose income stream is secure, wanting to know why they didn't get the full 1,200 per filer. And both called twice. One wanted to know if he had to share it with his spouse, and the other wanted to me check the calculation to make sure it was right. I told him we wouldn't know if it was right until we filed his 2020 tax returns. <sigh>

Me too. Tom Modesto, CA

It has become the national obsession. Had a client call me, wanting to know what form he needed to fill out, to be sure he got the large amount. (Returns are filed, except 2019) He said, "We don't need the money, we are just going to put it in savings." I told him to check the IRS website. He then started ranting about why it is taking so long for his to come in. (His neighbor, a barber, had received his and he was almost demanding that I do something so he would get his. I also told him to call 800-829-1040 if he had questions, because I have no information, and cannot do anything for him to get that money "as quick as we can." I guess his bank had timeframes for putting money in his savings. He then tried to call me out, because he had not received his stimulus. I have one less client for 2019 taxes now.

Did you tell your (now former) client how many IRS letters each of see every year because people never bothered to give us their 1095A? She'll find out soon enough. We all have clients who try to cheat in broad daylight. This one hurt because you didn't see it, but of course you couldn't. The forgone fee will be worth the entertainment value when she comes running in with that letter.

It depends where you read. Section 1106 of CARES ACT just says nonprofit organization in regards to PPP; no mention of 501(c)(3) or otherwise. Section 1110 only mentions "private nonprofit organizations" in regards to the EIDL Grants. But then the "Intern Final Rule" for PPP says only 501(c)(3) and 501(c)(19).

Sure enough, the Advance EIDL deposit (a whopping $1,000 per employee) showed up in my business bank account at 7:00 am today (Apr 20). It was not there on Saturday or Sunday. So this at least confirms that when SBA announced on Thursday they were out of funds, they really meant all the money was "encumbered" but not all was "disbursed". Or maybe the scenarios Medlin suggested are impacting what's happening now.

In this case, though, the misinformation is at least partly the treasury department's fault. They at first said that people who don't normally have to file would have to file a simplified return to get their information in the system. Then they changed it to they would use SS/RR information to send the payments. So I understand the confusion people are experiencing.

Called my mom this weekend just to check in on how she is holding up. As we were talking, she mentioned that my sister-in-law was going to go to the website and see if she could set up my mom to get the stimulus money. WTH? I explained to her that people on SS would be getting it in a later round of funding and that they know who she is and since her SS check is DD, she did not need to do anything. The mis-information out there may be part of the reason the IRS site is clogged up. I wonder how many people on SS have gone out to the site and entered information to get their stimulus payment when they don't need to? Tom Modesto, CA

When people are sitting at home bored, these are the sorts of things that bounce into their heads and they obsess about. Have a client who has been ranting because he bounced a check to the IRS and they gave him a fee for $80. Guy makes about $130k per year in retirement and he has been obsessed the last 12 months about this $80 and how it is everyone's fault but his own. Thankfully he hasn't decided it is my fault also. Currently it bounces between the IRS, his own son, the bank, the financial advisor and the backoffice people because the advisor threw them under the bus for a while.

The EIDL arrived. I applied March 30 listing two employees. Nothing happened until this weekend when I was notified by my credit monitoring service of someone having run a credit inquiry on me. When I took a look, the credit inquiry had been run by the SBA. This morning (April 20) a $2,000 deposit is showing in my business bank account. So I guess the SBA decided 3 weeks was close enough to 3 days when it’s government involved. The good news for some of your clients is that the SBA funding may yet arrive even though they ran out of money last Thursday and no new legislation has yet passed.

Just an FYI. I applied for the EIDL on May 31 and the PPP on April 14. This afternoon (Saturday, Apr 18) my credit monitoring service sent an alert that there had been an inquiry on my credit file. Turns out the inquiry was by the SBA. I've heard from several places that the SBA runs a credit check on owners before depositing EIDL funds. The purpose is not to obtain credit scores, but simply to verify that the owner exists and has submitted truthful information. So this COULD mean that although the initial funds are exhausted, there may be some residual distributions of funds which were committed but not yet disbursed. If my speculation is right, this might be an encouragement to anyone who has applied but has not yet received any funding from EIDL or PPP. (I thought about waiting until the next couple of business days to post this after I had either received a deposit or not, but decided I might forget the time line by then)

Ah but you can get 90% or more of the joy by just *thinking* about it. Indulge those fantasies for a couple of minutes, then shelve it and move on.

Actually according to an article in Forbes, under current tax law, if the loan is forgiven then the expenses which were paid with forgiven proceeds are not deductible ! Tax experts have been talking to the Senate Finance Cmte, since this was supposedly not the intent of Congress ! However so far Senate Finance Cmte is just listening? We will see what happens ?

Refunds get held up with a letter from the IRS stating you had 1095-A marketplace insurance and must file Form 8962 before we can release your refund. Please return the 8962 and the 1095-A Just did 2 of them..

Don't worry, the IRS checks the Premium Tax Credit all the time. There is no way they will get away with it. Please don't send a letter to the IRS for two reasons: 1.- The IRS will not do anything 2.- Tax preparers are already doing the auditing process for the IRS and we don't need to be the enforcers too. Just my two cents.