Paycheck Protection Program Reopens Week of January 11th

First Draw PPP Loans available on Monday, January 11.

Second Draw PPP Loans available on Wednesday, January 13.

Originally open only to community financial institutions, the PPP will then open to all participating lenders shortly thereafter.

Certain existing PPP borrowers may apply for a Second Draw PPP Loan.

Key Items:
• PPP borrowers can set the covered period to be any length of time between 8 and 24 weeks to best meet their business needs.

• Additional expenses can be included such as operational expenses, property damage costs, supplier costs and other worker protection expenses.

• IRC 501(c)(6) housing cooperatives, direct marketing organizations may also apply.

• Greater flexibility for “seasonal employees”.

• Existing PPP borrowers can apply to amend their First Draw amounts.

• Certain existing PPP borrowers can apply for a Second Draw.

These borrowers are:

Previously received PPP loan and has or will use full amount for authorized use, has no more than 300 employees, and can demonstrate at least 25% reduction in gross receipts between
Update on Economic Impact Payments

At this point, over 100 million EIPs have been direct deposited into eligible recipients’ accounts. Some recipients may have had their payment directed to the temporary bank account established when their 2019 tax return was filed. The IRS and tax industry partners are taking immediate steps to redirect stimulus payments to the correct account for those affected. The IRS anticipates many additional taxpayers will receive payments following this effort.

For those taxpayers who checked Get My Payment and received a response indicating a direct deposit was to be sent to an account they do not recognize, the IRS advises them to continue to monitor their bank accounts for deposits. The IRS emphasizes that the information taxpayers see in the Get My Payment tool, including account numbers and potential deposit dates, may not display an accurate account number as we continue to work through updates. No action is necessary for taxpayers as this work continues; they do not need to call the IRS, their tax provider or their financial institution.

Additional information:
• Direct deposits. For those who have not yet received direct deposits, they should continue to watch their bank accounts for a deposit in coming days. IRS tax industry partners are taking steps to redirect stimulus payments to the correct taxpayer account for as many people as possible. The IRS emphasizes that the information taxpayers see in the Get My Payment tool, including account numbers and potential deposit dates, may continue to display unfamiliar account numbers as the IRS continues to work through and update this issue. No action is necessary for taxpayers as this work continues; they do not need to call the IRS, their tax provider or their financial institution.

• Mail. Some people will receive their second Economic Impact Payment by mail, either as a paper check or in the form of a debit card. For people in this group, the IRS urges people to carefully watch their mail for either of these during January. Additional information is available on IRS.gov.

• Tax returns. While the IRS continues to closely work with our industry partners to quickly deliver more Economic Impact Payments, the IRS reminds eligible taxpayers who don’t receive a payment – or the full amount– that they can claim the Recovery Rebate Credit when they file their 2020 tax return. Taxpayers in this situation are urged to file electronically with direct deposit to ensure their tax refund – and their stimulus payment – reach them as soon as possible.
Additional information on Get My Payment

The IRS reassures taxpayers who do not recognize the bank account number displayed in the Get My Payment tool that deposits were not made to the wrong account; this is not an indicator of fraud. If you do not recognize the account number, it may be an issue related to how information is displayed in the tool tied to temporary accounts used for refund loans/banking products. The IRS is working to address this. People do not need to complete Form 14039, Identity Theft Affidavit, or contact the IRS.