Stimulus Updates: PPP, EIDL, Individual Stimulus and Unemployment

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Stimulus Updates: PPP, EIDL, Individual Stimulus and Unemployment

AS OF 4/29/2020

This newsletter builds on the many prior updates that we have been sending on the small business and individual stimulus that has become available during this COVID-19 crisis. This is another update. If you missed the prior information, you are able to review it at:

https://unbehagenadvisors.com/covid-19/

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MANY PEOPLE APPLYING FOR FLORIDA REEMPLOYMENT HAVE INCORRECTLY BEEN DENIED. IF YOU WERE DENIED, THEY ARE ADVISING THAT YOU SHOULD REAPPLY

We just received this memo from state and federal officials regarding Florida Reemployment. It may help provide general information regarding the problems you have encountered.

Again, please remember, my team and I are limited in how much-individualized information we can provide on Florida Reemployment as we are not state or federal officials – those officials are very difficult to reach for further information – and most of this information is new (due to the COVID-19 PUA recent changes) and the information has been changing often.

State Reemployment Assistance Eligibility

There are numerous reasons someone could be deemed ineligible for state Reemployment Assistance benefits, including wage base period issues, lack of wage history, multiple claims in one year, separation circumstances, incomplete applications, among others. Each person deemed ineligible for state Reemployment Assistance receives a notification regarding their eligibility.

Pandemic Unemployment Assistance Program – PUA (the $600/week Federal funds)

Many of the individuals that were deemed ineligible may be eligible for federal benefits through the Pandemic Unemployment Assistance program. Applicants should utilize the following criteria when applying for PUA:

Those who are self-employed, contract employees, or gig workers who applied for the state’s Reemployment Assistance benefits on or before April 4, 2020, should re-apply at www.FloridaJobs.org and select “File a Claim” to request PUA.

Individuals who applied for the state’s Reemployment Assistance benefits on or after April 5, 2020, and were deemed ineligible for state reemployment assistance benefits will receive additional application information from the Department. They can also visit www.floridajobs.org/cares-act for more information regarding these programs. Please monitor your accounts and email for additional information from the Department.

Unemployed Floridians who have not yet applied for any benefit should apply at www.FloridaJobs.org and will be considered for all existing programs, including PUA.

CLICK HERE FOR THE RECENT ARTICLE BELOW FOR FURTHER INFORMATION REGARDING WHAT TO DO NOW:

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UPDATE ON THE ECONOMIC INJURY DISASTER LOAN (EIDL)

The SBA has just provided this update for us to share with any small business owner who has applied for an Economic Injury Disaster Loan (EIDL) – if your application starts with a 3 then you are in processing. Loans are being reviewed and processed in the order they were received. If your application starts with a 2, you should re-apply once the portal opens up (WHICH SHOULD OPEN SOON – KEEP CHECKING BACK TO THE EIDL APPLICATION SITE).

The application is now only 3 pages long and it doesn’t ask for any financials. If you are in the group above that needs to re-apply, the Disaster team will take that new application number and match it to the original application you submitted which has all of your financials.

Small business owners can expect a 4 week review period for loan processing.

Please look in your spam or junk folder for SBA emails as that has been causing delays. Applicants can contact that Disaster Relief Customer Service Center at 800-659-2955 from 8am to 8 pm every day of the week and/or they can email them at disastercustomerservice@sba.gov

IF YOU HAVE NOT YET APPLIED FOR THE EIDL, AND YOU QUALIFY, YOU WILL BE ABLE TO SOON AS MORE FUNDS HAVE BEEN ADDED RECENTLY WITH THE MOST RECENT FEDERAL BILL. As of this notice, there is still a message that there is a “Lapse in Appropriations” on the EIDL application site. Again, keep checking back until the application site becomes open again.

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UPDATES: PAYCHECK PROTECTION PROGRAM (PPP) LOANS

As stated in a recent update, there were additional funds added to the PPP with the recent bill. If you have not applied for the PPP, and qualify, you should do so now. You will apply through your bank. Many clients are contacting smaller banks as many larger banks are letting their clients know that if they have not applied yet that they will likely not be approved due to a large backlog of applicants at their banks. So, smaller, online or local banks seem to be approving PPP loans quickly for many clients at this time. The available funds will be used up very soon.

Below is a helpful article about the current PPP status (round two):

Click here for the article

If you have received PPP funds, below is a helpful article about how to navigate the use and forgiveness of it:

Click here for the article

If your PPP loan has funded or you have received the EIDL and are engaged with us for accounting and advisory services, please forward the agreement to us if you haven’t already, so that we may assist you to maximize your forgiveness amount. Send this information to Mary at Unbehagen Advisors.

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UPDATES AND IMPROVEMENTS HAVE BEEN MADE TO THE INDIVIDUAL STIMULUS ‘GET MY PAYMENTS’ IRS SITE

UNTIL RECENTLY, THIS IRS INDIVIDUAL STIMULUS PAYMENT SITE WAS DOWN, AND NOT FUNCTIONING CORRECTLY. SO, YOU ARE NOW ABLE TO CHECK ON THE STATUS OF YOUR STIMULUS AMOUNT, MAKE CHANGES TO YOUR ADDRESS AND DIRECT DEPOSIT INFORMATION, AMONG OTHER FUNCTIONS.

Here is the detailed information from the IRS: Click Here

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