As we look back over the number of unemployment applications for the month, last week declined again for the fourth week in a row.
Unemployment applications week ending:
- April 4th: 6.6M
- April 11th: 5.25M
- April 18th: 4.4M
- April 25th: 3.8M
This brings the nationwide total today to over 30M.
Economic Impact Payment (Stimulus Check)
The IRS reported Wednesday that 90M Americans have received their payment. Last week they started mailing paper checks. They will continue to mail approximately 5M checks every week for the next (20) weeks. Remember the portal is only updated once a day, so keep checking.
For 2018 and 2019 tax filers: Track My Payment
For USPS Deliveries: USPS Informed Delivery
If you did not file taxes in 2018 or 2019 enter your information here to apply for your payment: Non-filers Info
“Payment status not available”? Find out why: Payment Status Not Available
Paycheck Protection Program (PPP)
If you are one of the 1.66M businesses who received your PPP funding from the 1st wave, count your blessings. On Tuesday, the SBA reported double the number of users in their E-Tran system for round two.Technology bottlenecks have slowed applications for the $349B forecasted to be drained within a (1) week timeline.Talk to your banker or payroll provider to see if your application was processed.Find the application, tools and program rules here.
What is the Employee Retention Credit?
A refundable tax credit for qualified employers on paid wages (up to 50%) after March 12, 2020 through January 1, 2021. You cannot apply if you have received a PPP loan. There is a maximum per employee, so check the facts.
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Sources: treasury.gov, irs.gov, pymnts.com, marketwatch.com