We have gotten confirmation that the extra $600 that many are getting in unemployment, is NOT having tax withheld nor can they fix this glitch.
I am sure you have already seen the full amount being deposited but just keep in mind that if you want MN to withhold tax, they cannot. Our advice is to set aside the amount that would normally be done on your other UI check (if possible). This is generally 10% for Federal ($60) and 5% for State ($30).
Please keep in mind that Unemployment Benefits are taxable so if you do not have any money withheld, you will be paying in those taxes at tax time...ie: if you normally get a refund, it will be reduced or potentially turned into owing money.
Small Business Grants - Due 4/23/20
2020 Fast Grants - Applications Due April 23!
The Duluth 1200 Fund has established a grant program called 2020 Fast Grants to support small businesses.
This program is to provide immediate financial assistance to businesses who have been negatively affected by the COVID-19 pandemic. The program is also intended to provide gap funding for businesses who have sought the Small Business Administration’s or Minnesota Department of Employment and Economic Development’s loan programs and have had a difficult time obtaining funding. The 2020 Fast Grants program is seeking to provide local support to preserve 1,200 jobs within the City of Duluth during the Covid-19 pandemic. The PDF application can be found online at www.1200fund.com and includes a list of supporting documentation to be submitted with the application.
Applications and questions should be submitted electronically to: email@example.com. If you require the application or other materials in alternate formats, please email or call 218-730-5310.
Applications will be accepted NOW through 11:59 PM on Thursday, April 23, 2020. Depending on funding availability, additional grant rounds may occur.
Businesses are eligible if they meet the following criteria:
Other requirements: Grantees who have received the grant must provide a report to the 1200 Fund Board as to how the funding was spent.
U.S. Chamber of Commerce Foundation Offering $5,000 Grants to Small BusinessesThe U.S. Chamber of Commerce Foundation, through its “Save Small Business Fund,” is offering the opportunity for small businesses to receive a $5,000 grant to offset economic hardship experienced as a result of the Covid-19 pandemic.
To qualify businesses must:
1. Employ between 3 – 20 people
2. Be located in an economically-vulnerable community
3. Harmed financially by the Covid-19 pandemic
The application is now live. All you will need to apply is your business’s W-9 form. The application process takes 10 minutes.
To see if a business qualifies, click here.
We are here to help. CONTACT US and we'll have someone contact you as soon as possible.
COVID-19 Resources & UpdatesLatest updated COVID-19 Resources Financial Assistance FAQsNational Resources
Both tools (or web-portals) on IRS.gov are now live. Economic Impact Payments
Tool 1: “Filers: Get Your Payment” -- This is the tool where some people can update their Direct Deposit information.
Tool 2: “Non-Filers: Enter Your Payment Info Here” -- Non-filers means those who are not required to file a tax return.
Get My Payment” is working
The Get My Payment site is operating smoothly and effectively. As of mid-day today, more than 6.2 million taxpayers have successfully received their payment status and almost 1.1 million taxpayers have successfully provided banking information, ensuring a direct deposit will be quickly sent.
IRS is actively monitoring site volume; if site volume gets too high, users are sent to an online “waiting room” for a brief wait until space becomes available, much like private sector online sites. Media reports saying the tool “crashed” are inaccurate.
In situations where payment status is not available, the app will respond with “Status Not Available”. The IRS reminds users you may receive this message for one of the following reasons:
You can check the app again to see whether there has been an update to your information. The IRS reminds taxpayers that Get My Payment data is updated once per day, so there’s no need to check back more frequently.
New IRS Updates
IRS.gov feature helps people who normally don’t file get payments; second tool next week provides taxpayers with payment delivery date and provide direct deposit information
WASHINGTON – To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.
The non-filer tool, developed in partnership between the IRS and the Free File Alliance, provides a free and easy option designed for people who don’t have a return filing obligation, including those with too little income to file. The feature is available only on IRS.gov, and users should look for Non-filers: Enter Payment Info Here to take them directly to the tool.
“People who don’t have a return filing obligation can use this tool to give us basic information so they can receive their Economic Impact Payments as soon as possible,” said IRS Commissioner Chuck Rettig. “The IRS and Free File Alliance have been working around the clock to deliver this new tool to help people.”
The IRS reminds taxpayers that Economic Impact Payments will be distributed automatically to most people starting next week. Eligible taxpayers who filed tax returns for 2019 or 2018 will receive the payments automatically. Automatic payments will also go in the near future to those receiving Social Security retirement or disability benefits and Railroad Retirement benefits.
How do I use the Non-Filers: Enter Payment Info tool?
For those who don’t normally file a tax return, the process is simple and only takes a few minutes to complete. First, visit IRS.gov, and look for “Non-Filers: Enter Payment Info Here.” Then provide basic information including Social Security number, name, address, and dependents. The IRS will use this information to confirm eligibility and calculate and send an Economic Impact Payment. Using the tool to get your payment will not result in any taxes being owed. Entering bank or financial account information will allow the IRS to deposit your payment directly in your account. Otherwise, your payment will be mailed to you.
“Non-Filers: Enter Payment Info” is secure, and the information entered will be safe. The tool is based on Free File Fillable Forms, part of the Free File Alliance’s offerings of free products on IRS.gov.
Who should use the Non-Filers tool?
This new tool is designed for people who did not file a tax return for 2018 or 2019 and who don’t receive Social Security retirement or disability benefits or Railroad Retirement benefits. Others who should consider the Non-Filers tool as an option, include:
Lower income: Among those who could use Non-Filers: Enter Payment Info tool are those who haven’t filed a 2018 or 2019 return because they are under the normal income limits for filing a tax return. This may include single filers who made under $12,200 and married couples making less than $24,400 in 2019.
Veterans beneficiaries and Supplemental Security Income (SSI) recipients: The IRS continues to explore ways to see if Economic Impact Payments can be made automatically to SSI recipients and those who receive veterans disability compensation, pension or survivor benefits from the Department of Veterans Affairs and who did not file a tax return for the 2018 or 2019 tax years. People in these groups can either use Non-Filers: Enter Payment Info option now or wait as the IRS continues to review automatic payment options to simplify delivery for these groups.
Social Security, SSDI and Railroad Retirement beneficiaries with qualifying dependents: These groups will automatically receive $1,200 Economic Impact Payments. People in this group who have qualifying children under age 17 may use Non-Filers: Enter Payment Info to claim the $500 payment per child.
Students and others: If someone else claimed you on their tax return, you will not be eligible for the Economic Impact Payment or using the Non-Filer tool.
Coming next week: Automatic payments begin
Eligible taxpayers who filed tax returns for either 2019 or 2018 and chose direct deposit of their refund will automatically receive an Economic Impact Payment of up to $1,200 for individuals or $2,400 for married couples and $500 for each qualifying child. Individuals who receive Social Security retirement or disability benefits, SSDI or who receive Railroad Retirement benefits but did not file a return for 2019 or 2018 will automatically receive a payment in the near future.
Coming next week: Get My Payment shows Economic Impact Payment date, helps with direct deposit
To help everyone check on the status of their payments, the IRS is building a second new tool expected to be available for use by April 17. Get My Payment will provide people with the status of their payment, including the date their payment is scheduled to be deposited into their bank account or mailed to them.
An additional feature on Get My Payment will allow eligible people a chance to provide their bank account information so they can receive their payment more quickly rather than waiting for a paper check. This feature will be unavailable if the Economic Impact Payment has already been scheduled for delivery.
EIDL loan info
Wanted to give all ya'll small business owners, that have applied for the EIDL loans, a bit of information.
Deni actually called today, in query to her own loan, to check on the progress. Let's just say when she called she was # 1,598 in que and it took almost an hour to get to her. If you don't have to call, it is for the best.
Anyway, the only information that can be given at this time (when you call) is that your loan has been received. The folks in the call center cannot see any progress/processing information. Once the application has been processed, an EMAIL (from the .gov site) will be sent out to verify if the loan/grant is still wanted. You must then put in your answer & from there it will continue on the process. She was able to verify that the loan does look at your credit score for part of the approval process. The gal was not able to verify how long this next process is or what type of question(s) are asked. She also was not able to say what other type of info would be given as far as if you are denied and the up to $10K advance. She was able to verify that if anyone does call you in regards to the loan (not likely but entirely possible) that the only way you should give them any info is if they repeat your loan application # to you. This is the confirmation # that you printed/saved once the application was complete.
I know this isn't a lot of information but it is a little something. The take away is, if you call, they won't be able to give you any information so it is best not to waste the hours on hold.
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