Monday Update #3
May 4, 2020

It has been a few weeks since the last email blast. We hope you are all doing well and enjoyed the great weather we had yesterday.

Thank you to all that are updating us with what is happening for you in all the various programs. This information helps us confirm how the programs are operating which allows us to give better guidance to each of you.

As much as I would love to talk to each and every one of you it is just not possible. Please continue to visit our website and read the articles that apply to you. If you still have questions, then sending an email is the best way to ask. I have assembled the staff into help groups; Sue will be assisting in PPP, Jen and Teri will be assisting UIA/PUA, while Ellen and I will be getting back to tax returns.

PPP (Payroll Protection Program)

If your PPP has processed be sure I know when it got deposited and exactly how much it was for, that way I can track when your 8 weeks begins and ends. We can assist in monitoring how it is spent within the 8 weeks in order to get as much forgiven as possible, but as we saw with the application process, each bank had their own twist.

You are responsible for reaching out to your PPP lender to determine if they have documentation on how their institution will be handling the forgiveness process. As of today, 42 clients have notified me they applied for PPP and 17 have received their deposits.

EIDL/EEIG (Economic Injury Disaster Loan/Emergency Economic Injury Grants)

25 clients have applied for EIDL/EEIG and 11 have received the advance/grant. We have learned the “up to 10,000 advance” is being given out as $1,000 per employee you entered on the application. So far, no one has been contacted for the actual SBA loan.

UIA/PUA (Unemployment Insurance Agency/Pandemic Unemployment Assistance)

42 clients have advised me they are in the UIA/PUA system. PUA opened up on 4/13 and it was a rough start for many but it is working smoother now. We are trying to get a better picture on what it takes to get more than the $160 basic weekly benefit amount in the PUA system. We have a few clients that have uploaded their Schedule C’s and are waiting to see if it makes a difference.

We also have several S Corporation owners that have applied and are getting benefits, if you have not applied yet you still can and benefits are still being issued retroactively at this time.

The Federal PUA is $600 a week and it lasts from week ending 4/4 thru 7/25.

Stimulus (Economic Impact Payments)

54 clients have let us know they have received their stimulus payment. If you did not have your tax refund direct deposited you should go to irs.gov and click on Get My Payment. Thru this app you can add your bank information and learn the status of your stimulus payment. When it opened on 4/15 it was not running well but it is working much better now.

Provider Relief Fund

If your company bills Medicare for services rendered you probably already received money from this program, it showed up on your bank statement as US HHS Stimulus HHS Payment. Now the program has more funding available but you need to apply.

We have the official press release on our website.

Child Care Relief Fund

If you are a day care provider this new grant opened on 4/28/20.

We have a FAQ on our website.

Till the next update
Shari