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It is time for an update around PPP loans, stimulus checks and unemployment benefits. In order to keep you in the know, Lindsay Wiley provides a quick breakdown. Watch the video above or click here to watch the video on our YouTube channel.
I want to go through the new stimulus check. So that’s $1,400, but it’s based on your taxable income from 2019 and it’s your taxable income individually. Even if you combine them as a couple, individually it has to be $75,000 or less. If it is, you’ll get a check. If it’s not, you’re not getting checks. So they’ll take it as a partnership, if you’re married, filing jointly, they’ll take the joint amount, $75,000, obviously times two. And then if your taxable income is as that, then you’ll each get your stimulus check. And that will also include the same benefits as you did for the kids.
On top of that as well, unemployment is going to be pushed back to September 6th now. So you’ll get unemployment benefits up through September 6th and then will continue with the $300 a week towards that, which is great.
So on the max, at least I know in California, our max, you can get is 750 a week, which is in … it’s California, it still sucks. But anyway, but that’s the max you can get. I wanted to go over those things with people, because I know how confusing all of these things are.
If you filed your PPP application loan to try to get more PPP between January 6th and February 23rd, call your lender if you haven’t gotten your money. Because I know I haven’t and that’s when I filed. Because, they were basing mine on my net.
I called my lender back and said, “Hey look, you guys authorized this amount based on my net income on my schedule C, I actually want it to be gross.” So they’ve gone back to SBA and to their lenders and said, can we calculate it now based on gross. So make that phone call, if you think they calculated your loan amount based on your net income versus your gross, and you haven’t been paid yet. And if you have been paid, still call your lender and see if you can apply on a gross income side of it and see if you can’t get the difference of the two.
If you need help understanding unemployment benefits, the new stimulus or PPP loans please contact us today.
As always, you can also book a free consultation to speak with us too!
Wiley Financial Services is a full-service accounting firm, specializing in Business Appraisals and Business Valuations, that has over 20 years of experience with a variety of industries ranging from restaurant, biomedical, manufacturing, advisory firms, nurseries, event design firms, IT firms, and many more. Wiley Financial is based in Oceanside, CA and we primarily service clients across the Western United States from our San Diego office.