On Saturday, March 6th, the U.S. Senate approved the $1.9 Trillion American Rescue Plan.
However, it's not over yet.
The bill now has to go back to the House of Representatives, since the Senate made some changes to it. Then, President Biden will need to sign, before it's officially approved.
The changes include a revision of the income limits on who receives stimulus money.
This means, that even if you got a check the last two times, you may NOT get it this round.
In order to get the full $1400 for singles and $2800 for married couples, the Senate's income limits are $75K/$150K, respectively. It starts to phase out (meaning you get less than the full amount) above $75K, up to $80K, and if you're married, you get incrementally less money if the two of you made above $150K, up to $160K. Once you're above $80K for singles and $160K for a couple, then you're not eligible for any stimulus payment.
Will this all get done before March 14th? Democrats are hoping because that's the day the extra $300 of additional weekly federal unemployment ends.
That's next Sunday.
If Biden signs before March 14th, those on unemployment will continue to get the extra $300/week. That's another change from the House. Representatives wanted an extra $400/week in unemployment benefits through August, but Senators only approved the current amount of $300 per week, to last through September.
If the House approves the Senate changes and the President signs by Friday, then you could see your stimulus check as early as next week!
How long did it take you the last two times to get your stimulus check? I remember my parents got theirs immediately, while for everyone else, it took about a week. Those who had to receive a paper check had to wait about a month, while some people I've heard still have not gotten theirs.
If you're someone who did not get your stimulus check but you were eligible, you can have your accountant put it on your tax return, and it will show up as part of your refund this year.
PPP Loans for Small Businesses
If you're getting my newsletters (and if you're not, subscribe below), you would know that the PPP exclusive window for small businesses with 20 or less employees ends this Tuesday, March 9th. That means if you have 20 or less employees, you've had a priority window to get to the front of the line.
I hope you took advantage of that window, and if not, what are you waiting for? You have TWO MORE DAYS to apply. This exclusivity period ends at 2pm PT/5pm ET on Tuesday, March 9, 2021.
A lot of clients have had questions about the new changes to the PPP. Here are some of them:
The Paycheck Protection Program now allows sole proprietors, independent contractors, and self employed individuals to receive more financial support.
Sole proprietors, self employed, and independent contractors (those who file IRS Form 1040, Schedule C) can apply using gross income, instead of net profit. Previously, you may not have been able to qualify for much money or any at all, if you had little to no net profit.