Coronavirus Aid, Relief, and Economic Security (CARES) Act

[cass523]

so far - the website is telling me it doesn't have enough information - ETA: Payment status not available so I can't even entry my DD info...sigh...
Get My Payment | Internal Revenue Service

many are posting on the main thread that their money was direct deposited overnight - good news for some!! I am checking to see if my status changes - it takes awhile.

That is what my husband just told me. I am so confused. After reading the article on Turbo Tax filing, he did use Turbo Tax filing for 2018 taxes. I thought since he did, our info had to be updated somewhere on the website, but I can't find the link to update DD or whatever additional info is wanted.

 

[cass523]

I want to know where the money went - a friend had their application in before the start of the program and all of the required documents and still missed out on the money - bank says maybe next round...the governor of FL singled out law firms for getting the SBA money last Friday - and they can operate remotely - I hope there is some accountability to how these funds were disbursed so quickly, by who (which banks) and how much they were. I'm so disappointed for the real small businesses who cannot even open because they are not essential
JMO

Here is where it went-not sure if Harvard did receive money or not

President Trump said Tuesday that he is going to ask large businesses and institutions such as Harvard University to return money that they received as part of a coronavirus relief package.

“I’m going to request it,” Trump told reporters at the White House, singling out the Ivy League school. “Harvard is going to pay back the money. They shouldn’t be taking it.”

“I’m not going to mention any other names, but when I saw Harvard — they have one of the largest endowments anywhere in the country, maybe in the world. They’re going to pay back the money,” the president added.

The $2.2 trillion coronavirus relief package signed into law last month included hundreds of billions of dollars for small businesses impacted by state shutdowns due to the coronavirus while separately allocating billions to support higher education institutions.

Reports surfaced last week that Harvard would receive more than $8 million in funding.

A university spokesman emphasized in an emailed statement Tuesday that Harvard did not receive funds through the Paycheck Protection Program (PPP), a small-business loan program under the relief package, and that the school is committed to using all of the funds to cover financial assistance to students.

Trump's remarks Tuesday came after he was asked about money issued through the PPP, which has come under scrutiny amid revelations that major restaurant chains, hotels and other big businesses were able to tap into funds meant for businesses with fewer than 500 employees.

Trump's remarks Tuesday came after he was asked about money issued through the PPP, which has come under scrutiny amid revelations that major restaurant chains, hotels and other big businesses were able to tap into funds meant for businesses with fewer than 500 employees.

The small-business loan program, initially funded at $350 billion, ran out of money last week. The Senate on Tuesday passed a bill to replenish the program's coffers.

Asked later in the briefing if he was confident he would be successful in asking Harvard to return the money, Trump said that if the university "won’t do that, then we won’t do something else.” The president also noted the size of the university’s $40 billion endowment.

Shake Shack, a major burger chain, announced Monday it would return $10 million it received through the program.

The Senate on Tuesday afternoon passed legislation allocating more than $300 billion more for the lending program. Trump has endorsed the legislation, which was the product of negotiations between the White House and Congress, and Mnuchin said he expects the House to pass it on Wednesday.

Trump says he will ask Harvard, big businesses to return coronavirus relief funds

 

[oviedo]

Here is where it went-not sure if Harvard did receive money or not

President Trump said Tuesday that he is going to ask large businesses and institutions such as Harvard University to return money that they received as part of a coronavirus relief package.

“I’m going to request it,” Trump told reporters at the White House, singling out the Ivy League school. “Harvard is going to pay back the money. They shouldn’t be taking it.”

“I’m not going to mention any other names, but when I saw Harvard — they have one of the largest endowments anywhere in the country, maybe in the world. They’re going to pay back the money,” the president added.

The $2.2 trillion coronavirus relief package signed into law last month included hundreds of billions of dollars for small businesses impacted by state shutdowns due to the coronavirus while separately allocating billions to support higher education institutions.

Reports surfaced last week that Harvard would receive more than $8 million in funding.

A university spokesman emphasized in an emailed statement Tuesday that Harvard did not receive funds through the Paycheck Protection Program (PPP), a small-business loan program under the relief package, and that the school is committed to using all of the funds to cover financial assistance to students.

Trump's remarks Tuesday came after he was asked about money issued through the PPP, which has come under scrutiny amid revelations that major restaurant chains, hotels and other big businesses were able to tap into funds meant for businesses with fewer than 500 employees.

Trump's remarks Tuesday came after he was asked about money issued through the PPP, which has come under scrutiny amid revelations that major restaurant chains, hotels and other big businesses were able to tap into funds meant for businesses with fewer than 500 employees.

The small-business loan program, initially funded at $350 billion, ran out of money last week. The Senate on Tuesday passed a bill to replenish the program's coffers.

Asked later in the briefing if he was confident he would be successful in asking Harvard to return the money, Trump said that if the university "won’t do that, then we won’t do something else.” The president also noted the size of the university’s $40 billion endowment.

Shake Shack, a major burger chain, announced Monday it would return $10 million it received through the program.

The Senate on Tuesday afternoon passed legislation allocating more than $300 billion more for the lending program. Trump has endorsed the legislation, which was the product of negotiations between the White House and Congress, and Mnuchin said he expects the House to pass it on Wednesday.

Trump says he will ask Harvard, big businesses to return coronavirus relief funds

Thank you - I did see some of this - I’m glad to see some returning the money but a full listing of every single business who received this handout is in order for the American taxpayers who paid for this - I’m all for the small business owner helping to cover their payroll but not when that same small business has millions in their reserves and could cover it - I really want to see the publication - aren’t we owed this?
JMO

 

[oviedo]

A particularly troubling finding in the AP investigation is that many of the highest beneficiaries not only shouldn’t have applied for the aid because of their size, but they weren’t victims of the coronavirus at all. For example, about a quarter of the 75 public companies identified in the report warned their investors about internal financial issues months before the coronavirus outbreak. Five of the eight companies receiving $10 million had been under government investigations in the past.

75 Public Companies Took COVID-19 Loans Meant for Small Businesses: Investigation

These Are the Public Companies That Got Small Business Loans

Bringing these over from the main thread.

 

[oviedo]

Here are the largest public companies taking payroll loans meant for small businesses

 

[anneg]

Higher Education Emergency Relief Fund (in CARES Act)

Here is an 85-page list of the institutions of higher education allocated money through the Higher Education Emergency Relief Fund in the CARES Act.
https://www2.ed.gov/about/offices/list/ope/allocationsforsection18004a1ofcaresact.pdf

Stanford is asking not to receive the money allocated to them. Stanford University statement on relief funds under the CARES act | Stanford News

Harvard has agreed to use all the money it receives for aid to students. Facing Backlash, Harvard Will Allocate 100 Percent of CARES Act Funds to Student Financial Assistance | News | The Harvard Crimson

 

[oviedo]

PPP lawsuit hits four of America's biggest banks - CNN
[BBM below]

"Four of America's biggest banks have been accused of harming thousands of coronavirus-hit small businesses by unfairly prioritizing emergency loan requests from large customers to earn fatter fees.

Bank of America (BAC), Wells Fargo, JPMorgan Chase and US Bank were sued Sunday for allegedly failing to process forgivable loans in the $349 billion Paycheck Protection Program (PPP) on a first-come first-served basis."

..."The legal action was brought by a range of California small businesses, including a frozen yogurt shop, law firms, an auto repair company and a cybersecurity firm."

..."The forgivable loan program, a centerpiece of the $2 trillion stimulus package enacted by Congress, is intended to keep small businesses and their workers afloat during the pandemic. The loans can be used by small businesses with 500 or fewer employees to pay workers' salaries, rent and utility costs.

Demand was so strong for PPP loans, which charge just 1% interest, that the program ran out of money earlier this month, leaving tens of thousands of small businesses without the lifelines they need to get through the crisis."

ETA that my son is a small business owner who applied for a PPP loan and got nothing.

 

[oviedo]

^^sbm


Big businesses were able to snap up the PPP dollars designated for small businesses because the program was touted as "first come first serve" which provided the perfect window for the ugly 100+ Public Companies to cut in line days before the program gained congressional approval. The small businesses in need were scrambling to comply with the SBA loan application checklist and trying to get through the 800 number when the big boys were already on direct dial -- if not called by their bankers first! Let me be clear, they were not looking for the forgivable loans but very cheap dollars.

The reality is that all these large firms were fed the details by the Washington insiders and lobbyists before the bill was signed. And I promise the same thing is going on right now while politicians have been horse-trading behind closed doors for days as part of the art to refill the program dollars.

Is it any wonder that having been caught, they're all pledging to give back the money?

ETA: add link
Ruth's Chris and other chain restaurants got big PPP loans when small business' couldn't - CNN

As a result of a heavily lobbied exemption, larger food-service operations landed $10 million loans from the PPP. These include Potbelly (PBPB) Sandwich Shop and Shake Shack (SHAK), which has upward of $100 million in cash on hand, as well as Fiesta Restaurant Group Inc (FRGI)., the owner of Taco
Cabana.

 

[margarita25]

Bringing over from main thread:

California Small Businesses Struggle While Waiting for Stimulus Aid - Los Angeles
The Paycheck Protection Program (PPP)
This is a forgivable loan of up to $10 million with a 1% interest rate. “The max amount a business can apply for is 2.5x the business’s average monthly payroll costs, not exceeding $10 million. Under specific circumstances, PPP Loans can be forgiven. The amount a business spent on payroll, rent, utilities and other eligible costs within the 8-week period upon receiving the loan is forgiven. The remaining amount turns into a fixed-rate loan with the SBA,” adds Lieberman.

Economic Injury Disaster Loan (EIDL)
Businesses can receive as much as $2 million in assistance from the federal government. This is a fixed-rate loan with a 3.75% interest rate for small businesses and a 2.75% interest rate for private non-profits. “However, applicants are also eligible for a $10,000 forgivable advance on the loan immediately after applying, even if the business does not ultimately receive the loan,” said Rebecca Lieberman, Policy Advisor and Research Manager with the San Diego Regional Chamber of Commerce. The SBA has also stopped processing new EIDL loans, citing a lack of funding.

California COVID-19 Small Business IBank Loan Program
Earlier this month, Gov. Gavin Newsom announced $50 million in loan guarantees for small businesses that may not be eligible for federal relief. The State is also allowing small businesses to defer payment of sales and use taxes of up to $50,000, for up to 12 months. In a move said to help workers and small businesses, people receiving unemployment benefits are temporarily being paid an extra $600 on top of their weekly amount.

California City level COVID-19 Small Business Aid
Small business owners in San Francisco are being encouraged to apply for the San Francisco Hardship Emergency Loan Program (SF HELP). The loans have a 0 percent interest rate and are administered by Main Street Launch in partnership with the city of San Francisco. Small businesses can make loans of up to $50,000 for terms of up to six years.

Additionally, through the City of Los Angeles Small Business Emergency Microloan Program, businesses and microenterprises in Los Angeles that are responsible for providing low-income jobs can apply for emergency microloans in an amount between $5,000 and $20,000. Reese hopes Congress reaches an agreement to fund the loan programs soon and that more applications in the queue are approved. In the meantime, three days a week she and her scaled-down team cook M’dears signature soul food for about 50 seniors who are shut-in during this pandemic.

The emergency meal delivery program was launched by LA City Councilmember Marqueece Harris-Dawson. Reese says compensation for the heartwarming cause has been slow. In fact, on the Friday leading into the Easter holiday weekend, Reese couldn’t afford to pay some of her staff. “Up to today, we have provided 300 meals and haven’t gotten a penny for it,” she said, “You wanted me to keep them on staff to do this, but you’re not giving me the money to pay them, so I can’t pay them.”

The National Restaurant Association has launched RestaurantsAct.com to share the latest COVID-19 relief information.

Spoiler: More California SBA

Only one-fifth of loan applicants have received any money under the federal Paycheck Protection Program (PPP), according to the advocacy group —and unless relief arrives by the end of next month, half expect to go under.

The Senate approved a third economic stimuluspackage on April 21 that includes an additional $310 billion for the PPP to help small businesses. The legislation, which would provide loans of up to $10 million for businesses with 500 or fewer employees, is expected to go to a House vote this week.

“We don’t believe $300 [billion] and some change is enough,” NFIB California Director John Kabateck told The Epoch Times.

“We believe $400 billion would be a more sufficient amount, just to cover the needs that exist right now. And we believe $200 billion ought to be dedicated specifically to businesses with 20 or fewer employees.”

Over 1.6 million applications for aid were approved before the initial funds ran out, according to the Treasury Department.

But even though the program was established to help small businesses, 25 percent of the funds were given to 2 percent of the companies that applied, including big businesses with thousands of employees that took advantage of the program, Kabateck said.

A recent analysis by Morgan Stanley shows that over $243 million of the total went to publicly traded companies.

“We don’t disparage a job creator of any size that is struggling to keep people on the books and their doors open, but it’s ridiculous that policymakers and financial institutions have placed those larger businesses and corporations in the front seat while small businesses are starving in the back row,” Kabateck said.

 

[oviedo]

Thanks for summarizing the various loan programs promoted by the government.

We know Congress has been behind closed doors for more than a week replenishing the PPP loan program after the first-come, first-served pot bled dry.

Are they also closing the loopholes and exemptions (they created) that allowed this to happen?

The PPP was set up by the government to help small businesses pay workers and bills but many large firms have claimed millions through loopholes. The program has a $10million and 500-staff limit.

More public companies that bled the pot dry to add to the wall of shame:

Luxury hotel group Ashford, Inc. (i.e., Marriott, Ritz, Braemar Resorts, etc.) with 7,000-plus workforce used loopholes and exemptions in the loan program to spread claims over multiple subsidiaries and received $59M. Ashford has also furloughed 95 percent of its staff.

And the banks that helped them:

The Paycheck Protection Program offering $349billion in emergency loans to small businesses was advertised as first come, first served

• A New York Times report claims banks including JPMorgan Chase, Citibank and US Bank prioritized their richest customers before turning to other loan seekers
• Bank employees and executives told the Times big clients were given 'concierge treatment' as their loan applications were pushed to the front of the line
• Thousands of small businesses struggled to submit applications through overcrowded online portals while bank reps were told to ignore their calls

Luxury hotel group is the biggest beneficiary of coronavirus loan program with $59 MILLION | Daily Mail Online

How big banks including Chase and Citi helped richest clients get millions in pandemic aid | Daily Mail Online

 

[Seattle1]

AutoNation, a Fortune 500 auto retailer worth $3billion, received nearly $95million in PPP funds | Daily Mail Online

April 24, 2020

• The $95million received by AutoNation is said to have been spread among dozens of their more than 300 locations
• Company executives claim that they intended to use the funds to help employees
• AutoNation Executive Vice President Marc Cannon said that the company's board voted on Thursday to return the funds
• Publicly held firm has 26,000 employees across 18 states
• They used separate tax identification numbers assigned to the locations to apply for at least $266million
• Dealerships included in the handouts were Jaguar and Land Rover Bethesda, Prosche Orlando and Lexus of Cerritos
• Executives reported internally that AutoNation's western division received $79million while the eastern division received $15million
• President Donald Trump on Friday signed into law a $484 billion economic measure designed to give additional relief to small businesses

 

[155etta]

Maybe someone can answer this question for me. My husband and I are scheduled to have $2400.00 in stimulus funds deposited in our account Friday. We have a 19 yr old daughter who receives SSI. She has a developmental disability. We claim her on our taxes. Because she is 19, we did not receive $500.00 for her being a dependent child. When I put her SS# in the "Get my Payment" website, it asks if someone claimed her on their tax return. When I put in "yes", it says she is not eligible for a payment. Is that just the way it is? We can't get funds for her and neither can she? TIA

 

[Suglo]

Maybe someone can answer this question for me. My husband and I are scheduled to have $2400.00 in stimulus funds deposited in our account Friday. We have a 19 yr old daughter who receives SSI. She has a developmental disability. We claim her on our taxes. Because she is 19, we did not receive $500.00 for her being a dependent child. When I put her SS# in the "Get my Payment" website, it asks if someone claimed her on their tax return. When I put in "yes", it says she is not eligible for a payment. Is that just the way it is? We can't get funds for her and neither can she? TIA

The way I read this article she should receive $1200 herself as she is not under 17 years old and receives that money independently of your situation. I would assume they will deposit the $ into the same account they do her SSI benefits.

“But the new guidance from the IRS grants $1,200 stimulus payments automatically to SSI beneficiaries without the need for additional paperwork such as a tax return.“

How Can SSI Beneficiaries Get a Stimulus Check?

 

[ReadySet]

Coronavirus fact check: Trump misstates stimulus money for Harvard

Here is where it went-not sure if Harvard did receive money or not

President Trump said Tuesday that he is going to ask large businesses and institutions such as Harvard University to return money that they received as part of a coronavirus relief package.

“I’m going to request it,” Trump told reporters at the White House, singling out the Ivy League school. “Harvard is going to pay back the money. They shouldn’t be taking it.”

“I’m not going to mention any other names, but when I saw Harvard — they have one of the largest endowments anywhere in the country, maybe in the world. They’re going to pay back the money,” the president added.

The $2.2 trillion coronavirus relief package signed into law last month included hundreds of billions of dollars for small businesses impacted by state shutdowns due to the coronavirus while separately allocating billions to support higher education institutions.

Reports surfaced last week that Harvard would receive more than $8 million in funding.

A university spokesman emphasized in an emailed statement Tuesday that Harvard did not receive funds through the Paycheck Protection Program (PPP), a small-business loan program under the relief package, and that the school is committed to using all of the funds to cover financial assistance to students.

Trump's remarks Tuesday came after he was asked about money issued through the PPP, which has come under scrutiny amid revelations that major restaurant chains, hotels and other big businesses were able to tap into funds meant for businesses with fewer than 500 employees.

Trump's remarks Tuesday came after he was asked about money issued through the PPP, which has come under scrutiny amid revelations that major restaurant chains, hotels and other big businesses were able to tap into funds meant for businesses with fewer than 500 employees.

The small-business loan program, initially funded at $350 billion, ran out of money last week. The Senate on Tuesday passed a bill to replenish the program's coffers.

Asked later in the briefing if he was confident he would be successful in asking Harvard to return the money, Trump said that if the university "won’t do that, then we won’t do something else.” The president also noted the size of the university’s $40 billion endowment.

Shake Shack, a major burger chain, announced Monday it would return $10 million it received through the program.

The Senate on Tuesday afternoon passed legislation allocating more than $300 billion more for the lending program. Trump has endorsed the legislation, which was the product of negotiations between the White House and Congress, and Mnuchin said he expects the House to pass it on Wednesday.

Trump says he will ask Harvard, big businesses to return coronavirus relief funds

 

[CCJD]

Maybe someone can answer this question for me. My husband and I are scheduled to have $2400.00 in stimulus funds deposited in our account Friday. We have a 19 yr old daughter who receives SSI. She has a developmental disability. We claim her on our taxes. Because she is 19, we did not receive $500.00 for her being a dependent child. When I put her SS# in the "Get my Payment" website, it asks if someone claimed her on their tax return. When I put in "yes", it says she is not eligible for a payment. Is that just the way it is? We can't get funds for her and neither can she? TIA

BBM and is likely the reason she isn't eligible.

Who is eligible for the Economic Impact Payment?
U.S. citizens, permanent residents or qualifying resident aliens who:

• Have a valid Social Security number,
• Could not be claimed as a dependent of another taxpayer, and
• Had adjusted gross income under certain limits.

Non-Filers: Enter Payment Info Here | Internal Revenue Service

Disabled adults are eligible for a stimulus check as long as no one else claims them as a dependent. If so, they don’t qualify. For example, if a disabled adult lives at home with his or her parents and the parents claim him or her as a dependent on their income taxes, the disabled adult won’t receive a check.
Coronavirus: Who doesn't get a stimulus check? Millions of people left out

 

[Seattle1]

 

[oviedo]

Coronavirus Tax Relief and Economic Impact Payments | Internal Revenue Service

Today, the screen was different for me - I was allowed to enter my last federal tax return information and submit my ACH information and the screen said I would get the stimulus direct deposited. Will post when I get it.

ETA: I just logged back in and now it says they will update the screen with the payment date of the direct deposit !!!

 

[Suglo]

Coronavirus Tax Relief and Economic Impact Payments | Internal Revenue Service

Today, the screen was different for me - I was allowed to enter my last federal tax return information and submit my ACH information and the screen said I would get the stimulus direct deposited. Will post when I get it.

ETA: I just logged back in and now it says they will update the screen with the payment date of the direct deposit !!!

The same happened to my son last Friday and I just checked it again for him and it says it will be deposited Thursday in his bank account so it takes approximately 6-7 days.

 

[oviedo]

The same happened to my son last Friday and I just checked it again for him and it says it will be deposited Thursday in his bank account so it takes approximately 6-7 days.

Thank you - I had been looking for how long it may take

ETA - I wonder what time I finished today - if by Noon (I posted my success on WS at 12:44pm) I might see it Saturday based on this
More stimulus checks are on the way. Here are key dates for the next set of payments.
In an update posted Sunday, the IRS said that if you have successfully entered your bank information “any day until noon on Tuesday, your payment date will be available beginning the following Saturday.”

 

[155etta]

Coronavirus Tax Relief and Economic Impact Payments | Internal Revenue Service

Today, the screen was different for me - I was allowed to enter my last federal tax return information and submit my ACH information and the screen said I would get the stimulus direct deposited. Will post when I get it.

ETA: I just logged back in and now it says they will update the screen with the payment date of the direct deposit !!!

Mine said the same for about 2 weeks and finally changed on Monday to say it would be deposited on Thursday. It shows as pending already on my bank website. Yay!