Tag Archives: covid19

SBA Rolls Out New $5B Grant Program for Small Businesses

Small businesses and nonprofit groups hardest hit by the coronavirus pandemic now are eligible for additional support under a $5 billion Small Business Administration program.
The new round of Economic Injury Disaster Loan assistance, known as Supplemental Targeted Advances, is available for up to 1 million small businesses and nonprofits with no more than 10 employees.

To qualify, applicants must be located in a low-income community; suffered greater than a 50% economic loss over an 8-week period since March 2, 2020 compared to the previous year; and have 10 or fewer employees.

You can get more information at SBA.gov/eidl. You can also email questions to TargetedAdvance@sba.gov.

To see if your business is located in a designated low-income area, you can use this map.

WHERE IS MY FEDERAL TAX REFUND

April 21, 2021
Dear Clients, Business Associates and Friends:
Typically the IRS processes electronic returns and pays out the tax refund within 21 days of receipt.
However, the high volume of 2020 tax returns being filed daily, the backlog of 2019 paper tax returns, IRS resource issues, and IRS technology problems are causing delays in issuing the tax refunds. This is due, in part, to the IRS’s need to manually verify the large number of Refund Recovery Credits, as well as the Earned Income Tax Credit, Advanced Child Tax Credit and 2019 adjusted income lookback claims.
Currently, the vast majority of processing delays are a result from tax returns that are not loaded onto the IRS system or are in “suspense” status awaiting IRS action. As of March 25, 2021, over 6 million electronic returns have been “suspended” due to issues requiring manual processing or return inconsistencies. Until the returns are loaded into the IRS system, the IRS cannot see or access the return information so if you call them, they cannot provide any further insight on the status of your tax return.
The Taxpayer Advocate Service is working with the IRS to identify how taxpayers can use the Where’s MY Refund website to determine the status of their return.
In conclusion, until the IRS resolves all of the issues stated, taxpayers just need to sit back and wait for their refunds as there is nothing else that can be done by WZ or the taxpayer, to accelerate the refund process.