Department of Treasury

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIP) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have already been sent through a combination of electronic transfers to bank accounts, paper checks and prepaid debit cards.

woman holding hundred dollar bills fanned out; image used for blog post about returning economic impact payments (EIP) during COVID-19 pandemic

Eligible individuals receive $1,200 or $2,400 for a married couple filing a joint return. Individuals may also receive up to an additional $500 for each qualifying child. Those with adjusted gross income over a threshold receive a reduced amount.

However, the IRS says some payments were sent erroneously and should be returned.


Continue Reading You Might Need to Return Your EIP

The Small Business Administration (SBA) and Department of Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application with detailed instructions on Friday, May 15, 2020.

hands typing on a laptop; image used for a COVID-19 update about the Paycheck Protection Program Loan Forgiveness Application

The SBA form has instructions that include:

  • The option for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility