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stimulus and PPP news updates
The IRS is now sending out the next round of stimulus not via check but prepaid debit card. From the FAQ on the IRS site:
Some payments may be sent on a prepaid debit card known as The Economic Impact Payment Card The Economic Impact Payment Card is sponsored by the Treasury Department’s Bureau of the Fiscal Service, managed by Money Network Financial, LLC and issued by Treasury’s financial agent, MetaBank®, N.A.
If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank®, N.A. Information included with the Card will explain that the card is your Economic Impact Payment Card. Please go to EIPcard.com for more information.
From the FAQ from the EIPcard.com site regarding getting the money into your bank account:
Yes, you can easily transfer the funds1 from your EIP Card to an existing bank account online at EIPCard.com. You will need the Routing and Account number for your bank account. Please refer to the material in your Welcome Packet or see your Cardholder Agreement online at EIPCard.com for more information.
PPP (Payroll Protection Program loan program) - this is continually evolving and there is still some money left if our small business clients have not yet applied. We do need to know if you have received the funds specifically if we provide payroll or bookkeeping services for you. Please go to to our website complete a survey which will help us help you. https://www.connollysteele.com/sba
What is Connolly Steele doing to help our clients?
A reminder that we are here to help and have a full-time CPA on staff as our go-to for all COVID-19 impact matters. We are working hard to keep you informed in this ever changing environment.
Connolly, Steele + Company has kept the needed coordination between
payroll, taxes and accounting well understood and pinpoint predictable.