The Internal Revenue Service is urging some benefits recipients to register their children and other dependents for the extra $500 per child stimulus payments by May 5 if they haven’t already filed a tax return for 2018 or 2019.
We just got through a most unusual “tax season,” with taxes pushed aside at the beginning of April to be consumed with the SBA and PPP.
The bureau said it began developing the standards before the coronavirus pandemic. But more transfers may occur as some servicers struggle to meet their obligations during the economic downturn.
Treasury Secretary Steven Mnuchin says the additional funding Congress approved Thursday to help small businesses survive the coronavirus pandemic should be the last round, but advocates fear it’ll run out quickly and won’t be enough for mom-and-pop shops struggling to stay open.
![“We want to make sure that our cash [inflows] exceed our cash outflows, so again, we’re looking at a lot of different things, and premiums being one of them, but there are other things that we’re considering as well," FHA Commissioner Brian Montgomery said.](https://arizent.brightspotcdn.com/dims4/default/5c8d980/2147483647/strip/true/crop/1260x709+0+0/resize/1024x577!/format/webp/quality/90/?url=https%3A%2F%2Fsource-media-brightspot.s3.us-east-1.amazonaws.com%2Fc0%2Fd2%2F5bd96a5a4a9eb632ac3bfd4b8da9%2Fmontgomery-brian-fha.png)
The Federal Housing Administration has provided struggling homeowners with payment flexibility and explored other measures. At the same time, the agency is mindful of protecting itself against downside risks.
The central bank and other agencies have come under pressure to be transparent about their use of funds authorized by the recent pandemic rescue law.
Democrats on the tax-writing House Ways and Means Committee have sent a letter to Treasury Secretary Steven Mnuchin asking what has happened with the delayed economic impact payments.
The House is expected to vote later this week on the bill expanding emergency relief for small businesses reeling from the effects of the coronavirus.
"One of the advantages is that we can hear from shareholders in faraway places," John Dugan said at Tuesday's annual meeting, which was held entirely online as most of the country remains on lockdown to help stop the spread of the coronavirus.
The proposal would delay the effective date for one year for some private companies and nonprofits in applying the leases standard and for franchisor businesses in applying the revenue recognition standard.