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Tag: stimulus payment

Trump Cronies Got Stimulus Loans While Black-Owned Businesses Went Under

According to a report released last week, a huge number of the nation's Black-owned businesses have shuttered due to the COVID-19 pandemic. Economic stimulus funds that were intended to keep minority-owned small businesses alive did not get to them in time or at all, leaving their owners with no other options.

Some 440,000 of the country's roughly one million Black-owned companies have closed for good since the start of February, CBS News reported on Friday. The report noted that the vast majority of those companies that sought emergency relief funding through the federal Paycheck Protection Program were initially rejected — one analysis found that 95% of black-owned business were excluded.

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Why Do Millions Face Stimulus Check Delays? They Are Poor

Reprinted with permission from ProPublica.

Last week, a group of angry and desperate Citi Tax Financial customers gathered outside the company's storefront in Augusta, Georgia. Millions of Americans had received a big deposit from the IRS in their bank accounts, but they had not. The IRS website told them their coronavirus stimulus checks were deposited in an account they didn't recognize.

With an officer from the Richmond County Sheriff's Office beside him and another officer shouting for people to be quiet, the tax preparation company's owner told the crowd of about 60, only a few of whom wore masks, that he didn't have their money.

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Why Firms Like Turbotax May Profit From Delays In Stimulus Payments

Congress has approved billions of dollars of checks for Americans hard hit by the biggest round of layoffs in U.S. history. But millions of Americans will have to wait months for that money — and millions more may never get the money at all.

That's because the rescue legislation left it to the IRS, an agency gutted by Congress, to organize the complex logistics of delivering the money to those entitled to it. As the IRS has struggled, for-profit tax preparation companies, notably Intuit, the maker of TurboTax, have stepped in with websites to help people get their checks.

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