This past April, tariff refunds became available to over 300,000 small business importers, opened by U.S. Customs and covering a $166 billion pool of IEEPA payments. Bank of America’s latest Small Business Checkpoint now gives us a first look at how the process is working. Among small businesses that made tariff payments directly to U.S. Customs and Border Protection, an estimated 42.6% had already received some money back by July.
Why Tariff Refunds Are Showing Up Now
The timing tracks. The refund window opened April 20, and ACE Portal accounts take three to four weeks to activate once registered. Businesses that moved quickly after the ruling would have started seeing deposits by late spring, right in line with what BofA’s July data captures.
Separately, BofA also found small-business profitability, measured by the inflow-to-outflow ratio on business accounts, hit its highest level in over a year in July. Refunds are likely one contributing factor among several, not the whole story, but they are part of the picture.
What This Means for Your Business
If 42.6% of businesses that paid tariffs directly have already gotten money back, that also means well over half have not, at least not yet. If you fall into that group and have not checked your status, this is a good week to do it. And if you have already received a deposit, do not assume it is the full amount owed. Some money back is not the same as a full refund.
Revisit the four steps from our original post: confirm your contact information is current with CBP, activate your ACE Portal account, enroll in direct deposit, and have your broker verify which duties actually qualify. Section 232, 301, 201, and anti-dumping duties are still excluded. This is also a good moment to engage with your accountant or trade counsel if you are unsure whether your entries qualify.
The window is open, and the money is moving. Whether it reaches you depends on whether you have followed through.