I am receiving my refunds but how do I know what is interest and what is principal?

Now That Refunds Are Arriving: How to Track Principal vs. Interest

As CBP and Treasury continue pushing out tariff refunds, many importers are now seeing refund deposits hit their bank accounts. That is great news — but it has also raised a common question:

How do I know how much of the refund is principal and how much is interest?

When the refund arrives by ACH, it typically shows up in the bank account as one lump-sum number. The bank deposit itself does not necessarily break out how much is the underlying IEEPA tariff refund and how much is the statutory interest.

To track that breakdown, importers should pull the ES-022 CAPE Entry Summary Report in ACE/CAPE.

That report should allow importers to see the refund information at the entry-summary level and identify the amounts attributable to principal and interest. This is the report importers should use for internal accounting, reconciliation, and tracking to make sure they are receiving the refunds they are owed.

In practical terms:

1. Log into the ACE/CAPE portal.
2. Go to ACE Reports.
3. Pull the ES-022 CAPE Entry Summary Report.
4. Match the refund information to the ACH deposit that appeared in your bank account.
5. Use the report to separate the refund between principal and interest.

This is especially important because, as refunds continue to accelerate, importers should not rely solely on their bank statements to understand what they received. The bank statement may confirm that a payment arrived, but the ACE/CAPE reports are what should help you track the details.

We have new refund numbers from CBP, and the process continues to move forward.

As of the latest update today covering data through July 10th, CBP reports: (see updated chart below)

Phase One — Unliquidated Entries

• $121.75 billion has been accepted for processing in CAPE.
• $86.3 billion has now been certified and sent to Treasury.
• $35.45 billion remains in CAPE review.
• 16.74 million accepted entries have already been liquidated or reliquidated.

Most importantly, in the last two weeks, CBP has transmitted roughly another $15 billion for refund processing. That is a meaningful step forward, and importers should continue watching their accounts closely for refund deposits.

As refunds arrive, please continue letting us know when you receive them. We are tracking the pace of payments and any recurring problems importers are experiencing.

*****If you submitted your entries and have not received any refunds after 6 weeks–CHECK YOUR ACH INFORMATION. A growing number of refunds have been transmitted but cannot be paid because of failed ACH information. CBP is trying to notify IOR but we want to alert you to this issue as well.

Phase Two Is Live — Let Us Know About Problems

Phase Two reconciliation is now live, and CBP reports that refund processing has started for reconciliation entries.

If you have begun filing Phase Two reconciliation claims and are running into problems, please let us know. That includes portal issues, filing errors, rejected submissions, unclear status messages, or anything else that is preventing you from completing or tracking your refund claim.

We have our next settlement conference next week, so this is a good time to send us specific examples of problems importers are experiencing with Phase One or Phase Two.

Phase Three Is Still Being Built Out

We are also still working on Phase Three, which will address finally liquidated entries. CBP has indicated that the CAPE buildout for Phase Three is expected by the end of July.

We know many importers are waiting on this phase, especially if their entries were already finally liquidated before CAPE acceptance. We will continue pushing for clarity and a workable process so importers can recover the refunds they are owed.

For now, the most important thing is this: the process is still moving, more money is being transmitted, and refunds are continuing to go out.

Please stay on the lookout for your refunds, keep checking your CAPE reports, and keep letting us know when you receive payments or if you have any questions or problems.

As always, happy to answer any questions and always happy to hear that you have received your refunds!

To see the Declaration of Brandon Lord filed today, please click here.