Covid Stimulus (1 Viewer)

[Quicksilver-75]

Damn...nice! Hope the payment helps. Our government has been talking about “help” for over a month. Only to find out it’s probably still over a month out...
Too bad I dont live in the US. If I did I wouldn’t have to sell of all my silver on FeeBay...

 

[DrStrange]

All you folks that are self employed or run a small business have other ways to benefit from the stimulus. The loans for small businesses offers some nice forgiveness options if you spend the loan on wages or other specified expenses. I don't know the details, but I think it would be worth talking to your banker.

I saw a report today that Larry Kudlow's wife is getting money from this program - she is a self employed painter/artist. Mr. Kudlow is a multimillionaire and works in a high governmental position with a six figure salary( director of the council of economic advisors) . So it would appear there isn't a means test for the program.

I suspect this program is worth tens of thousands of dollars and up to many small businesses.

Check it out! -=- DrStrange

PS Please don't loot the US Treasury if you don't actually need the money. A number of our members have said they make six and seven figure incomes. If that remains the case, you don't need to get bailed out. Leave the money for other folks. Don't be greedy.

 

[99%evil]

All you folks that are self employed or run a small business have other ways to benefit from the stimulus. The loans for small businesses offers some nice forgiveness options if you spend the loan on wages or other specified expenses. I don't know the details, but I think it would be worth talking to your banker.

I saw a report today that Larry Kudlow's wife is getting money from this program - she is a self employed painter/artist. Mr. Kudlow is a multimillionaire and works in a high governmental position with a six figure salary( director of the council of economic advisors) . So it would appear there isn't a means test for the program.

I suspect this program is worth tens of thousands of dollars and up to many small businesses.

Check it out! -=- DrStrange

PS Please don't loot the US Treasury if you don't actually need the money. A number of our members have said they make six and seven figure incomes. If that remains the case, you don't need to get bailed out. Leave the money for other folks. Don't be greedy.

Our office applied for payroll loans thru the stimulus package, it's basically free money if you bring back workers and keep them employed. Look into it if you own a small business- grab your share while you can.

Can't really loot it if your tax returns preclude you from getting a check... As much as I'd like to stick it to the gov't in this case I agree give it where it needs to go.

 

[nitzilla]

We are going to donate* whatever relief money we get as we are both secure in our jobs and don’t need the money..... way more people are hurting right now and our hearts go out to them.

*not sure what charities yet....but we’ll figure it out

 

[David O]

Not expecting much of a stimulus here!!!

Also we looked at our companies and we have an "affiliation problem". We can only get the stimulus to help our employees at only one of our several companies. We had to see which company would get the best benefit and go that route. unfortunately I had tons of layoffs to do. Not something I enjoy doing and I pray for those folks everyday. We are hoping that we can all get through this and do some rehiring soon

 

[David O]

What really sucks is my daughter will not be getting a stimulus since I claimed her last year for taxes. She has been on her own since December when she graduated. Hoping she can somehow get it since I would not be able to claim her this year.

 

[cascadiapoker]

What really sucks is my daughter will not be getting a stimulus since I claimed her last year for taxes. She has been on her own since December when she graduated. Hoping she can somehow get it since I would not be able to claim her this year.

My understanding as that this is a tax credit for the 2020 tax year, that is basically being paid in advance. So even if she was calimed as a dependent in 2019, she would still get it, but not until she files her 2020 taxes, and it would then be applied to her refund at that time. Though that could change later this week when the IRS completes their stimulus tracking site, and may then have parameters for such a case where she can get it earlier after taking a few filing steps.

 

[David O]

My understanding as that this is a tax credit for the 2020 tax year, that is basically being paid in advance. So even if she was calimed as a dependent in 2019, she would still get it, but not until she files her 2020 taxes, and it would then be applied to her refund at that time. Though that could change later this week when the IRS completes their stimulus tracking site, and may then have parameters for such a case where she can get it earlier after taking a few filing steps.

Yes, it is a tax credit that will appear on this years taxes filed next year. Many people are thinking that they will lose part of their refund, which is not the case. Just so people know they are not drawing against any refund but in actuality getting part of the tax credit early which they would not have gotten if there was no stimulus package.

 

[abby99]

What really sucks is my daughter will not be getting a stimulus since I claimed her last year for taxes. She has been on her own since December when she graduated. Hoping she can somehow get it since I would not be able to claim her this year.

She might be eligible. I'll read through IRS pub when it comes out.

 

[abby99]

Yes, it is a tax credit that will appear on this years taxes filed next year. Many people are thinking that they will lose part of their refund, which is not the case. Just so people know they are not drawing against any refund but in actuality getting part of the tax credit early which they would not have gotten if there was no stimulus package.

This is accurate. The stimulus payment is a refundable credit, which is completely separate from the calculation of 2020 taxes. It's not reportable as income.

 

[David O]

She might be eligible. I'll read through IRS pub when it comes out.

From the way I understand it she will be able to claim the credit when she files her taxes in the beginning of next year.

 

[Schmendr1ck]

I'm seeing mine as a pending payment for April 15th.

I'm not sure exactly what I'm doing with it yet, but I think the bulk of it will go to local businesses and a couple of charities that I work with.

 

[johnjohn]

 

[abby99]

From the way I understand it she will be able to claim the credit when she files her taxes in the beginning of next year.

She might qualify for a check this year. The web page for applications is expected to be available on 4/15. Check it out!!!

 

[Venturalvn]

I don't qualify and I thankfully have no scares about my job security. I hope everyone out there receiving the stimulus will either put it to use for bills or spend it fully on American goods and services. Stay safe out there people.

 

[liftapint]

In getting my house ready for sale, I've been my own personal stimulus plan for the local economy -- painters, arborist, window washer, house cleaner, handyman, and lots of take-out food, and all of the relevant supplies purchased from local small businesses. Definitely helping the local economy here!

 

[Payback]

Nothing yet. However my entire credit is being sent back to the government + extra in July 15th for my 2019 taxes so yeah

 

[BigChief]

I don't qualify and I thankfully have no scares about my job security. I hope everyone out there receiving the stimulus will either put it to use for bills or spend it fully on American goods and services. Stay safe out there people.

I couldn’t have said it better!!!

 

[crussader]

All you folks that are self employed or run a small business have other ways to benefit from the stimulus. The loans for small businesses offers some nice forgiveness options if you spend the loan on wages or other specified expenses.

Unfortunately, people like my wife fall through the cracks on this one. She has a barbershop, but no employees. To be forgivable, 75% of the loan funds must be paid to employees. Am trying to get her on unemployment, but facing bureaucratic hurdles there as well. If this goes past May 1st, my mixed casino set might have to go up for sale.

 

[HeWhoWouldPun]

Came here to post "hookers and blow" memes and then read the serious discussion...

/will show myself to the door

 

[dennis63]

In the past two weeks, our fridge died, our water heater died, and water from our upstairs bathroom caused it to rain inside my kitchen. The source was an ill-timed broken pipe to the tub.

So our stimulus check has already been spent on three local plumbers or HVAC repair companies.

My recommendation would be only this: If you get a check, spend it locally.

 

[RichMahogany]

Mine showed up about an hour ago. Finished paying this month’s rent, then a few bills.

Not planning to spend on anything besides bills and groceries until my financial situation becomes a bit more stable/clear.

 

[Chester Copperpot]

Anyone thinking of deferring their mortgage for three months and dumping that cash into the stock market instead?

 

[Eloe2000]

Anyone thinking of deferring their mortgage for three months and dumping that cash into the stock market instead?

No, but mortgage refi he’ll yeah

 

[Darson]

Mine is pending. I wasn't expecting anything but apparently you get the $500 per kid irrespective of income.

 

[RowdyRawhide]

No, but mortgage refi he’ll yeah

Yeah we are looking at this. It appears we can possibly refy our 30 yr (25 yrs left) plus 10 yr improvement loan into a 15 yr and be about the same total payment

 

[Chester Copperpot]

I’m not looking into a refi as I’m already at 3.375. I figured the money would be much more productive for me in the market than paying off the mortgage. Figure that it’ll way out earn that 3.375%.

 

[BarrieJ3]

Mine is pending. I wasn't expecting anything but apparently you get the $500 per kid irrespective of income.

Ooooo someone confirm this? I’m stoked!!!

 

[Darson]

Ooooo someone confirm this? I’m stoked!!!

Difficult to find concrete info but:

Children are expensive. To offset some of this expense, Congress provides two special tax credits to people who support children:

• a child tax credit of up to $2,000 per child, and
• a child and dependent care tax credit of $3,000 per child, up to $6,000 for two or more children.

If you qualify, you can get both credits in the same year, and you can still get the tax exemption for children and other dependents. In the past, the child tax credit was limited to middle and lower-income taxpayers. However, as a result of changes brought about by the Tax Cuts and Jobs Act, you can earn up to $400,000 and qualify for the full credit.

and

Parents will get an extra $500 for each child who hasn't reached age 17 (anyone who qualifies for the child tax credit), with no limit on the number of children. Most parents claim their 17-, 18-, and 19-year-olds on their tax return, but these children are counted as "other dependents," and parents will not get an additional $500 for these children in their stimulus check. Despite this, these teenagers will not be able to collect a stimulus check on their own as long as they are claimed as "other dependents" on their parents' tax return.

So at the very least if you qualify for child tax credit you'll get the child payment - not sure if you still get it if your income is above $400k (mine isn't).

 

[BarrieJ3]