Coronavirus Stimulus Aid Package

[justmeha]

anybody know what to do if a 21 yr old was filed as a dependent in 2019?
will filing 2020 help? or do you need to file a amendment?

[lev g]

someone that never filed taxes before, and in 2018 he’s father filed him as dependent. If he files taxes now for 2019 and he’s father files now for 2019 without him being dependent, will he be eligible?

[zale]

Does anyone have clarity on unemployment benefits for independent contractors (1099)?

Is enrollment for this open? Does one need to file at the state level?

[sillypainter]

someone that never filed taxes before, and in 2018 he’s father filed him as dependent. If he files taxes now for 2019 and he’s father files now for 2019 without him being dependent, will he be eligible?

Yes. File '19 asap.

[sillypainter]

anybody know what to do if a 21 yr old was filed as a dependent in 2019?
will filing 2020 help? or do you need to file a amendment?

Will eventually be given in 21 for the 20 return if that adult files on his own.

[justmeha]

Will eventually be given in 21 for the 20 return if that adult files on his own.

so its the same check, just in a year from now for fileing 2020

[Luvisrael]

https://www.freep.com/story/money/2020/03/26/stiumulus-check-scam-paypal-coronavirus-covid-19/2918722001/

[TBD]

Anyone with DP on the $600 Unemployment check? will it depend on your prior income? on your state benefit amount? Ot just anyone on unemploynment roll will receive $600 a week, no questions asked...

[TBD]

Anyone with DP on the $600 Unemployment check? will it depend on your prior income? on your state benefit amount? Ot just anyone on unemploynment roll will receive $600 a week, no questions asked...

https://www.nbcnews.com/politics/congress/coronavirus-unemployment-benefits-here-s-who-qualifies-how-much-they-n1169846

Q: $600 is more than I made before losing my job. Will they cut my benefit?
No. If you qualify for unemployment, the $600 per week applies regardless of what your salary was. (There was a last-minute kerfuffle where a few Senate Republicans tried to reduce the benefits for those who were earning less, but that effort failed.)

[churnbabychurn]

yes -It'll be deducted when you file your 2020 taxes

Multiple news articles explicitly say you won't. Not sure why not though

[churnbabychurn]

I have an "umbrella" entity that manages a bunch of buildings. Each building however is under it's own corp/partnership.

Can I fill out just one loan app for the whole whammy under the management entity? (All my payroll is run through the management entity, but all utilities and mortgage payments through the individual buildings).

If someone can point me to a good article on this stimulus specifically for Real Estate portfolios owners and managers it would be very very helpful.

There is no stimulus for real estate owners.  There is a 120 moratorium on evictions and late fees. You can delay paying agency loan payments but you'll have to catch up anyway.

[churnbabychurn]

I have an "umbrella" entity that manages a bunch of buildings. Each building however is under it's own corp/partnership.

Can I fill out just one loan app for the whole whammy under the management entity? (All my payroll is run through the management entity, but all utilities and mortgage payments through the individual buildings).

If someone can point me to a good article on this stimulus specifically for Real Estate portfolios owners and managers it would be very very helpful.

What's the max business size that would qualify for the SBA payroll forgiveness loan?

[cgr]

What's the max business size that would qualify for the SBA payroll forgiveness loan?

Up to 500 employees

[YesThatsMe]

There is no stimulus for real estate owners.  There is a 120 moratorium on evictions and late fees. You can delay paying agency loan payments but you'll have to catch up anyway.

Huh? Every property is a small business, we have payroll interest and utilities to pay, why would real estate small business be excluded??

[YesThatsMe]

In NJ, if hours or hourly pay is cut, is one eligible to collect unemployment?

And if yes, would they be getting the extra $600 as well?

[churnbabychurn]

Up to 500 employees

SBA has separate definitions of a small business. Are you sure those don't apply here?

[churnbabychurn]

Huh? Every property is a small business, we have payroll interest and utilities to pay, why would real estate small business be excluded??

I meant specific to real estate. The industry is receiving the opposite of a stimulus.

General payroll credits or loans apply.

[AsherO]

Huh? Every property is a small business, we have payroll interest and utilities to pay, why would real estate small business be excluded??

If you have small units each owned by an LLC, how do they each have payroll?

[YesThatsMe]

I meant specific to real estate. The industry is receiving the opposite of a stimulus.

General payroll credits or loans apply.

Actually the new depreciation schedules in the bill are awesome for a typical Heimish multi-family owner.

Hotels got a nice exception with each property in a portfolio being considered independent.

Every property is it’s own small business.

Biggest costs in real estate are interest, payroll, utilities. R&M can usually be fit into payroll & utilities as well. BTW contractors are considered payroll for the sake of these loans. So if these get turned to grants it’s free money.

I actually think real estate did very well here.

Macro-wise- there are many aid and charities setting up now to help people pay for the 3 necessities: Medicine, Food, and Housing. So they’ll be more rents coming in than expenditures to non-essentials. The people getting enhanced unemployment will easily be able to cover rent, in fact many are gonna be making more money. And the stimulus checks will also get used on rent.

Yes the moratoriums are terrible but I’m gonna keep a nice list and evict anyone who took advantage of us, I’ll know who still has a job etc.

I’m not planning on asking for any forbearance at this point, on the contrary, I’d rather accelerate some interest payments and prepay utilities which will then be counted as grants.

[YesThatsMe]

If you have small units each owned by an LLC, how do they each have payroll?

Each property has 150+ units with its own staff.