Coronavirus Stimulus Aid Package

[points 99]

If you have a c- section scheduled for Jan 2nd, you may want to consider moving it up to December 31st for $1100.

No kidding, I know someone who paid the doctor extra to do it on a Sunday, because he wanted a Sunday bris...

[yelped]

That *it* will do.

[cgr]

Does the bill require showing losses in 2020 compared to previous years?
Are there limits?

To be eligible for a second round of PPP, business must show a 25% gross revenue deduction for one quarter in 2020, as compared to the same quarter in 2019.

[Dan]

To be eligible for a second round of PPP, business must show a 25% gross revenue deduction for one quarter in 2020, as compared to the same quarter in 2019.

I mean for deductibility of expenses paid for with PPP funds.

[yitzgar]

If you have a c- section scheduled for Jan 2nd, you may want to consider moving it up to December 31st for $1100.

Not to mention child tax credit

[etech0]

If you have a c- section scheduled for Jan 2nd, you may want to consider moving it up to December 31st for $1100.

username checks out
it would be good for an insurance deductible too

[cgr]

I mean for deductibility of expenses paid for with PPP funds.

No- that's across the board.

[Dan]

No- that's across the board.

Nice!

[cgr]

Can y'all check my work for errors/omissions?

https://www.dansdeals.com/more/coronavirus/coronavirus-stimulus-benefits-house-senate-now-voting/

At a glance:

Unemployment:
Looks like March 14, 2020 is not a hard end date for PUA and PEUC- those that still have unused benefit weeks available will continue receiving benefits through April 5, 2021.
Requires states to require employers to inform of any employees refusing an employment offer.

PPP:
Nonprofits are now eligible for PPP loans.
Most were eligible before as well, only 501(c)6 was recently added.
Allows entities who didn't receive the full PPP amount they were eligible for in Round 1, to receive the difference now.
Expands allowable expenses to include supplier costs, PPE and the like, as well as property damage costs as a result of looting.
Is it certain that first-time applicants can apply without the 25% gross reduction rule?

EIDL:
EIDL grants for an emergency grant for small businesses of up to $10,000.
Must be located in a low-income neighborhood to qualify.

SNAP:
Food stamps will be funded with $13 billion and will give 15% more benefits.
Jan 1, 2021 through Jun 30, 2021

P-EBT:
Allows states to generalize on school closure calculations instead of checking each school separately for closure eligibility.

[m65]

If you have a c- section scheduled for Jan 2nd, you may want to consider moving it up to December 31st for $1100.

but then u may have a child born with the mazal of 2020

[etech0]

but then u may have a child born with the mazal of 2020

it's 5781 so hopefully it'll be fine

[cgr]

This is HUGE:
Extension and expansion of the Employee Retention Tax Credit through July 1, 2021. The bill increases the refundable payroll tax credit from a maximum of $5,000 to $14,000 by changing the calculation from 50% of wages paid up to $10,000 to 70% of wages paid up to $10,000 for any quarter. The bill clarifies that businesses will now be able to take the Employee Retention Tax Credit and participate in the PPP.

Back when PPP was all the hype but ERTC wasn't allowed for companies that received PPP, I noticed that for many ERTC was higher than PPP. Now that both can be taken (although I'm assuming not concurrently) ERTC will be a serious benefit.

[TBD]

Bank compensation is capped at $2500? I guess this is to incentivize smaller loans.

for loans up to $50,000

[TBD]

If someone didnt at all take PPP round 1 because of EIDL grant will now be able to receive twice?

[TBD]

To calculate your EIC you need to look up 2 numbers, the credit you should get with just your Earned Income, and the credit you would get with your total AGI, and whichever amount is less is your final EIC credit.

So while the bill lets you use the 2019 Earned Income, you will still use your 2020 AGI.

i.e. if your 2019 earned income is 15,000, and in 2020 you have 0 earned income and 30,000 in UI income, your EIC will be based on the 30k and not on the 15k since the 30k gives you a smaller EIC credit.

But I guess for CTC everyone will benefit if 2020 was lower

[AsherO]

If someone didnt at all take PPP round 1 because of EIDL grant will now be able to receive twice?

Doubtful, though I haven’t seen it written anywhere.

[TBD]

Doubtful, though I haven’t seen it written anywhere.

@Dan SOURCE?

https://www.dansdeals.com/more/coronavirus/coronavirus-stimulus-benefits-house-senate-now-voting/

PPP forgivable loans have been funded with an additional $284 billion. 501(c)6 nonprofits are now eligible for PPP loans. To qualify, a company must make a good faith certification that they need the loan based on current economic conditions. They can get a loan of 2.5 times the monthly payroll, capped at $20,833 in funding per employee and can spend it over 24 weeks with at least 60% going towards payroll. If they didn’t take the full PPP previously, they can claim it now. Allowable expenses now include supplier costs, PPE, and property damage due to looting. If they are taking a 2nd PPP loan they must demonstrate a loss of 25% of greater in any quarter of 2020 as compared to the same quarter in 2019.

[TBD]

A business that had a 24% revenue deduction vs 2019, instead of $1M profit in 2019 has now a $1M loss, is not eligible #CHELEM

[cgr]

A business that had a 24% revenue deduction vs 2019, instead of $1M profit in 2019 has now a $1M loss, is not eligible #CHELEM

It's based off gross revenue...

[TBD]

It's based off gross revenue...

This is called #CHELEM
A lot of ppl saw a decrease in revenue because supply was scarce, however profit jumped because of price increases