Author Topic: Coronavirus Stimulus Aid Package  (Read 171389 times)

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #600 on: December 21, 2020, 07:52:32 PM »
@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 didnít 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.
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Offline TBD

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Re: Coronavirus Stimulus Aid Package
« Reply #601 on: December 21, 2020, 08:01:17 PM »
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Thanks.
It seems only if it was due to a  rule change or you didnt accept full approved amount, but if you applied with less proof than you can not request now an increase

Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #602 on: December 21, 2020, 08:26:53 PM »
@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 didnít 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.

Is that for everyone or only for certain entities?
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Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #603 on: December 21, 2020, 10:16:11 PM »
Just did an overview of all that I came across in the bill and on various sites. If you read my posts and come across anything that you know or think I might have interpreted incorrectly, I'd appreciate the feedback!

Offline cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #604 on: December 21, 2020, 10:16:28 PM »
Thanks.
It seems only if it was due to a  rule change or you didnt accept full approved amount, but if you applied with less proof than you can not request now an increase

Thanks correct- thanks for clarifying.

Offline YitzyS

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Re: Coronavirus Stimulus Aid Package
« Reply #605 on: December 21, 2020, 11:20:31 PM »
Passing Senate now. Has already 92 votes, against 6 nays.

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #606 on: December 22, 2020, 01:36:59 AM »
Not to mention child tax credit
Based on current law it's just a matter of whether you get the CTC for 2020 or for 2037. You get a maximum of 16 years per child.

Offline YitzyS

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Re: Coronavirus Stimulus Aid Package
« Reply #607 on: December 22, 2020, 01:38:30 AM »
Based on current law it's just a matter of whether you get the CTC for 2020 or for 2037. You get a maximum of 16 years per child.
After Moshiach comes there will still be CTC?

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #608 on: December 22, 2020, 01:39:34 AM »
But I guess for CTC everyone will benefit if 2020 was lower
Depends on number of kids compared with earned income.

Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #609 on: December 22, 2020, 01:42:03 AM »
After Moshiach comes there will still be CTC?
I hope Mashiach comes before Feb 15 (the earliest that the IRS sends out CTC refunds).

Offline Euclid

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Re: Coronavirus Stimulus Aid Package
« Reply #610 on: December 22, 2020, 02:16:55 AM »
After Moshiach comes there will still be CTC?
who's going to make moshiach come?

Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #611 on: December 22, 2020, 08:32:51 AM »
who's going to make moshiach come?

Itís gonna be the little little kinderlach... 🎶
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Offline etech0

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Re: Coronavirus Stimulus Aid Package
« Reply #612 on: December 22, 2020, 08:41:54 AM »
Itís gonna be the little little kinderlach... 🎶
born in 2020 or 2021?
Workflowy. You won't know what you're missing until you try it.

Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #613 on: December 22, 2020, 08:44:28 AM »
born in 2020 or 2021?

little little and little, little, little, little respectively
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Offline Jack out of the box

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Re: Coronavirus Stimulus Aid Package
« Reply #614 on: December 22, 2020, 09:02:15 AM »
This time around I didn't find anything excluding US-citizens married to NRAs from stimulus payments. Is there something I missed?

Offline YitzyS

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Re: Coronavirus Stimulus Aid Package
« Reply #615 on: December 22, 2020, 09:06:53 AM »
This time around I didn't find anything excluding US-citizens married to NRAs from stimulus payments. Is there something I missed?
From @cgr 's amazing website:

Quote
Expands stimulus payment eligibility to mixed-status households- previously households where only one parent is a US citizen/resident alien with a SSN were ineligible. This applies retroactively to the previous round as well.

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Re: Coronavirus Stimulus Aid Package
« Reply #616 on: December 22, 2020, 09:27:57 AM »
Message from my marketing team to all those gold sellers making commercials: Check out Rand Paul's speech last night in Senate. You may want to put parts of it in your future commercials.

https://www.c-span.org/video/?507477-1/us-senate-approves-covid-relief-omnibus-spending-legislation (at the 1:40:00 mark).

Offline bubkiz

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Re: Coronavirus Stimulus Aid Package
« Reply #617 on: December 22, 2020, 10:24:02 AM »
Charitable Contribution
The above-the-line charitable contribution is extended through 2021 at $600 for those married filing jointly and $300 for other filers. This means taxpayers will be able to take the standard deduction and deduct up to $600 in charitable giving when calculating their taxable income. For the 2020 tax year, taxpayers could deduct up to $300 above-the-line for charitable contributions.

Offline avromie7

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Re: Coronavirus Stimulus Aid Package
« Reply #618 on: December 22, 2020, 12:39:10 PM »
Solar tax credit is extended for another 2 years. Instead of dropping to 22% in 2021 and 0 in 2022 it's staying at 26% for 2021 & 2022 22% for 2023 and 0 in 2024.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline yosefsv

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Re: Coronavirus Stimulus Aid Package
« Reply #619 on: December 22, 2020, 02:25:30 PM »
But I guess for CTC everyone will benefit if 2020 was lower
Depends on number of kids compared with earned income.
The CTC is not based on the earned income. only the Additional child tax credit is based on EA.

The CTC is non refundable and its based on the amount of dependents vs. the tax due on your total AGI, the ACTC is a refundable credit based on the Earned Income (and the unearned income will not reduce the credit, as long as you qualify for the CTC)
If it benefits even just one fellow DDFer, its worth posting it.