Author Topic: Coronavirus Stimulus Aid Package (Read 193214 times)

If an individual could be claimed as a dependent on someone's tax return then he cannot claim himself on his tax return and does not qualify for the stimulus payment. If I understand correctly, the final determination is on the 2020 tax return.

Whats the test for could?

Jack out of the box · « **Reply #226 on:** March 30, 2020, 09:10:11 PM »

Quote from: hvaces42 on March 30, 2020, 08:38:28 PM

Whats the test for could?

See here
https://apps.irs.gov/app/IPAR/investigate/IPAR_1/en-US/Attribute~Dependents~global~global/qs%24s1%40TLC_Dependents_Development_Screens_DEPLanding_xint%24global%24global?user=guest

and here
https://www.irs.gov/pub/irs-pdf/p501.pdf

churnbabychurn · « **Reply #227 on:** March 31, 2020, 08:25:38 AM »

Quote from: YesThatsMe on March 29, 2020, 02:33:22 PM

Ok this can indeed get problematic for me. But my understanding is that all the typical affiliate rules are being waived here. All they’d be looking at is the 500 employee max.

They are using typical SBA affiliate rules that are more restrictive then the DOL rules for the 500 Employee test for the PPP

churnbabychurn · « **Reply #228 on:** March 31, 2020, 08:26:57 AM »

Quote from: YesThatsMe on March 29, 2020, 04:59:11 PM

In the markets where I operate we had moratoriums 2 weeks ago. I’m not gonna blame the bill.

Bh most of our properties are Class A new construction. My worst case scenario models allow for around 35% collection loss before I need to call my lender. It was pretty rough last 2-3 years to find decently priced Class B-C assets with upside. My heart goes out to anyone who bought those assets in the last while. I sure hope they can execute their value add strategies in this environment successfully.

Which heimishe players don’t make sure to have NOL’s and get fee incomes elsewhere? Basics of the business...

Looks like the class A liberal young crowd will be the biggest problem here

https://apnews.com/1bd0dccae3f84e380af62b3dd91ee26e

churnbabychurn · « **Reply #229 on:** March 31, 2020, 08:28:58 AM »

Quote from: YesThatsMe on March 30, 2020, 08:30:18 PM

Best resource for PPP loans so far.

This is more detailed
https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

churnbabychurn · « **Reply #230 on:** March 31, 2020, 08:30:19 AM »

The banks I spoke to all said they need at least 15 days to receive guidance from the SBA on how to process these, and then internally more time as well..

Anyone have a different experience?

YesThatsMe · « **Reply #231 on:** March 31, 2020, 08:51:44 AM »

Quote from: churnbabychurn on March 31, 2020, 08:30:19 AM

The banks I spoke to all said they need at least 15 days to receive guidance from the SBA on how to process these, and then internally more time as well..

Anyone have a different experience?

My banker preemptively called me yesterday and said he would love to work with me on this loan. He put me at number 3 on his list to call the moment he’s taking apps. He said that internally he heard funding can be as early as next week. I still plan on shopping around though, gotta maximize this thing.

It’s a community bank based in IN.

YesThatsMe · « **Reply #232 on:** March 31, 2020, 08:59:04 AM »

Quote from: YesThatsMe on March 28, 2020, 11:13:56 PM

https://www.sbc.senate.gov/public/_cache/files/9/7/97ac840c-28b7-4e49-b872-d30a995d8dae/F2CF1DD78E6D6C8C8C3BF58C6D1DDB2B.small-business-owner-s-guide-to-the-cares-act-final-.pdf

https://www.natlawreview.com/article/paycheck-protection-program-sba-loan-program-expanded-cares-act

AsherO · « **Reply #233 on:** March 31, 2020, 10:42:47 AM »

Quote from: churnbabychurn on March 31, 2020, 08:30:19 AM

The banks I spoke to all said they need at least 15 days to receive guidance from the SBA on how to process these, and then internally more time as well..

Anyone have a different experience?

Might depend on a banks compliance department and their agility.

cgr · « **Reply #234 on:** March 31, 2020, 10:50:08 AM »

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

TBD · « **Reply #235 on:** March 31, 2020, 11:46:24 AM »

Why should I be the first one to apply? let others be the sheep, and once knows all the ins and out will go ahead and apply

churnbabychurn · « **Reply #236 on:** March 31, 2020, 11:48:37 AM »

Quote from: AsherO on March 31, 2020, 10:42:47 AM

Might depend on a banks compliance department and their agility.

+1

Also heard me that the individual bankers mostly wont be incentivized to get these done because they are not really originating or bringing in the customer.. its all relationship based.

The banks themselves are trying to figure out their commission structure under the bill..

churnbabychurn · « **Reply #237 on:** March 31, 2020, 11:49:05 AM »

Quote from: thebudgetdeals on March 31, 2020, 11:46:24 AM

Why should I be the first one to apply? let others be the sheep, and once knows all the ins and out will go ahead and apply

True. There is a lot of hype about funds running out but i dont think its real..

TBD · « **Reply #238 on:** March 31, 2020, 12:09:11 PM »

As long as trump still needs to win the elections he will approve even a 5T package if it runs out from money

Yammer · « **Reply #239 on:** March 31, 2020, 12:15:52 PM »

Quote from: thebudgetdeals on March 31, 2020, 12:09:11 PM

As long as trump still needs to win the elections he will approve even a 5T package if it runs out from money

There will definitely be another package..

The $2 trillion stimulus package that passed the US Senate Wednesday will allow homeowners hurt by the health crisis to postpone mortgage payments for up to 12 months. That mirrors moves announced last weekby mortgage giants Fannie Mae and Freddie Mac

https://amp.cnn.com/cnn/2020/03/26/business/mortgage-payment-coronavirus-stimulus-federal-reserve/index.html