Coronavirus Stimulus Aid Package

[sillypainter]

If someone is a dependent on 2019 but files alone in 2020 will they receive the stimulus check?

Yes. All is actually based on '20. The government uses '19 or '18 because they don't have the '20 numbers yet.

[ltttc]

This is what Chase sent yesterday


Dear Business Client,

Chase wants to help you get the Small Business Administration (SBA) Paycheck Protection Program emergency funds you may need to continue paying your employees and supporting your business.

Financial institutions like ours are still awaiting guidance from the SBA and the U.S. Treasury. As a result, Chase will most likely not be able to start accepting applications on Friday, April 3rd, as we had hoped.

Bigger banks like Wells Fargo and BOA are accepting applications.

[sillypainter]

You can fill now out a form online with Chase for the PPP loan, but it's basically a call back form.

[herb]

Bigger banks like Wells Fargo and BOA are accepting applications.

anyway to apply with wells fargo? Tried calling multiple times today and no help

[Jack out of the box]

Yes. All is actually based on '20. The government uses '19 or '18 because they don't have the '20 numbers yet.

It's actually a 2020 tax credit which is being prepaid as long as the IRS has your info from a 2018 or 2019 tax return.

[churnbabychurn]

Looks like real estate investors are excluded from this PPP loan.

https://www.law.cornell.edu/cfr/text/13/120.110

As confirmed further by the SBA rules clarification [Docket  No. SBA-2020-0015]

[sillypainter]

It's actually a 2020 tax credit which is being prepaid as long as the IRS has your info from a 2018 or 2019 tax return.

Who said otherwise?

[AsherO]

Looks like real estate investors are excluded from this PPP loan.

https://www.law.cornell.edu/cfr/text/13/120.110

As confirmed further by the SBA rules clarification [Docket  No. SBA-2020-0015]

That includes (or should I say excludes) any LLC whose major asset is a property and major income is rent?

[YesThatsMe]

It seems like in NJ, anyone making less than $68,276 is going to getting a nice little raise for being unemployed. For NY, it's $57,804.

Looks like a lot of people are gonna have some interesting conversations with their boss...

[justmeha]

It's actually a 2020 tax credit which is being prepaid as long as the IRS has your info from a 2018 or 2019 tax return.

so what happens if you don’t owe taxes in 2020?

[CountValentine]

so what happens if you don’t owe taxes in 2020?

Still file a return.

[justmeha]

Still file a return.

2019 or 2020? Q is if you file just 2020 will it be just a tax credit or will it be a check?

[CountValentine]

2019 or 2020? Q is if you file just 2020 will it be just a tax credit or will it be a check?

File for 2019 now should generate a check AFAIK.

[justmeha]

File for 2019 now should generate a check AFAIK.

the problem is that for 2019 they are a dependent

[CountValentine]

the problem is that for 2019 they are a dependent

You filed 2019 already?

[justmeha]

You filed 2019 already?

they did

[CountValentine]

I have no idea what happens there.

[ah giten]

https://www.doctorofcredit.com/stimulus-checks-people-who-dont-file-taxes-can-register-their-bank-info-with-irs-turbotax-online-portal-to-get-their-1200/

[Let3]

It seems like in NJ, anyone making less than $68,276 is going to getting a nice little raise for being unemployed. For NY, it's $57,804.

Looks like a lot of people are gonna have some interesting conversations with their boss...

What do you mean?
You can get unemployment while you have a job with the above salaries?

[yesitsme]

What do you mean?
You can get unemployment while you have a job with the above salaries?

if you were making that money and got fired