Author Topic: Coronavirus Stimulus Aid Package  (Read 172350 times)

Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #560 on: December 21, 2020, 03:46:20 PM »
Banks are going to receive much higher fees this time around so I guess even small loans will get more attention from banks.

Minimum amount is 50% from the loan up to $2500 for loans up to $50,000

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

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Re: Coronavirus Stimulus Aid Package
« Reply #561 on: December 21, 2020, 03:46:51 PM »
SIMPLIFIED APPLICATION.—
COVERED LOANS UP TO $150,000.—
IN GENERAL .—With respect to a
covered loan made to an eligible recipient that
 is not more than $150,000, the covered loan
amount shall be forgiven under this section if
the eligible recipient
signs and submits to the lender a
certification, to be established by the Administrator not later than 24 days after
the date of enactment of the Economic Aid
o Hard-Hit Small Businesses, Nonprofits,
and Venues Act, which—
 shall be not more than 1
page in length; and
shall only require the eligible recipient to provide—a description of the
number of employees the eligible
recipient was able to retain because of the covered loan;
the estimated amount
of the covered loan amount spent
by the eligible recipient on pay4 roll costs; and
the total loan value;
attests that the eligible recipient has—
accurately provided the required certification; and
omplied with the require11 ments under section 7(a)(36); and
retains records relevant to the
form that prove compliance with such requirements—

Yay, simplified forgiveness, looking sweet.
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Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #562 on: December 21, 2020, 03:48:11 PM »
Can independent contractors get ppp round 2?

Isn’t this round 3? Can’t wait to see the details :)

ETA: Hopefully independent contractors can use 2019 Schedule C as basis for this round as well.
« Last Edit: December 21, 2020, 03:58:33 PM by AsherO »
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Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #563 on: December 21, 2020, 03:55:04 PM »
Some more good news (if it's true) :

Quote
Firms that received a cash advance through the Economic Injury Disaster Loan program also will no longer have to deduct the advance from their PPP loan forgiveness amount.

Source: https://www.cnbc.com/2020/12/21/covid-relief-bill-adds-ppp-tax-breaks-the-treasury-opposed.html

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Offline aygart

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Re: Coronavirus Stimulus Aid Package
« Reply #564 on: December 21, 2020, 04:04:01 PM »
Feelings don't care about your facts

Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #565 on: December 21, 2020, 04:06:11 PM »
So the $600 per person stimulus is totally phased out at $174K AGI for joint filers?
How do dependents affect the phaseout?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline avromie7

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Re: Coronavirus Stimulus Aid Package
« Reply #566 on: December 21, 2020, 04:12:22 PM »
So the $600 per person stimulus is totally phased out at $174K AGI for joint filers?
How do dependents affect the phaseout?
If it's the same as the first round, the phase out continues at the same rate until everything is phased out.
I wonder what people who type "u" instead of "you" do with all their free time.

Online iluv2travel

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Re: Coronavirus Stimulus Aid Package
« Reply #567 on: December 21, 2020, 04:17:45 PM »
So the $600 per person stimulus is totally phased out at $174K AGI for joint filers?
How do dependents affect the phaseout?

I was under the impression that the income eligibility requirements were the same as last time which was this:

"You are eligible to receive the full payment if your adjusted gross income is below $150,00 and a reduced payment amount if it is above $150,000. The adjusted gross income limit for a reduced payment is $198,000 if you don’t have children and increases by $10,000 for each qualifying child under 17."

Online cgr

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Re: Coronavirus Stimulus Aid Package
« Reply #568 on: December 21, 2020, 04:21:09 PM »
PPP Round 2: Business is classified under NAICS 72 (food establishment), get a PPP loan at 3.5X of monthly payroll, instead of the regular 2.5X.

Online Mordyk

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Re: Coronavirus Stimulus Aid Package
« Reply #569 on: December 21, 2020, 04:47:28 PM »
PPP Round 2: Business is classified under NAICS 72 (food establishment), get a PPP loan at 3.5X of monthly payroll, instead of the regular 2.5X.
I'm so happy to hear this!! I always feel bad for one of the biggest victims of covid, the restaurants :(

Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #570 on: December 21, 2020, 04:48:21 PM »
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: Coronavirus Stimulus Aid Package
« Reply #571 on: December 21, 2020, 04:57:58 PM »
I'm so happy to hear this!! I always feel bad for one of the biggest victims of covid, the restaurants :(

Not sure even this will be enough to save some of them.
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Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #572 on: December 21, 2020, 04:58:13 PM »
Yay on the tax deductibility!
Does the bill require showing losses in 2020 compared to previous years?
Are there limits?
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Offline bubkiz

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Re: Coronavirus Stimulus Aid Package
« Reply #573 on: December 21, 2020, 04:59:10 PM »
EITC 2019 Lookback Q:
Any changes to disqualifying income (dividends, interest, capital gains) limits? Can the 2019 amount be used?

Offline Deal Guy

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Re: Coronavirus Stimulus Aid Package
« Reply #574 on: December 21, 2020, 05:02:15 PM »

Offline avromie7

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Re: Coronavirus Stimulus Aid Package
« Reply #575 on: December 21, 2020, 05:04:25 PM »
Can y'all check my work for errors/omissions?

https://www.dansdeals.com/more/coronavirus/coronavirus-stimulus-benefits-house-senate-now-voting/
Quote
Earned Income Tax Credits and Child Tax Credits will allow you to use your choice of 2019 or 2020 earned income for qualification on your 2020 tax return., though you will need to include unemployment income if calculating your 2020 AGI.
IIUC, you are required to use your 2020 AGI. This paragraph makes it sound like you have a choice.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline avromie7

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Re: Coronavirus Stimulus Aid Package
« Reply #576 on: December 21, 2020, 05:05:59 PM »
Can y'all check my work for errors/omissions?

https://www.dansdeals.com/more/coronavirus/coronavirus-stimulus-benefits-house-senate-now-voting/
$1.3 billion in federal student loan forgiveness for historically Black colleges.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline Dan

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Re: Coronavirus Stimulus Aid Package
« Reply #577 on: December 21, 2020, 05:11:22 PM »
Meals 100% deduction is for 2021 and 2022 :)
IIUC, you are required to use your 2020 AGI. This paragraph makes it sound like you have a choice.
$1.3 billion in federal student loan forgiveness for historically Black colleges.
Fixed, what else :)
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Offline points 99

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Re: Coronavirus Stimulus Aid Package
« Reply #578 on: December 21, 2020, 05:15:57 PM »
Fixed, what else :)
u gotta update your profile status UA DL

Offline Deal Guy

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Re: Coronavirus Stimulus Aid Package
« Reply #579 on: December 21, 2020, 05:22:42 PM »
Can y'all check my work for errors/omissions?

https://www.dansdeals.com/more/coronavirus/coronavirus-stimulus-benefits-house-senate-now-voting/
If you have a c- section scheduled for Jan 2nd, you may want to consider moving it up to December 31st for $1100.