Coronavirus Stimulus Aid Package

[cgr]

@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.

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[TBD]

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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

[AsherO]

@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.

Is that for everyone or only for certain entities?

[cgr]

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!

[cgr]

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.

[YitzyS]

Passing Senate now. Has already 92 votes, against 6 nays.

[Jack out of the box]

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.

[YitzyS]

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?

[Jack out of the box]

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

Depends on number of kids compared with earned income.

[Jack out of the box]

After Moshiach comes there will still be CTC?

I hope Mashiach comes before Feb 15 (the earliest that the IRS sends out CTC refunds).

[Euclid]

After Moshiach comes there will still be CTC?

who's going to make moshiach come?

[AsherO]

who's going to make moshiach come?

It’s gonna be the little little kinderlach... 🎶

[etech0]

It’s gonna be the little little kinderlach... 🎶

born in 2020 or 2021?

[AsherO]

born in 2020 or 2021?

little little and little, little, little, little respectively

[Jack out of the box]

This time around I didn't find anything excluding US-citizens married to NRAs from stimulus payments. Is there something I missed?

[YitzyS]

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:

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.

[YitzyS]

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).

[bubkiz]

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.

[avromie7]

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.

[yosefsv]

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)