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$2T fiscal stimulus - How does it affect you

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  • #31
    Originally posted by Kamban View Post

    Thanks. I will not get individual handouts but hopefully will get something for the business.
    That was my point. You mentioned losing staff and patients leaving nothing left to reopen.
    Not sure of the details, I would guess there might be some leeway for an owners compensation as well (capped). Good luck. From your previous post, how to fund payroll during a shutdown was prohibitive. The physicians may take a big haircut but the goal was a lifeline that the business would not cease for the benefit of the employees.

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    • #32
      Originally posted by StateOfMyHead View Post

      The delay in accepting what was happening elsewhere and acting on it in a reasonable fashion, that staff continues to be considered disposable by admin particularly with the PPE restrictions, the absurd amount of money our government is throwing at this which I suspect as in the past will include frivolous expenditures. I could go on....You?
      That and all the people who "want to help" healthcare workers but are hoarding masks and PPE.
      I'm so done when I can quite politely.

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      • #33
        The sheer number of pages in this bill should indicate to everyone & anyone it's mostly garbage.
        __________________________

        No CoronaBucks for me, darn it.

        I'm gonna look into small business loans if I:
        -need them
        -would be forgiven.
        ​​​​
        ​​​​​
        "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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        • #34
          Originally posted by snowcanyon View Post

          That and all the people who "want to help" healthcare workers but are hoarding masks and PPE.
          I'm so done when I can quite politely.
          This is not as close to home for me as it is for most of you. I was super frustrated with “people” the last few weeks. It is really hard to shut your business down, donate thousands of gloves and masks, have no timetable on return to work, and see others out there who are either oblivious, don’t care, or both. I can say with certainty that focusing on those people has done me nothing but harm. For every one of them, there are people who are being incredibly generous, carefully isolating themselves and their families, and putting their well being at risk. Focusing on those people/companies makes this a lot easier to stomach.

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          • #35
            Originally posted by RDB View Post

            This is not as close to home for me as it is for most of you. I was super frustrated with “people” the last few weeks. It is really hard to shut your business down, donate thousands of gloves and masks, have no timetable on return to work, and see others out there who are either oblivious, don’t care, or both. I can say with certainty that focusing on those people has done me nothing but harm. For every one of them, there are people who are being incredibly generous, carefully isolating themselves and their families, and putting their well being at risk. Focusing on those people/companies makes this a lot easier to stomach.
            This is true.
            I do think we will see a mass exodus of healthcare workers over the next six months or so.

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            • #36
              If they cover 10 weeks of payroll + my rent, it'll be a massive benefit. Hasn't passed the House though, so nothing to really talk about at this time.

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              • #37
                We are in the privileged position of not needing this money. Plan was just to donate it all to the foodbank and our school district's families if we did get it but given the income restrictions, which I support, we will not get anything. We will still donate to those organizations:-)

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                • #38
                  With (many) kids and a fellowship salary (plus moonlighting, but not enough to push us over the threshold), we will be receiving the full amount. As long as things keep going the way they are, we wont need it to survive, but it will be very nice. My husband was moonlighting for his new group and his April locums shifts were just cut. That was more than anything we were going to get from the government. It also looks like we may be carrying 2 mortgages longer than anticipated and we are already floating moving costs because they will not be reimbursed til after the move. So I am happy to have this extra cushion for what might be some lean months. Mostly I'm just glad my husband was officially put on the new group's July schedule, because that was a real concern.

                  I am very confused about the student loan aspect of this. I sure wouldn't mind 6 months of not paying if there were no interest penalties, but it all seems very unclear. Our plan was to pay off the student loans entirely with the house proceeds, but that might not happen for awhile due to above situation with our house. Also, I want to wait til November and see who is president first. I realize it is extremely unlikely that we will get a break on loans in any significant way. But at this point, with Trump as president and this new surreal world, I'm not taking any chances! Extremely unlikely seems to be the new, "Eh, it could happen."

                  FWIW, I can think of two friends this is going to help a lot. One is due to have her 4th child via c-section at the beginning of April. She's terrified her husband will not be able to be there. She is a preschool teacher and isn't getting a check for April, but had to pay for her kids to be there. Of course now they are home and she is going to be homeschooling them all with a newborn and recovering. I know this check will be BIG for their family.

                  The other friend is our realtor. Their income just took a very unexpected nosedive. I'm sure it is going to be helpful for them as well.

                  And actually, all the resident's at my husband's institution. External moonlighting was cancelled and that is how many of the families made things like preschool happen. It's scheduled out a few months in advance, so I'm sure a few of them were reasonably relying on the extra money.

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                  • #39
                    Our practice may get the forgivable loan. It appears we qualify. Quite possibly significant for us.

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                    • #40
                      We are under the income limit, so I guess we'll be receiving something. We had a baby in the meantime, and I don't know how the government will know that, so I'm not sure if we will get the extra $500.

                      Even though income this year if down 60-70% since my wife decided to stay home with the baby, we are fortunate to be in a position where we don't need the handout.

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                      • #41
                        Just saw this on the Washington Post. Never mind, I guess we will be paying it back next April. Oh well...guess an interest free loan is better than nothing. Yay for being part of the "relatively small share of people?"

                        Are the checks taxable? No, they are not taxable. The only catch is that technically a person’s 2020 income is what qualifies them for the payment. Since no one knows their total 2020 income yet, the government is using tax returns from 2019 and 2018 to figure out who qualifies for a check. It is possible that someone may have to pay back some of the money if his or her income this year turns out to be significantly more than it was in 2019 or 2018. That’s expected to be a relatively small share of people, and the money would not have to be paid back until April 15, 2021.

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                        • #42
                          Interesting. So I guess someone scaling back who had a high income in 2019 could claim a credit on their 2020 taxes even if they didn't get a check?

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                          • #43
                            Originally posted by MSooner View Post
                            Just saw this on the Washington Post. Never mind, I guess we will be paying it back next April. Oh well...guess an interest free loan is better than nothing. Yay for being part of the "relatively small share of people?"
                            Interesting. Based on 2018 we qualify. 2019, we are over the limit, but haven't filed yet. But for 2020 we will be well under the limit again.

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                            • #44
                              Originally posted by Lithium View Post
                              Interesting. So I guess someone scaling back who had a high income in 2019 could claim a credit on their 2020 taxes even if they didn't get a check?
                              I like the way you think!!! ✓✓✓


                              "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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                              • #45
                                No direct benefit. I’ll benefit from any stabilization of the economy. I’ll suffer from increased taxes, mitigated, I hope, by the lower tax bracket I’ll be in when I retire in a few years. In fact, any significant tax increase might be a consideration as far as how long to work. I worry about how the printing of money will affect the value of what I’ve worked hard to save. Lastly, any stabilization and increase of value in equity markets would directly benefit me. But I think in the end that rests less on this stimulus than on managing the epidemic in the US, and on developing a vaccine.
                                My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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