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$2T fiscal stimulus - How does it affect you

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  • $2T fiscal stimulus - How does it affect you

    Now that finally the massive corona virus fiscal stimulus bill has passed, I wanted to find out how it affects you or your practice. Do you plan to take any loans from it. Will you get any free money? Anything else

  • #2
    I haven't read anything to know everything that is in it but as far as I can tell it won't directly affect me.

    Edit: Depending on if our hospital system got some money and how they used it I guess it might directly affect me. It looks like the halting of the Medicare cuts could directly help me. I'm just relieved that the John F. Kennedy Center for Performing Arts finally gets $25M and some relief.

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    • #3
      You are probably looking more for the business owner answer, but our situation is only affected by the personal aspect. Since my wife is a year out from residency and we haven’t gotten to filing taxes this year (also filed single last yr), we expect her to get the full amount of stimulus check which feels a bit weird given her current income. Looks like it’s really just an advance on 2020 tax filing so I’d assume they end up asking for the full $1200 back and we get a 0% loan for about a year? Someone correct me if that’s an incorrect understanding.

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      • #4
        unaffected.

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        • #5
          If it keeps my hospital system from going under then I will be happy.

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          • #6
            Directly...none.
            hospital..perhaps

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            • #7
              Does the direct money to people of $1200 have an income threshold?

              I also heard that small business loans may be waived if I continue to pay my employees through the lockdowns. I may have to get more details on that.

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              • #8
                Originally posted by Kamban View Post
                Does the direct money to people of $1200 have an income threshold?
                Yes, up to 75k and phases out to 99k in AGI for single (doubled on married). Plus 500 per child.

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                • #9
                  Originally posted by Kamban View Post
                  Does the direct money to people of $1200 have an income threshold?

                  I also heard that small business loans may be waived if I continue to pay my employees through the lockdowns. I may have to get more details on that.
                  I read 99K individual and 198K family for the threshold.

                  Sucks for people living paycheck to paycheck on a high income. Especially if they had a high income last year and a much much lower income this year.

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                  • #10
                    Yes, I think that the income threshold is 200K for a married couple. I don't think that most physicians will be affected by it. Somehow, 25 million made it into the bill to be directed to support the kennedy performing arts center. A worthy cause I'm sure, but yet another example of lawmakers using massive spending bills to support their pet projects. The other problem with stimulus is that I think that they made unemployment pay higher then what some people were making previously. Not sure why people can't see the disincentive that will create for people to re-enter to workforce in a timely manner.

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                    • #11
                      My taxes will go up, I will get nothing, continue risking my life, and become more bitter.
                      Never regretted a career in medicine more.

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                      • #12
                        Originally posted by snowcanyon View Post
                        My taxes will go up, I will get nothing, continue risking my life, and become more bitter.
                        Never regretted a career in medicine more.
                        Certainly, more in taxes and not a penny in return from all this stimulus bill. Sucks to be supersavers.

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                        • #13
                          Originally posted by snowcanyon View Post
                          My taxes will go up, I will get nothing, continue risking my life, and become more bitter.
                          Never regretted a career in medicine more.
                          Yep, pretty much. I can't imagine regretting my career in medicine but I am getting more bitter by the day.

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                          • #14
                            the threshold to get the full amount for a married couple if $150k. It gradually phases out. After $199k you are SOL.

                            We're unaffected unless I lose my job (which I don't think is likely....yet). I never make up my full salary with the max unemployment benefits before....would get much closer to my full salary if it comes to that

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                            • #15
                              This is likely based on last years salary correct?

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