COVID-19 Relief funding

[RBP]

My brief summary.

$1200 per adult with a valid social security number if under $75k, phased out at $99k. Family $150k, $198k limits matter for single earner families. $500 per evil spawn 17 and under.

$600 per week EXTRA added to unemployment benefits.

$350 Billion in SBA loans that will become grants of the small businesses retain their employees. If not, they are loans.

$500 Billion in large corporate aid, backstopping fed loans, with strings attached like no stock buy backs.

Discuss.

[Teh One Who Knocks]

I have no problem with it at face value. The government is the one that shut down everything, they are the ones responsible for the fallout.

[RBP]

I'm concerned about negative work incentives. There is an advantage to not working in this.

I also don't like picking winners and losers. E.g. Why does a gay couple (or other childless couples) with an expensive apartment in the city get less money than a couple with 2 kids in a low rent rural area? People who make $100k are not impacted by this massive economic upheaval, but a welfare recipient is? How?

[DemonGeminiX]

FREE MONEY, BIOTCH!!! :dance: My nephews' great-great-great-grandkids will pay for it! I won't have to worry, cause I'll be dead!

*Kicks can further down the generations.*

[Hikari Kisugi]

$600 per week EXTRA added to unemployment benefits.
is this really per week?
How much do they get already?
Massive amount of money!

[Teh One Who Knocks]

is this really per week?
How much do they get already?
Massive amount of money!

Unemployment benefits differ from state to state. You can find each one on a chart on this page: https://www.savingtoinvest.com/maximum-weekly-unemployment-benefits-by-state/

And that shows the maximum amount you can get, your actual unemployment check is based on how much money you were making when you were fired/laid off, so it could be lower than what is shown on the chart.

And yes, that would be an additional $600/week on top of whatever you would get from unemployment benefits. I believe the extra $600 addition is capped at 4 months if I remember hearing that correctly.

[PorkChopSandwiches]

is this really per week?
How much do they get already?
Massive amount of money!

In CA the max is $450 and you need to have been making $1000 a week to hit that number (Is my understanding)

[Teh One Who Knocks]

In CA the max is $450 and you need to have been making $1000 a week to hit that number (Is my understanding)

It's $618 in Colorado :haha:

[PorkChopSandwiches]

:sad:

[Hikari Kisugi]

For what duration is standard unemployment allowance capped at?
Is this paid for by the state?
Seems remarkably generous, is it a taxable benefit?

[Teh One Who Knocks]

For what duration is standard unemployment allowance capped at?
Is this paid for by the state?
Seems remarkably generous, is it a taxable benefit?

Most states cap it at 26 weeks, but some states are less. Each employer pays an Unemployment Insurance Premium to the state based on number of employees and how much turnover you have and how often they apply for unemployment benefits historically. Then the state pays out the benefits to people that qualify. And yes, the benefits are subject to both state and federal income tax.

[PorkChopSandwiches]

I think when Obama was in office it was extended to 2 years (temporarily)

[Teh One Who Knocks]

I think when Obama was in office it was extended to 2 years (temporarily)

Yeah, during that financial meltdown, they extended it to 99 weeks, but I forget how long it was extended for.

[lost in melb.]

I'm concerned about negative work incentives. There is an advantage to not working in this.

I also don't like picking winners and losers. E.g. Why does a gay couple (or other childless couples) with an expensive apartment in the city get less money than a couple with 2 kids in a low rent rural area? People who make $100k are not impacted by this massive economic upheaval, but a welfare recipient is? How?

Trump's shortchanged you! :haha:

[lost in melb.]

Here in Australia there's a one-off payment of around 4 to $500 US, the larger sum going to the poorest. oh, and they have temporarily doubled unemployment benefits. Everybody gets the same amount. That's it!

[RBP]

The SBA loans is good; that should help Porky.

The cash is outrageous. Not in dollars, but in approach.

[KevinD]

Texas is $521/ week apparently. Not sure how that would do for me since I only work 2 weeks/month.

[Godfather]

It's up to $2000 per month here for those who've lost jobs due to COVID. My province has also set up a $500/month rent supplement if you've lost your job too which is nice because rent in Vancouver is fucked.

[RBP]

It's up to $2000 per month here for those who've lost jobs due to COVID. My province has also set up a $500/month rent supplement if you've lost your job too which is nice because rent in Vancouver is fucked.

Do breeders get more?

[PorkChopSandwiches]

The SBA loans is good; that should help Porky.

The cash is outrageous. Not in dollars, but in approach.
I'm working on it ��

[PorkChopSandwiches]

I'm concerned about negative work incentives. There is an advantage to not working in this.

I also don't like picking winners and losers. E.g. Why does a gay couple (or other childless couples) with an expensive apartment in the city get less money than a couple with 2 kids in a low rent rural area? People who make $100k are not impacted by this massive economic upheaval, but a welfare recipient is? How?

If I collect unemployment during this I can clear $1000 a week. It's almost worth taking some time off 😁

[Teh One Who Knocks]

I'm working on it ��

I think we're going to apply for one too after the bill passes and Trump signs it. They sound perfect. You can apply for up to $10 million, payments are deferred for 6 months, and the loans can be forgivable if you use them on payroll, rent, and other business expenses like that.

[Pony]

I don't know how much I can get from unemployment, will see next week maybe.

So, if I register as a small business, take out a million dollar loan and pay myself a million dollar salary I won't need to pay it back? Awesome!

[RBP]

If I collect unemployment during this I can clear $1000 a week. It's almost worth taking some time off ��

I know! That's basically full pay for me. If they lay off at work, I am volunteering. Seriously. Already told the wife.

[RBP]

I was told at work yesterday that the NYT was reporting the checks as tax rebates like 2008. So in effect, you pay it back at tax time. That wasn't my understanding of the #covidcash.

As an aside, my reply to the coworker was "I'll find another source, I'm not reading that rag" :lol:

[RBP]

I was told at work yesterday that the NYT was reporting the checks as tax rebates like 2008. So in effect, you pay it back at tax time. That wasn't my understanding of the #covidcash.

As an aside, my reply to the coworker was "I'll find another source, I'm not reading that rag" :lol:

A refundable credit means that you can take advantage of the credit even if you do not owe any tax. Unlike with a nonrefundable credit, if you don't have any tax liability, the "extra" credit is not lost but is instead refunded to you.

In this case, the stimulus check acts like a refund that you get in advance based on your 2020 income. That’s confusing because you don’t know how much you’re going to earn in 2020, but it’s why the IRS is using earlier returns. But this advance payment on the credit does not affect your “normal” tax refund for 2020: you won’t lose out on your expected tax refund for 2020 with the check.

https://www.forbes.com/sites/kellyphillipserb/2020/03/25/all-you-wanted-to-know-about-those-tax-stimulus-checks-but-were-afraid-to-ask/#6de234941f9c

[Muddy]

Where is all this fucking money coming from? :lol:

[lost in melb.]

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcTXxaT7ayWPTYB2UMYF2excMEcWMFbML 9_mwqq7rKjSr5Iued4p3fqPaiuBHA&s=10