Details on latest stimulus checks?? (1 Viewer)

[Adolph Coors]

Any idea when theyre getting sent out, and are the salary caps based on 19 or 20. Scotch still needs a deck

 

[HuskerGarrett]

Any idea when theyre getting sent out, and are the salary caps based on 19 or 20. Scotch still needs a deck

Don’t they keep lowering the cutoff amount? Last I saw, most people don’t even get one anymore

 

[Adolph Coors]

Don’t they keep lowering the cutoff amount? Last I saw, most people don’t even get one anymore

last i saw was 200 but i didnt know if it was a hard cut or if it prorated after that.

 

[ThomOsborneMD]

Don’t they keep lowering the cutoff amount? Last I saw, most people don’t even get one anymore

75k/150k

 

[HuskerGarrett]

last i saw was 200 but i didnt know if it was a hard cut or if it prorated after that.

I thought I saw now if you make over 80k you get nothing

 

[BIGSTICK67]

What @ThomOsborneMD said.

So dumb because many small business owners make more than the cut-off, will lose their business and don't get a penny. I have a buddy that lost his 6-figure job with no severance last fall and hasn't qualified for any of the stimulus payments due to combined income. He's still interviewing after being unemployed for 6 months.

His friend who's in pharmaceuticals lost his job with a small severance in early 2020. Make about $175K with 7 kids and no wife working....not a penny.

 

[HuskerGarrett]

What @ThomOsborneMD said.

So dumb because many small business owners make more than the cut-off, will lose their business and don't get a penny. I have a buddy that lost his 6-figure job with no severance last fall and hasn't qualified for any of the stimulus payments due to combined income. He's still interviewing after being unemployed for 6 months.

His friend who's in pharmaceuticals lost his job with a small severance in early 2020. Make about $175K with 7 kids and no wife working....not a penny.

Yeah it was all F’d up and is now only worse. You can’t go off what someone made 1-2 years ago and use that to decide what they are paid now

 

[Adolph Coors]

What @ThomOsborneMD said.

So dumb because many small business owners make more than the cut-off, will lose their business and don't get a penny. I have a buddy that lost his 6-figure job with no severance last fall and hasn't qualified for any of the stimulus payments due to combined income. He's still interviewing after being unemployed for 6 months.

His friend who's in pharmaceuticals lost his job with a small severance in early 2020. Make about $175K with 7 kids and no wife working....not a penny.

its agi so they should still qualify

 

[Baron Winnebago]

Targeting social policy is really hard mmmkay?

 

[Jim14510]

75k/150k

I think this is where it will end up like the other two but quicker phaseout or no phaseout at all. Won't be final until next week. Money should go out pretty quick. I would assume it will be based off 2020 income if filed and 2019 if not similar to the first one.

 

[Jim14510]

What @ThomOsborneMD said.

So dumb because many small business owners make more than the cut-off, will lose their business and don't get a penny. I have a buddy that lost his 6-figure job with no severance last fall and hasn't qualified for any of the stimulus payments due to combined income. He's still interviewing after being unemployed for 6 months.

His friend who's in pharmaceuticals lost his job with a small severance in early 2020. Make about $175K with 7 kids and no wife working....not a penny.

Small business owners got PPP money and other grants.

 

[BIGSTICK67]

its agi so they should still qualify

Maybe? They didn't qualify for the 1st two, so I find the 3rd one doubtful.

Unfortunately you get accustomed to the expenses and kids you have.

 

[Jim14510]

Yeah it was all F’d up and is now only worse. You can’t go off what someone made 1-2 years ago and use that to decide what they are paid now

Thats why its a credit on that years return. The first two you get on the 2020 return if you didn't qualify before. This one will be on the 2021 return. Can only get more. Can't get any taken away.

 

[BIGSTICK67]

Small business owners got PPP money and other grants.

Vast majority I'd guess? There are diligent businesses that I suspect got turned down for one reason or another.

My company was one that was receiving, then not receiving, then receiving after an "intern" at KPMG found a legit loophole. It was only due to the aggressiveness of our leadership team that we weren't left out. Then again we happen to have about 499.75 employees. 😁

 

[Jim14510]

Vast majority I'd guess? There are diligent businesses that I suspect got turned down for one reason or another.

My company was one that was receiving, then not receiving, then receiving after an "intern" at KPMG found a legit loophole. It was only due to the aggressiveness of our leadership team that we weren't left out. Then again we happen to have about 499.75 employees. 😁

I don't know of anyone that got turned down personally. Unless you count the 2nd round where you had to show an actual loss.

 

[Baron Winnebago]

I don't know of anyone that got turned down personally. Unless you count the 2nd round where you had to show an actual loss.

Doesn't that seem like a problem?

 

[Faux Sean Callahan]

Don’t they keep lowering the cutoff amount? Last I saw, most people don’t even get one anymore

75k individual with a phase out to $0 at 80k was last I heard on the news tonight

 

[Faux Sean Callahan]

What @ThomOsborneMD said.

So dumb because many small business owners make more than the cut-off, will lose their business and don't get a penny. I have a buddy that lost his 6-figure job with no severance last fall and hasn't qualified for any of the stimulus payments due to combined income. He's still interviewing after being unemployed for 6 months.

His friend who's in pharmaceuticals lost his job with a small severance in early 2020. Make about $175K with 7 kids and no wife working....not a penny.

Did he not take advantage of the PPP?

 

[Faux Sean Callahan]

I don't know of anyone that got turned down personally. Unless you count the 2nd round where you had to show an actual loss.

Ya I was going to say I don't know anybody who has been turned down. I know some who got sizeable checks who probably didn't need them.

 

[HuskerDocCo]

Small business owners got PPP money and other grants.

As a former small biz owner, you make this sound like all small biz owners got a shit ton of money to continue operating as normal. Even though most small businesses still had to fire most of their staff. Because, you know, restrictions and what not.