What's new

Stimulus check....

FarmerTan

"Self appointed king of Arkoland"
Moderators! Attention please! If this needs taking down, please do so!

Ok, my wife is telling me that this stimulus check that ain't come yet is going to be paid back by she and I by the government taking it out of any refund we will get in the future. Is she right? I don't mind paying it back, or forward actually, but I hate when she's right. Is she?

If I'm wrong I plan on paying her off in Monopoly money on account of me losing the bet....
 
My understanding is that the tax code is going to be altered to give a credit for the value of the stimulus money you received, when you file your 2020 federal taxes in 2021. But you won't get the money then, because you've already received it. The check represents an advance on that credit.

If it turns out when you file your 2020 taxes that you aren't eligible for it, you might end up paying it back, but I wouldn't expect that to happen to a broad swath of the population.
 

FarmerTan

"Self appointed king of Arkoland"
My understanding is that the tax code is going to be altered to give a credit for the value of the stimulus money you received, when you file your 2020 federal taxes in 2021. But you won't get the money then, because you've already received it. The check represents an advance on that credit.

If it turns out when you file your 2020 taxes that you aren't eligible for it, you might end up paying it back, but I wouldn't expect that to happen to a broad swath of the population.
Thanks.

No new shave gear for me. She'll be giving it away. My next wife is gonna be cheap instead of beautiful, I swear!
 

FarmerTan

"Self appointed king of Arkoland"
Here is a good summary.

Thanks brother @ackvil !

What's funny is I wish they had an opt out option. I don't "need" it. And I'm basically just taking money somebody else paid in.

Oh well, like I said, the War Department will find a home for it. But her plan was to leave it in the bank until the Feds wanted it back. Now she can do as we see fit. Lol, I'll bet the IRS would have a heart attack if I gave THEM a write off!
 
We are thankfully still drawing paychecks in exchange for our contributions to our employers. Our money went straight into the savings account. Hopefully it doesn’t end up having to be paid back in another 12 months...
 

oc_in_fw

Fridays are Fishtastic!
Somehow or some way we'll all be paying for it down the road. It's too much money going out the door.
And most of it to major corporations. The business loans were supposed to be tied to employers retaining their employees. Then they turn around and exempt companies that have less than 50 or more than 500- that’s about 75% of the work force.
 
And most of it to major corporations. The business loans were supposed to be tied to employers retaining their employees. Then they turn around and exempt companies that have less than 50 or more than 500- that’s about 75% of the work force.
Our federal government, who would have thought? This is what we get when appropriations are left to the Congress and Senate. The stimulus packages were put together swiftly, so there are bound to be groups that get overlooked or nothing. Both political parties share the blame, along with their operatives and lobbyist influence steering where the money goes. Some real devious people in DC, and that is an understatement. Every time the Feds dole out bundles of cash, stories pop up leaving the citizenry in disbelief. By the way, no stimulus money has landed in my bank account yet, we are on Social Security and in the last group to be included in the payout, as far as I know.
 
We are thankfully still drawing paychecks in exchange for our contributions to our employers. Our money went straight into the savings account. Hopefully it doesn’t end up having to be paid back in another 12 months...
It's a credit against next year's taxes. Credit's don't need to be paid back, and aren't taxable.
 
Our federal government, who would have thought? This is what we get when appropriations are left to the Congress and Senate. The stimulus packages were put together swiftly, so there are bound to be groups that get overlooked or nothing. Both political parties share the blame, along with their operatives and lobbyist influence steering where the money goes..
I think there is some misinformation going around. Today radio personality Clark Howard who is usually on top of everything was scolding the big banks, repeating similar things. In contrast, I watched Bank of America CEO answer some questions today and heard Steve Mnuchin give statistics a few days ago of how the overwhelming amount of PPP (Paycheck Protection Program) loans went to small businesses. I forget the number but it was high 90+% for businesses with less than 100 people IIRC, where the smallest businesses way outnumbered these slightly larger but still small businesses. (Part of the issue might be that one "large" company would have a number of employees that exceeded many small businesses put together).

Brian Moynihan (Bank of America CEO) was of course trying to present his company in a favorable light, but he noted that his bank had rotated employees from other departments/jobs and were busy processing these loans 24x7 trying to do as many as possible. Also notable is that these are not normal loans in that the bank is not doing any creditworthiness checks, etc. The money is lent out irregardless. It is up to the business applying for the loan to police themselves and do the right thing. If they do not there will be some clawback and potential penalties as far as I understood.

That said I do think there is some legitimate concern about some businesses getting at the front of the line, especially ones that already had loans with the bank, where the bank would have an incentive to give them a PPP loan first. That should be investigated, though it was also noted that these businesses already had a channel into the bank, knew were to go, etc. Where a business that had been self-sufficient and did not borrow money was starting from scratch and trying to get attention.

I hope the loans and business issues can get sorted out super quick.
 
Top Bottom