FYI Stimulus checks

[FL-JOE]

No matter if people donate their checks to food banks or put it back out into the economy (buy something) it will serve the purpose that was intended.

 

[Gizmo]

My accountant called and said I have good news and bad news. The bad news is you not going to get the 2400 dollars stimulus money because you made to much money. The good news is you get around 70,000 dollars from the PPP to keep paying your employees and as long as you meet the requirements of using it to pay employees it will a grant and you don't have to pay it back. Even if you don't it turns into a 1% loan. Now I have a moral issue since the business will be fine without it do I take it? I have already put on extra staff that I don't need to give some people an income. Hmmm - what do I do?

 

[Jim]

Now I have a moral issue since the business will be fine without it do I take it? I have already put on extra staff that I don't need to give some people an income. Hmmm - what do I do?

Well, let's see. The government has been taxing you to the hilt for how many years now? Might be time to accept some of it back. Besides, to a government that spends 6.8 million per minute, that $70K ain't nothin...

 

[Neal]

My accountant called and said I have good news and bad news. The bad news is you not going to get the 2400 dollars stimulus money because you made to much money. The good news is you get around 70,000 dollars from the PPP to keep paying your employees and as long as you meet the requirements of using it to pay employees it will a grant and you don't have to pay it back. Even if you don't it turns into a 1% loan. Now I have a moral issue since the business will be fine without it do I take it? I have already put on extra staff that I don't need to give some people an income. Hmmm - what do I do?

Same situation for me. I didn't get the stimulus check (paid myself too much again) and I don't need the PPP money but it's free money so I'm still pondering it!

 

[Jim]

It's called "Stimulus" and the government wants you to have it. You spend it and that helps keep a business alive. BTW, still waiting on mine too... They probably gave it to @Gizmo

 

[sheridany]

I would not ponder it too long....sort of like playing the lottery.

Lawsuit Accuses Large Banks of Prioritizing Larger PPP Loan Applications | The Motley Fool

Banks could make higher fees for issuing larger loans through the Payment Protection Program. They were supposed to process them on a first-come, first-served basis.

www.fool.com

 

[TJ&LadyDi]

I would not ponder it too long....sort of like playing the lottery.

Lawsuit Accuses Large Banks of Prioritizing Larger PPP Loan Applications | The Motley Fool

Banks could make higher fees for issuing larger loans through the Payment Protection Program. They were supposed to process them on a first-come, first-served basis.

www.fool.com

I think that is a different program from the "stimulus checks." Those are loans/grants to small businesses to help pay workers instead of laying them off. Big business grabbed all the money early on (with the assistance of the banks), leaving small businesses (that the program was supposed to benefit) out in the cold.

TJ