FYI Stimulus checks

[TJ&LadyDi]

We received a "stimulous check" from the government today. It showed up as a direct deposit to our bank account; labeled as "tax refund."

With so many out of work due to the coronavirus pandemic, there are lots of folks who will need a lot more than a single stimulus check to keep them afloat until the economic situation improves. If your financial situation permits, let me suggest joining with us in donating all or part of the amount you receive as a stimulus payment to a local charity that helps people through tough times. Choose whatever charity you feel most comfortable with.

I want to keep this completely out of the political arena, so...please...let's not go there. We're all in this together!

TJ

 

[Neal]

You and Ladi Di are good people! But I already knew that Very nice of you @TJ&LadyDi

 

[TJ&LadyDi]

It's not about us, @Neal. No credit due here. There are millions of people out there without a paycheck through no fault of their own, They need our help. We can all stimulate the economy by helping stock food banks or funding community support organizations that will help those folks through this crisis.

TJ

 

[texskeet]

I have been giving to our local food bank. The money is going to the right people. Our food bank is well run, don't know about yours.

 

[Ernie]

Our local food bank was getting low. I went to Aldi and bought a cart full of canned vegetables by the case. My next trip will be to Sam's or Costco for their canned chicken.

 

[MapNerd]

Gave it to my folks

 

[Jim]

According to the guidelines, I "qualify", although I haven't seen anything in my account yet. But that being said, my relationship with the IRS has always been one of me giving to them, not the other way around.

Still holding out hope though...

 

[TJ&LadyDi]

According to the guidelines, I "qualify", although I haven't seen anything in my account yet. But that being said, my relationship with the IRS has always been one of me giving to them, not the other way around.

Still holding out hope though...

If you don't have direct deposit bank info on file from your 2018 or 2019 income tax return, you will get a paper check in the mail. Apparently, the checks will take a little longer to arrive. The government ALWAYS picks the low-hanging fruit first.

TJ

 

[Jabber Jaw]

FYI: Also, if drawing "Social Security" & it is a Direct Deposit, the "Stimulus Check" will also be done as direct deposit to the same account! Yep! Some of us "ol codgers" are getting SS!

 

[Neemer]

I’m sending mine back to the government as part of what I owe for ‘19 taxes.

 

[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