Stimulus/Corona Virus Act - help for small business

[Rich Biebel]

“You do not have to take a 2020 Required Minimum Distribution from your IRA, if you want. Our IRA's have taken a hit lately, this allows you to leave the funds in and (hopefully) watch the account recover.”

Thankyou for that info Julie.
For me that is helpful.
The IRS also lifted the age limit on IRA contributions starting 2020 I believe and those two things really helps if you’re working and well past the usual retirement age as I am.

You save it but end up giving some of it back in taxes.

[Julie Jordan]

Originally Posted by Rich Biebel

“You do not have to take a 2020 Required Minimum Distribution from your IRA, if you want. Our IRA's have taken a hit lately, this allows you to leave the funds in and (hopefully) watch the account recover.”

Thankyou for that info Julie.
For me that is helpful.
The IRS also lifted the age limit on IRA contributions starting 2020 I believe and those two things really helps if you’re working and well past the usual retirement age as I am.

You save it but end up giving some of it back in taxes.

Yes, the date is now 72. If you were already stuck with the 70 1/2 rule, then you have to stay with that.

[GrapeApe7575]

Our business(trucking and warehousing) has been hit so hard with all of the furniture retailers closing that this legislation may be the difference between survival and complete shutdown.

As I understand it, we are able to borrow 4 months(Feb 15 to June 30)of the average of the previous 12 months monthly payroll. If we use all of the borrowed money to pay payroll throughout that same period the load proceeds will be forgiven. If in fact we actually received these funds I plan to use it just to keep the doors open and not lose any of my staff. If the shutdown lasts into the summer it will bring a brand new challenge.

On the other hand.....I do not understand the need to give $1200 to each and every human in the country(including illegals if Pelosi gets her way). There are folks who have not and will not lose their job yet they still get the payout. Somebody help me understand how this is good business. You know that ultimately this all will come right back out of our pockets in the form of higher taxes and higher prices for goods and services.

We may all recover from the virus and its effects on our bodies....but we will never COMPLETELY recover from the economic effects of this event.

[Dan Fahey]

Originally Posted by GrapeApe7575

Our business(trucking and warehousing) has been hit so hard with all of the furniture retailers closing that this legislation may be the difference between survival and complete shutdown.

As I understand it, we are able to borrow 4 months(Feb 15 to June 30)of the average of the previous 12 months monthly payroll. If we use all of the borrowed money to pay payroll throughout that same period the load proceeds will be forgiven. If in fact we actually received these funds I plan to use it just to keep the doors open and not lose any of my staff. If the shutdown lasts into the summer it will bring a brand new challenge.

On the other hand.....I do not understand the need to give $1200 to each and every human in the country(including illegals if Pelosi gets her way). There are folks who have not and will not lose their job yet they still get the payout. Somebody help me understand how this is good business. You know that ultimately this all will come right back out of our pockets in the form of higher taxes and higher prices for goods and services.

We may all recover from the virus and its effects on our bodies....but we will never COMPLETELY recover from the economic effects of this event.

I understand full well why $1200 to each person.
All that money filters through our economy
Every penny...especially to poor and low wage workers.

Not the $trillions giving to corporations?
Especially the corporate give away money without Review and Feedback.
A lot of their money will never move through our economy!
Just more Trickle Down ** economics?

But we who have small businesses.
Have to go through a gauntlet of review and business records to apply.

But you worry about poor people getting $1200
More poor people bashing..

Yet ignore the huge corporations that do not give a crap about us.
Like all the CEO’s of major corporations that quit their cushy jobs so they could sell their Stock.
It is quite a list..

$trillions will go to Non-US corporations that never paid a dime in Taxes are getting Bail ..right Mitch McConnell?

But let’s worry about a poor person getting money.

[Billy Nees]

Dan, did the Kennedy Center really need a bail-out?

[Larry Hill]

Being a "Hick from the Sticks". How does the money to the Kennedy Center help our Nation? Always willing to learn.

[Bruce Noland]

Originally Posted by Larry Hill

Being a "Hick from the Sticks". How does the money to the Kennedy Center help our Nation? Always willing to learn.

Probably for the same reason that National Airport hasn't been closed. The Kennedy Center is a go-to facility for the K Street lobbyists and politicians of all stripes. It's all about big money now more than ever. The little guys pay the Bill's for this over-the-top BS.

[Dan Fahey]

Originally Posted by Billy Nees

Dan, did the Kennedy Center really need a bail-out?

YES....
Maybe you should look deeper as to why they are upgrading the Kennedy Center..
Which is our Property.
Keeps a few people working ..oh my !!

D

[Julie Jordan]

Originally Posted by Dan Fahey

I understand full well why $1200 to each person.
All that money filters through our economy
Every penny...especially to poor and low wage workers.

Not the $trillions giving to corporations?
Especially the corporate give away money without Review and Feedback.
A lot of their money will never move through our economy!
Just more Trickle Down ** economics?

But we who have small businesses.
Have to go through a gauntlet of review and business records to apply.

But you worry about poor people getting $1200
More poor people bashing..

Yet ignore the huge corporations that do not give a crap about us.
Like all the CEO’s of major corporations that quit their cushy jobs so they could sell their Stock.
It is quite a list..

$trillions will go to Non-US corporations that never paid a dime in Taxes are getting Bail ..right Mitch McConnell?

But let’s worry about a poor person getting money.

I believe the money being given to huge corporations are also loans.

[Glenn Briglio]

Originally Posted by Julie Jordan

I believe the money being given to huge corporations are also loans.

Just like Obama did 13 years ago..........not