Stimulus/Corona Virus Act - help for small business
 

Thought I'd throw this out there, I know a lot of us have small businesses who have been affected by the shutdowns this virus has caused.

There are some provisions in the new law that will help small businesses survive. The first is fully-guaranteed loans from the SBA, no collateral or down payments required, that can be used to pay rent/mortgage, utilities, payroll, etc. Under certain scenarios it is possible that you would not have to repay and claim as income. Here is the link to the SBA site: https://www.sba.gov/page/coronavirus...loan-resources

Also, you can make withdrawals from your IRA and pay no tax if paid back within 3 years. If not paid back, the tax is payable over 3 years. The under-59 1/2 early withdrawal penalty has been waived.

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.

Re: Stimulus/Corona Virus Act - help for small business
 

Great tips Julie. I’d urge those thinking about pursuing this with he Small Business Association to not hesitate to file. Once the money is gone, it’s gone.

Re: Stimulus/Corona Virus Act - help for small business
 

Anyway to get around the IRMMA penalty?

Re: Stimulus/Corona Virus Act - help for small business
 

Thanks!

Re: Stimulus/Corona Virus Act - help for small business
 

There is a real **** storm, once you go from the bill to actual forms and info needed. This is where government is at its weakest. Website can't mantain the influx. People sign up without the info needed and their application sits and blocks up everything. If you have a good relationship with a local bank, this is where you want to go. Its like dealing with the IRS or police force without an attorney strapped to your side. There's many financial forms/info required to complete. Do it right the first time or its a quagmire, gigitty!

Re: Stimulus/Corona Virus Act - help for small business
 

Haven’t found anything that will help there. Maybe it will be in a later technical correction?

Re: Stimulus/Corona Virus Act - help for small business
 

“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.

Re: Stimulus/Corona Virus Act - help for small business
 

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

Re: Stimulus/Corona Virus Act - help for small business
 

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.

Re: Stimulus/Corona Virus Act - help for small business
 

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.

Re: Stimulus/Corona Virus Act - help for small business
 

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

Re: Stimulus/Corona Virus Act - help for small business
 

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

Re: Stimulus/Corona Virus Act - help for small business
 

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.

Re: Stimulus/Corona Virus Act - help for small business
 

The $1200.00 check from the federal government is not for every human in the country. You have to be below an income threshold to receive the money. I understand your thinking that only businesses should get government handouts, I just don't agree with it.


pS

Re: Stimulus/Corona Virus Act - help for small business
 

I didn't say, nor do I think that ONLY businesses should get the funds. I said that there is no reason to give $1200(or $2400) to a married couple if in fact they are still fully employed and not suffering a loss as a result of this issue.

This thing ballooned to $2 trillion because of politics, nothing else. They could have helped the businesses and relieved some of the stress for taxpayers without giving away the farm and buckling under to the Democrats. What Pelosi did in the face of this tragedy in un-American. She should be severely punished and not just at the voting booth.

Re: Stimulus/Corona Virus Act - help for small business
 

?


pS

Re: Stimulus/Corona Virus Act - help for small business
 

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

Re: Stimulus/Corona Virus Act - help for small business
 

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

Re: Stimulus/Corona Virus Act - help for small business
 

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

Re: Stimulus/Corona Virus Act - help for small business
 

Okay guys enough.... Julie makes a post that could help some people with their business, and you guys turn it political. If you all continue to bash each other on what's right or wrong, I will close the thread.

Some of you members... I really don't understand, with all the bad things going on right now.... is it not better to be more positive and supportive to each other, instead being so negative.

Thank you Julie, I know you meant well and did not expect this thread to turn into a political discussion.

Re: Stimulus/Corona Virus Act - help for small business
 

He gave Loans to the Auto Industry which they paid back.
Also removed the failing Leadership at GM.
Car guys management replaced them.
After that GM products were getting awards for Quality.
Including the Factory Stock cars.