Senate Reaches Historic Deal On $2T Coronavirus Economic Rescue Package

[Rianne]

It is fun to see Socialism in action! The difference with many other socialist actions seems to be the inclusion of corporate provisions. Congratulations Congress!

^ posted at 10 am. I was just thinking this before I read your post. No comment, politically. It's nice we can afford to do this, I think.

Just to add, will the $2400 we'll receive be part of our 2020 MAGI? Would not want to lose our ACA HC over this.

 

[Gumby]

So if you're on unemployment you get an extra $600/wk, but if you're SE or contractor you get nothing right? Wonder what all the gig economy folks will think about that, there's a bazillion ride-share folks in particular that aren't going to be helped.

Yeah I know, expediency.

If you are self-employed you get unemployment for 39 weeks that you wouldn't otherwise be entitled to. See the Kitces article here https://www.kitces.com/blog/analyzi...ail&utm_term=0_4c81298299-4b3655b1e2-57204617

Pandemic Unemployment Assistance – Self-employed individuals (who are generally ineligible for unemployment compensation benefits), and other individuals who are ineligible for ‘regular’ unemployment, extended unemployment or pandemic unemployment insurance, or run out of such insurance, will be eligible for up to 39 weeks of benefits via this provision.

 

[SecondCor521]

^ posted at 10 am. I was just thinking this before I read your post. No comment, politically. It's nice we can afford to do this, I think.

Just to add, will the $2400 we'll receive be part of our 2020 MAGI? Would not want to lose our ACA HC over this.

No. It's a refundable credit, which is entered on your tax return below the point where MAGI for ACA is calculated. So there will be no effect on anyone's ACA subsidy because of the stimulus check (or credit).

 

[Independent]

So if you're on unemployment you get an extra $600/wk, but if you're SE or contractor you get nothing right? Wonder what all the gig economy folks will think about that, there's a bazillion ride-share folks in particular that aren't going to be helped.

Yeah I know, expediency.

I think you missed something:

Q: I'm self-employed and didn't previously qualify for unemployment. Am I eligible now?
Yes. This bill creates a new program, called Pandemic Unemployment Assistance, that extends benefits to gig workers, contractors and others who wouldn't otherwise qualify for unemployment compensation but cannot work due to the coronavirus emergency. You'll get the $600 per week, plus half the average unemployment benefit in your state.

https://www.nbcnews.com/politics/co...s-here-s-who-qualifies-how-much-they-n1169846

See section 2102 here: https://www.congress.gov/bill/116th...48/text#toc-HB497FA84BE3B40479927BB8EC35E9886

 

[Independent]

I see they snuck in a provision for wealthy real estate investors that lifts the cap for how much they write off on property depreciation on their taxes. Apparently it even allows them to go back the last couple years and amend their tax returns and apply the new cap. An estimated $170B bonus over the next few years, good to see no one has been left out. Will make our $1200 checks per person look pretty paltry.

https://www.nytimes.com/2020/03/26/business/coronavirus-real-estate-investors-stimulus.html

Yep.

 

[GTFan]

If you are self-employed you get unemployment for 39 weeks that you wouldn't otherwise be entitled to. See the Kitces article here https://www.kitces.com/blog/analyzi...ail&utm_term=0_4c81298299-4b3655b1e2-57204617

My bad, I looked at his summary slide at top and he didn't mention it under the unemployment tab. Buried in the fine print as it were.

Good to see that provision.

 

[aaronc879]

If you are self-employed you get unemployment for 39 weeks that you wouldn't otherwise be entitled to. See the Kitces article here https://www.kitces.com/blog/analyzi...ail&utm_term=0_4c81298299-4b3655b1e2-57204617

Has anyone who is self employed(independent contractor) tried applying for unemployment yet or do you know anyone who has? In my state(Wisconsin) you can not apply yet if you're self employed. They say they are waiting for guidence from the Feds and when they get that they will update their site then we can apply. Probably late April. I have savings so not a huge deal but a lot of people will be unable to pay rent or mortgage due to this.