Bailout / Stimulus Discussion (Hints Missed & Shartz Fired)

Well, freelance work is somewhat diminishing and it’s fair to say that it could dry up, though I’m hopeful it won’t. My SO has gotten job offers that evaporated every time the President lied and then backtracked so hard he choked on his own dust.

So I applied for unemployment today and filled it out as normally as I could being a freelance/gig worker. They really do not make the form categories at all applicable if you are self-employed.

I have a fair amount of anxiety for no rational reason, but there it is. I come from a weird childhood where my dad drilled into me that the government is always out to get you. They are paid to find and destroy people, and if I give them any reason to notice my existence, they will destroy me.

This of course was because he was investigated over and over again for horrific child abuse and needed to groom all of his children to lie for him.

Hopefully this is a lesson that he was a liar and the government checks are on the way :crossed_fingers:

6 Likes

Looking at some of the FAQs I even saw it mentioned if you got hired and didn’t start yet you would still be eligible.

Perhaps they have not updated with the expanded UI?

https://twitter.com/byHeatherLong/status/1245377592921862148

https://twitter.com/byHeatherLong/status/1245378554377973760

This is a site trying to collect information on disabled getting stimulus.

The IRS is saying senior citizens on SS and those on disability will need to file a simple tax form but nobody knows what that means. In 2008 the same thing happened and 3.5 million seniors never got a check.

So I’m on SSDI and I filed my taxes already. Do I have to file again FFS?

I doubt it. If you already filed you should be fine. I think the short form mentioned is for people who do not normally file.

1 Like

That’s gonna screw so many disabled people. We talking millions. A lot depend on the local library to use internet and shit. They won’t even know how to file a claim.

1 Like

Jesus man, that’s awful. I’m sorry to hear you went through that shit.

What state are you in? Some states make it much easier to file unemployment than others.

2 Likes

It is frustrating because the legislation specifically states that the IRS should get the information from the Social Security Administration. Shockingly the Trump administration does not seem to want to try and facilitate this.

Thirty-four senators sent the White House a letterWednesday asking why the Trump administration is placing this “significant burden” on senior citizens and the disabled. Members of the House are also speaking out.

I volunteer at a group home where everyone is on disability. I am trying to find out as much as I can so I can make sure those guys all get their stimulus payment. None of them file taxes, are really computer literate or have internet access outside of a smart phone.

2 Likes

Prior to the CARES act passed last month, you weren’t eligible for unemployment as a self-employed worker unless you paid yourself an actual salary as an employee. You may still not be eligible under the new law but nobody really knows because they haven’t offered any clarification or guidance to the states yet. So you may not qualify now, but you might next week. It’s all very up in the air. Don’t give up hope if they say no at first (but don’t get your hopes up too high either).

The reason you can’t (couldn’t?) get unemployment as a freelance/gig/contract worker is because if you don’t pay yourself a salary as an employee you also don’t pay state and federal unemployment taxes. Unemployment is an insurance program. If your income is just whatever is left over after expenses, receipts in a shoe box, figure out the tax stuff in April, then you aren’t paying premiums into that insurance program and aren’t eligible for benefits.

You can make yourself the sole employee in your company of 1 and pay yourself a salary with all the normal payroll deductions if you want, but almost nobody does this because it’s a crapload of extra work, plus likely higher taxes.

1 Like

Mnuchin is hiring Goldman to “advise” on the airline bailout.

What could go wrong?

Update: For people on social security and disability they will NOT need to file. They will receive the stimulus payment to the same account their Social Security payment goes to.

The Treasury announced late Wednesday that Social Security beneficiaries who typically do not file a tax return will automatically get the $1,200 payment.

The announcement is a reversal from earlier in the week when the Internal Revenue Service said everyone would need to file some sort of tax return in order to qualify for the payments. Democrats and some Republicans criticized the IRS for requiring so many extra hurdles for this vulnerable population to get aid when the government already has their information on file.

The reversal came as the Trump administration tries to rapidly get stimulus payments out to Americans in the face of the quickest economic decline in modern history.
“Social Security recipients who are not typically required to file a tax return need to take no action, and will receive their payment directly to their bank account,” said Treasury Secretary Steven T. Mnuchin.

3 Likes

I’ve been told Wells Fargo will have an online portal available for PPP applications on 4/3, am planning to apply at 00:01 to try and be 1st in line and beat the inevitable site crash.

I read somewhere PPP can’t be used if X% of your income is from legal gambling. Think it was like a third.

Do you have all your info together now? That’s what everybody’s been telling me - have detailed payroll and revenue info at your fingertips so you’re ready to go.

My partners and I emailed our building owner to ask for rent abatement until “Safer at Home” is over but there’s been no response.

Our CPA deals with an SBA lender directly so they’re gonna handle everything, the CPA also owns the separate company that handles our payroll so they have all the reports and I won’t have to compile all that shit myself /feelsgoodman

Apparently this is correct. It’s a pre-existing SBA regulation, not something in the bill itself, which is why I was having trouble finding it.

Sent this to my bank contact this morning, anybody know any of this?

  1. Do we know exactly when PPP applications will start being available/accepted? I’m seeing 4/3 some places. I’d be interested in knowing exactly when Chase expects to offer and accept the applications - if it’s midnight, I’ll be sitting here with my finger on the button.

  2. Do we have any idea how much time will pass between application/approval and receiving money?

  3. I know we need “Detailed information in order to calculate the average monthly payroll costs for your employees for the past 12 months”. Do we know what is/isn’t included in their definition of payroll costs? Obviously salary and payroll taxes, but what about health insurance contributions? Anything else?

  4. With regard to the average payroll costs for the last 12 months, do we know if that’s 02/15/19 - 02/16/20, or the 12 months prior to the application date, or…?

LFS,

Most law firms seem to be getting up to speed on this very quickly, and many are hosting free webinars today. I would try to catch one of those.

I work at a big bank and nobody seems to actually have a clue how to get this money or process claims.

Yeah I’m signed up for a webinar today. Thanks.

Just found this good article

And a link to this fact sheet which answered some of my questions

2 Likes