It was actually pretty easy for me to enter our banking info. But luckily we’re not currently in a situation where that extra cash is make or break. In fact, the wife got mad at me for saying I was going to call our bank right on the morning of 4/30 as instructed on the IRS site to do, to see if it’s an issue on the bank’s end. She didn’t want me to bother some low level customer service rep who could be helping people with real issues. Made me the ass for the day.
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For piece of mind I went and pulled $20k out of retirement once my wife’s main client went to net 60 days. We are staring down a very low marginal tax rate for 2020. Her total Billing is actually slightly up Fortunately.
I’m setting aside any money for bills we get deferment on (so far a car lease and student loans). That will be the last pot we touch. If we don’t need it then we will get fully caught up on bills and put back the retirement money.
Never thought all my clients would all drop to 0 all at exactly the same time.
Couldn’t you have just put the $20k in the retirement account into an FDIC insured fund and left it for now? That way it’s protected from loss but if you don’t need it it’s still in the account with no taxes or penalties due. (Although I’ve heard in some circumstances now you can pull from retirement accounts with no penalty, but I haven’t looked into that to know the details.)
Outrageous payment terms are a stealth form of economic abuse by large firms. If you’re getting paid more than 30 days after billing, you’re a bank in addition to a business.
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So glad to hear this!
I haven’t gotten the money yet but my status was changed to “approved by SBA” so it looks like I’m good too. Phew.
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The forgiveness piece is going to be a total shit show.
I have a higher yield savings (1.5% “hi”). My liquidity had gone below 15k after paying for a wedding in November.
Not a big deal cause I can usually build 3-5k per month. But when we are dropping 2k/month not fun (I normally make 2/3 of our income she doesn’t quite earn our minimum but).
And yes, the wife was very nervous so that was a big part of it. We normally have a cushion of at least 40k. Between the wedding a slow dec-feb period it got down.
And yes I cleared with my acct the no penalty and no tax if I pay it back FY2020.
Just crossed off my list for now. It’s there is she loses her income or something goes to shit in the house. Cars should not be an issue. We never pay interest on credit cards.
I hear you about wanting the cash reserves. I have two large bonuses due this Thursday at midnight, and will breathe a sigh of relief when I see them hit our accounts. (It’s almost certain at this point that they will go through with them, but it will still be a relief to see the money for sure.)
Our plans are to just leave the money in cash for now.
Did you have to provide any kind of documentation? I submitted a PUA application in my state, but they didn’t really ask for anything (at least not yet) other than are you self-employed and affected by covid.
No, I just had to pinky swear everything was true. I think there was language in there about them possibly requesting bank records or some other form of documentation in the future. It’s going to be a total shitshow whenever the states and feds get around to trying audit and account for everything.
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Bonuses. I remember those. I had the knack for joining companies as they were paying big bonuses I wasn’t eligible for yet. Finally got a couple of modest car size ones the last few years I worked a regular job.
Technically my wife is my boss in the consulting business. And the little dogs are her boss.
All we hear about is the “dingo dividend” (dingos being a dog treat).
Who else is hosting a big party on May 6 when several of us are getting that sweet stimulus money?
Any one?
Bueller?
I have tracked mail delivery so I can see what my mail will be a day in advance. Waiting to see that sweet sweet stimulus envelope window. The rush each week to make money in a time when a lot of people aren’t even able to work has me feeling desperate and guilty over how grateful I don’t always feel just to have work. I guess because it’s self-generated business, so I worry what happens if I stop feeding the beast.
But it’s sort of the issue a lot of newb online poker players discovered (I am not a poker player just an analogy). My earning potential is essentially tied to whether I’m working. Stop to eat instead of continuing to 24-table? Feels like leaving money on the ground in a time when no one can afford to do so. I think Galfond talked a little about that years ago, how it was actually better to hire a personal assistant to do his laundry since paying them $15/hour was what let them play for $100/hour.
On the other hand, I am discovering that sometimes it helps me to take a break. The mundanity of maintaining hygiene and laundry and doing the dishes in an odd way helps center me.
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Oh man…my dogs were dingo obsessed. I used to stay stocked up on the little dingo bones. Then we would give them out to the three dogs and watch how one always tried to steal all three dingos.
Once your paper stimulus check is mailed, it will take up to 14 days to receive the payment, according to the IRS
Jesus fuck why
Somehow with the late great Sid and Petey (petunia) I did the Seinfeld “did a dingo eat your baby?” Accent and they loved it. About the same time the next day they went nuts. my wife suggested they wanted me to do the voice again. That was 2009. I have done that voice every day for the last 11 years. Different dogs now (Jake and Poppy) but Jake and Petey overlapped 2.5 years to assure the transfer of knowledge.
Seriously when the lockdown started we made a pact that if we ran out of food, one of us would kill, butcher and freeze the other in order to ensure the dogs have treats.
They get greenies instead now but we still call them dingos.
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I, too, am getting the sweet stimulus deposit on 5/6. You’re all invited over for a big party, as long as you BYONTR.
Fortunately I got one of these before they went out of stock
https://www.walmart.com/ip/Hazmat-Suit-8-10/921525131
I’ll see ya at 8 
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my company is currently moving to 100 day payment terms. It was hard getting local vendors to agree to 60 day terms, even harder for 90 day, 100 day is just fuck you. It’s all originating from our purchasing department, who are just a bunch of useless assholes who are sitting around sending off 20 emails a day. Even worse, these days its a bunch of guys sitting around in their goddamn pajamas playing legos with their kids and eating orange slices, sending emails to people who actually have to go to work every day telling which of our suppliers and contractors are about to get blacklisted. Most notably our main electrical contractor who told us to get fucked when we demanded to increase the terms from sixty to ninety days. We had to fight for them, saying they wouldn’t budge and there’s no way for us to run without them, now some jerk running a daycare out of his house is telling us that we have to get them to agree to 100 day terms or they’re out. And it’s all because of the economic crisis, they think they have leverage so they sent out letters to a bunch of our suppliers and contractors with their new demands WITHOUT EVEN TELLING US. We only knew because a couple of our suppliers and contractors were all hey wtf is this nonsense? My boss and my bosses’ boss didn’t know they were doing this. Fucking assholes. Every single top down mandate from supply management (ugh I can’t even type those words without getting angry) has cost us money in the long run. And usually in the short run. I’ve got a cost savings project. Let those guys keep working from home permanently. Except make it so that some other company pays them. Such good savings.
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When I was in manufacturing, we made a product that wound up private labeled by Meguiar’s on Walmart shelves. I’m sure I’ll remember the name of the middle man when I stop trying in a few minutes, but 120 day payment terms were in the contract and non-negotiable.
They sliced our margins to damn near zero, and then you had to wait 4 months for payment on top of it. Getting that off the ground required borrowing a huge amount of money and was basically a breakeven proposition. The owners wanted to be able to tell everyone they were on the shelves at major retailers. Not worth.
When they demanded a 15% price decrease in year 3, we thankfully walked away. The product line was insta-sourced to China.
This was ~8 or 9 years ago.