The House of Representatives is set to vote on this thing tomorrow. If anyone has been paying attention to this, let's hear your thoughts. POLITICS ASIDE.
I'll start with my kneejerk reaction. I think it really needs to be more needs based. Perhaps each state could set up a website and this could be done on a needs basis; starting with people who have been laid off.
My fiance will be getting $1,200 and she doesn't need it. She made just under $75k last year, yet together we make over the $198K. Not complaining as we are planning on doing something charitable with it, but it seems like money is just being thrown around.
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03-26-2020, 12:12 PM #1
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Official $2T Coronavirus Relief Bill Discussion Thread
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03-26-2020, 12:19 PM #2
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03-26-2020, 12:27 PM #3
Yeah, I agree. Needs based would be better, but that would require more thought and planning.... 1200 or whatever isn’t going to do much for someone who is now out of a job and didn’t have emergency funds. I do think the economy will bounce back relatively quickly, but this will financially ruin many small business owners.
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03-26-2020, 12:30 PM #4
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03-26-2020, 12:34 PM #5
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Full text here for those of us who need help falling asleep.
https://www.congress.gov/bill/116th-...bill/6201/text
Bullet points here:
1) Give one-time direct payments of up to $1,200 for individuals and $2,400 for couples, with $500 added for every child, based on 2019 tax returns for those who filed them and 2018 information if they have not. The benefit would start to phase out above $75,000 in income for individuals and $150,000 for couples, going away completely at the $99,000 and $198,000 thresholds, respectively.
2) Boost unemployment insurance, adding $600 per week for up to four months on top of what beneficiaries normally receive from states. It expands eligibility to self-employed people and independent contractors.
3) Create a $500 billion pool of taxpayer money to make loans, loan guarantees or investments to or in businesses, states and municipalities damaged by the crisis.
4) Give $25 billion in grants to airlines and $4 billion to cargo carriers to be used exclusively to pay employee wages, salaries and benefits, and set aside another $25 billion and $4 billion, respectively, for loans and loan guarantees.
5) Provide $17 billion in loans and loan guarantees for unspecified “businesses critical to maintaining national security.”
6) Put $117 billion into hospitals and veterans’ health care.
7) Provide $16 billion for the strategic national stockpile of pharmaceutical and medical supplies.
8) Give $350 billion in loans for small businesses to cover salary, wages and benefits, worth 250% of an employer’s monthly payroll, with a maximum loan of $10 million.
9) Include a tax credit for retaining employees, worth up to 50% of wages paid during the crisis, for businesses forced to suspend operations or that have seen gross receipts fall by 50% from the previous year.
10) Require group health plans and insurance providers to cover preventive services related to coronavirus without cost sharing.
11) Delay payroll tax for employers, requiring half of the deferred tax to be paid by the end of 2021 and the other half by the end of 2022.
12) Ban companies that take government loans from buying back stock until a year after the loan is paid back.
13) Bar employees or executives who made at least $425,000 last year from getting a raise.
14) Stop President Donald Trump and his family members’ businesses from receiving emergency taxpayer relief. The provision also applies to Vice President Mike Pence, heads of executive departments, members of Congress and their family members.
15) Suspend federal student loan payments through Sept. 30 with no accrual of interest on those loans.Last edited by bustasinclair; 03-26-2020 at 12:41 PM.
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03-26-2020, 12:39 PM #6
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03-26-2020, 12:47 PM #7
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The part that didn't make sense to me was the actual unemployment piece of the stimulus. It says the unemployed person gets the normal state allotted unemployment PLUS an additional $600 per week (for up to another 4 months).
So if you use my state (MN) and an example of a person who made $1000 per week.
For 4 months, that person would actually make more $ being unemployed than back as full-time employee.
MN's unemployment is 60% of your old pay (obviously up to a limit/cap). But in this example it would be $600. Now add the additional $600 from the Fed's and that person is now earning $1200 a week.Epic Beard Man crew
My Journal: https://forum.bodybuilding.com/showthread.php?t=164109201&page=61
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03-26-2020, 12:49 PM #8
Flip side is, people who dont need it, will probably spend it, which is good for the economy also.
Not sure what other way would be better (to assess need) across mass population than income level. The management of trying to assess needs individually would take a whole additional division of govt...and be slow and probably miss just as many people.
In times like crisis, broad-brush may be the best way. Dont really know...but just saying.
As long as it does not give 700billion to banks with no accountability as happened in the past!RAW lifts
635 Dead http://www.youtube.com/watch?v=mATRBZ0gwdg
585x7 Dead reps http://www.youtube.com/watch?v=6yf2ZkdNNNQ
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03-26-2020, 12:53 PM #9
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03-26-2020, 12:57 PM #10
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03-26-2020, 01:04 PM #11
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03-26-2020, 01:11 PM #12
Depends on the circumstances really. Illinois unemployment servers are crashing, how long is it going to take to get checks to people? There are people who just opened restaurants or other small businesses that may Not qualify for this handout, but are now way over their heads in operating expenses such as rent, large quantities of product that will not be sold (food tossed due to age etc).
Im working from home today (much needed break) and I was thinking as the mail carrier dropped off my mail how they have touched every mailbox on the route, then touching your mail. It’s almost like shaking hands with everyone on the mail route since they have all touched their mailbox..... Government checks infect millions with CV-19
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03-26-2020, 01:15 PM #13
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I spray the mail with Lysol
Ya the unemployment site in NY has been crashing. My sister has been furloughed and my bet is my wife has 2-3 more weeks. Fortunately once the Fed dropped rates I called our mortgage company and refinanced. Took 8 total days to complete and we were able to push our first new payment out until May 15. Shaved 5 years off our term and payment went up $50 a month.
If the Fed wasn't totally manipulating the market I'd be making more a week than my wife does a month. Instead, I'm chasing my tail.☻/
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/ \ Don't care what you do crew.
Former natty ☠ 101- lift heavy things consistently over time as often as you can recover from.
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03-26-2020, 01:18 PM #14
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The individual payments could be handled at the same time in concert with the unemployment claim. Bring in or email your 2018 or 2019 tax return when making your claim. Unemployment claim gets approved, boom, the state prints or direct deposits your $1,200 check. As far as logistics is concerned, temporarily hire the unemployed to assist with the claims.
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03-26-2020, 01:18 PM #15
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03-26-2020, 01:35 PM #16
Do you ensure that the mail is wet with product and allow for the appropriate amount of contact time (wet time) to ensure disinfection? If not you have been compromised lol.
I’d love to see all the money go to people in need, unfortunately the way that the country and politicians (on both sides) work, a lot of this package will be misappropriated. Hopefully most of it ends up actually helping those in need.
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03-26-2020, 01:38 PM #17
That’s what I’m thinking as well. If you don’t need any help then all of that money will be disposable income and probably get pumped right back into small or large businesses. If you need all of it to get by then it will help tremendously. If it falls anywhere in between then it almost seems to have a self-balancing aspect to it, as you can splurge with what you want and keep the rest. Of course, some people will make bad decisions with it...but I don’t think any bill can really save people from themselves.
I think from far away the bill looks pretty solid, or about as good as you could hope for given the circumstances. Obviously as time goes on we’ll start to see issues emerge, but again overall it seems alright. It’s even about right on par with the GDP. Two trillion is about 1/10 of America’s GDP, and we’ll probably lose about 1/10 of our GDP because of the virus this year...or at least I’d say that’s a decent estimate. Obviously people will complain about the price, but I’d say the cost of not doing it would be much, much greater.+positive crew+
-we all gonna make it, but what it is is up to you crew
-all things in moderation, even political views crew
-support local farms crew
-try to do at least one good deed/day crew
-less cursing the darkness and more lighting candles crew
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03-26-2020, 02:07 PM #18
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03-26-2020, 02:20 PM #19
It doesn't make sense to exclude people who make over a certain threshold in income. All it does is over complicate the process over simply issuing a check to every American. They're wasting money to make this "more fair" when it's not unfair to issue one to everyone in the first place because those who pay the most in taxes are still getting by far the least benefit from the check while those who pay the least in taxes are by far getting the greatest benefit.
https://theweek.com/articles/903644/...mpaign=twitterTo resist despair
in this world
is what it is
to be free
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03-26-2020, 02:28 PM #20
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03-26-2020, 02:35 PM #21
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03-26-2020, 02:38 PM #22
A lot of ours will be going to replacing our back deck. We’ve been doing home repairs with plans to move this year but that may get delayed a year now depending on what the market looks like in the next few months. A small business in our neighborhood will probably do the work(depending on the quote) so it’ll be good to keep it in our neighborhood. If not it’ll still be a small local business. We’ve been blessed to be doing better than ever during these times so I’m more than happy to help others.
+positive crew+
-we all gonna make it, but what it is is up to you crew
-all things in moderation, even political views crew
-support local farms crew
-try to do at least one good deed/day crew
-less cursing the darkness and more lighting candles crew
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03-26-2020, 03:05 PM #23
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03-26-2020, 03:10 PM #24
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03-26-2020, 03:17 PM #25
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03-26-2020, 03:19 PM #26
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03-26-2020, 03:32 PM #27
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03-26-2020, 03:35 PM #28
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03-26-2020, 03:41 PM #29
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03-26-2020, 03:52 PM #30
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