Josh & I tackle our early read on the stimulus package here:
since filming, the Senate Finance Committee is out with a six-page summary of the stimulus package here:
finance.senate.gov/imo/media/doc/…
headlines to follow
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since filming, the Senate Finance Committee is out with a six-page summary of the stimulus package here:
finance.senate.gov/imo/media/doc/…
headlines to follow
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one time stimulus payment in the amount of:
+ $1,200 single / $2,400 joint || +$500 per child
+ $600 / week on top of regular UI benefits
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+ $1,200 single / $2,400 joint || +$500 per child
+ $600 / week on top of regular UI benefits
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important expansion of unemployment for folks who don't normally qualify
think self-employed + part-time - plus folks who quit due to health or family reasons
these folks eligible for 50% of normal state benefit + 600 weekly per @arindube
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think self-employed + part-time - plus folks who quit due to health or family reasons
these folks eligible for 50% of normal state benefit + 600 weekly per @arindube
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personal finance items:
- RMDs suspended for 2020
- 10% IRA / 401k withdrawal penalty waived
- tax due on IRA or 401k distributions in 2020 to be paid over THREE tax years ( 2020 - 2022 )
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- RMDs suspended for 2020
- 10% IRA / 401k withdrawal penalty waived
- tax due on IRA or 401k distributions in 2020 to be paid over THREE tax years ( 2020 - 2022 )
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for employers:
- Delay on employer-side SSA tax (6.2%) with 1/2 due 12/31/20 and the remaining 50% due 12/31/21
- NOL carry-backs allowed up to five years
- Business interest deduction limit increased (from 30% to 50% of EBITDA)
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- Delay on employer-side SSA tax (6.2%) with 1/2 due 12/31/20 and the remaining 50% due 12/31/21
- NOL carry-backs allowed up to five years
- Business interest deduction limit increased (from 30% to 50% of EBITDA)
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shouts to the great work being done by @NKaeding @kpomerleau and @arindube getting the word out on these matters prior to the full bill being released
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