Stimulus Payment: Treasury Wants Dead People to Send Their Stimulus Back

Stimulus Payment: Treasury Wants Dead People to Send Their Stimulus Back

If you’d rather watch than read, check out the YouTube version here!

Now, let’s talk about the next relief package briefly, just some statements that McConnell made as well as some statements made by a White House advisor.

So Mitch McConnell said something interesting about what he would like to see in the next relief package.

You know that Republicans are in general a bit more gung-ho about reopening America and getting people back to work and stimulating the economy in that way, the states that have been fairly aggressive in “re-opening” have largely been red states, so in light of that Mitch McConnell said this yesterday, and I am going to explain it afterward since it’s a little confusing, but here is what he said: “You have to carefully craft the liability protection to deal with the money that would be supplied to state and local governments conditioned upon them enacting at the state level the kind of legislation that would provide liability protection for those that are seeking to go forward and get the economy back to work.”

Kind of cryptic, I had to read it a couple times, but what’s he saying here?

He is saying that he would be completely open to more federal funds being diverted to state and local governments in the next relief bill — right, because that’s what the Democrats really want, Pelosi and the rest — but only to those states that put laws in place to protect the employers who are opening their doors again and bringing their employees back to work.

Why do these employers need this protection, this liability protection McConnell’s talking about? Well, what if you’re a business owner, you re-open, bring your employees back to work, and a customer gets Coronavirus, and they sue you, saying this is your fault, I visited your business and caught COVID, well, Mitch is saying he wants protections in place to ensure that employers are protected from these kinds of lawsuits, and he wants to condition states receiving federal aid in the next relief package on a given state enacting laws to this effect.

And of course Schumer fired back, “If it’s going to help big CEOs, but not the workers, or hurt the workers, that’s not going to happen.”

Of course. I mean, both parties have their punching bags, right, the people or the concepts that they can hammer on all they want, so for Democrats, it’s fat cat CEOs, for one, for Republicans, it’s for example, single-payer health care, so Schumer’s just repeating an old party line.

So seeing some more stimulus payments come in in the comments, especially from those on Social Security retirement and SSDI, as expected this week. I’m expecting a lot of deposits today as well as some obviously later this week.

Of course like I told you in my April 25 update, SSI and Veterans Benefits stimulus payments are not expected to hit until next month, some of you have already received it, great, but the majority won’t be hitting until May, and for those of you on SSI and Veterans benefits who need to report qualifying children for the $500, you got to use the IRS Non-Filers Tool by May 5.

You know, I was debating whether or not to include this because the individual I am going to talk about is not a mover nor a shaker, but it is still interesting.

So Kevin Hassett — he is some brainiac economics PhD, this guy was Trump’s Chairman of the Council of Economic Advisors, basically the head of an agency that advises the president on economic policy — he was in this role for almost a couple years from 2017 to 2019, and then he stepped down.

But now, he is back as an adviser to the Trump administration on the economic situation due to the Coronavirus, and he said yesterday that more stimulus checks, more direct cash payments to the people, are, and I quote, “something that we are studying very carefully, that I know that people in the House are as well,”.

So you know, that’s mildly interesting, that he said this, and we know that Trump himself is not entirely opposed to more stimulus checks, based on something he said a few weeks ago, but this Hassett guy just said this yesterday, but remember this guy’s not a decision maker, he is basically just like an egghead adviser to the President, but I thought that was interesting.

Now, look, the Senate is back in D.C. next week, on May 4, the House will not be returning next week, the Capitol physician said it would no be prudent for the House to return due to the Coronavirus spread in D.C. so the House will not be returning next week, at least that’s what it looks like right now.

House Majority Leader Steny Hoyer, however, said that House leaders will call members back to Washington when the next relief bill is ready for a vote.

The IRS Tool for Non-Filers now has a Spanish version, you can see the button right there, but it is interesting, if you click the English version, it takes you to, but if you click the Spanish version, it takes you to, which sounds like a scam, but it is not.

You look at the IRS Free File page, and you will see that it is an official Free File Online provider, so just like with, do not be taken aback that you are leaving the IRS website, essentially, and being taken to this private entity’s tax preparation site.

And obviously if you already did the tool in English, don’t do it again in Spanish.

Shifting gears, Treasury wants stimulus payments back from dead people.

In my stimulus update from April 19, I told you that Trump said he wants to get the money back, so maybe they are going to do it, I do not know.

A Treasury spokesperson said that the Treasury is trying to come up with a plan for people to return the money.

And Mnuchin said that “heirs should be returning that money.”

And honestly?

I think this is stupid, I think that the Trump administration saw all these reports about how dead people are getting stimulus before living people, and they thought it was a bad look, so now it looks like they are wanting to invest a lot of time and resources into trying to get this money back from dead people, and I think it is dumb, I think that there are more important things that need fixing than grandma cashing grandpa’s check.

So we will see. We’ll see what happens with that.

Now let’s talk briefly about PPP, so now we’re in Round 2 of the Paycheck Protection Program, it re-opened earlier this week after the additional funding was signed into law last Friday, but still there are major issues.

You know with the PPP, you apply with SBA-approved lenders, you don’t apply with the SBA itself, and so many banks and lenders said that as they’re trying to use the SBA’s system for their applications, the SBA’s system would crash.

So we are definitely onto a rocky start there, if you’re out there, still looking for a lender, I have mentioned this before, do not be afraid to submit an application at multiple financial institutions, you can only get one PPP loan, but do not be afraid to submit an application at multiple places, both online, like the Fintechs, as well as traditional banks and credit unions.

And like I said yesterday, the EIDL application has not yet been re-opened.

And by the way, earlier this week I talked about the greed on the part of these banks for approving PPP loans for these huge companies like Ruth’s Chris and Shake Shack and as we have recently learned the Los Angeles Lakers, I know they’re hurting, but they do not need a forgivable loan, they need cash, they need a loan, but they need a loan they need to pay back, not this forgivable PPP loan that is intended for true small businesses, not a billion-dollar sports franchise.

And now several of these big banks are facing class action lawsuits for how they handled PPP processing, putting the larger loans at the front of the line and putting the little loans for the small businesses that this program was made for, at the back of the line.

Greed, greed, greed, that is what you get from the banks.

That said, Mnuchin did say yesterday that the Trump administration will audit every company that receives a PPP loan of greater than $2 million to make sure the business actually needed it.

Mnuchin said and I quote: “This was a program designed for small businesses. It was not a program that was designed for public companies that had liquidity.”

Obviously. But the oversight here was just not good, I understand that they were flooded with applicants, but honestly there should have been somebody at the SBA stepping in when big publicly-traded companies applied and looked at that application and said, “No. 9-figure, 10-figure companies, this isn’t for them.”

Did not happen, and I hope they fix it.

In fact, I would rather they fix this a lot faster and devote the resources they are going to devote to getting dead grandpa’s check back and put those resources into this.

Let us move on to questions, some people were asking questions about Gilead Sciences and Coronavirus treatments and should they buy Gilead, and it is like, look, I am not a doctor, or a researcher, or anything like that, I’m not going to posit myself as an expert on whether or not Gilead’s COVID treatments are going to be effective or not and recommend based on that if you should buy their stock because frankly you would probably have just as good and informed an opinion about that as I would, I am not an expert on that, and your opinion on that could be even more accurate than mine if you yourself are a medical professional.

So I prefer to stay in my lane, talk about finances, credit, investing, real estate, and right now obviously the stimulus and what’s going on on Capitol Hill.

So let us just talk about stimulus questions.

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