So we’re talking about a lot of things today including some hints that Pelosi gave yesterday on what we might see in the CARES 2 package, but first let’s talk about the channel poll results from yesterday.
So yesterday morning I told you the breaking news that the IRS has in fact issued official guidance on how to give them their money back for stimulus payments to ineligible individuals, and I asked you all what you thought about this.
7,900 of you responded, and a slight majority, 54%, said that it is fair for the IRS to ask for it back with 46% saying it’s not fair, so a very split audience on this question.
And on this point, you gotta watch out for mainstream media, because just this morning I saw this in a CBS News article, right, May 7, that’s today, saying that “the IRS has yet to issue formal guidance” regarding returning to the government stimulus payments made to ineligible individuals, such as dead people.
That is not true; the CBS article is incorrect; the IRS issued formal guidance yesterday, May 6.
So you really gotta watch out, and know your stuff, because these writers are just completely clueless sometimes.
But regardless back to the poll I think Brittstime kind of summed it up well when they said, “What’s not fair is some of us still have not received the first check.”
And that’s a problem. The most recent thing I’ve been getting questions about is people using the Get My Payment Tool and they got a direct deposit date of some time last week, April 29, the Wednesday, Wednesday’s a popular day, April 29, and April 29 has come and gone, and still no money, the bank doesn’t see any deposits on their end, and then either Get My Payment changed it to the following Wednesday, May 6, yesterday, on the Get My Payment Tool, or it changed in the Get My Payment Tool to no longer saying direct deposit, but saying a paper check would be mailed.
Look, the IRS has not really publicly acknowledged that issue, all they’re really doing is putting out these cheesy graphics on Twitter about how the Get My Payment Tool is getting better, which it has, but it still has problems.
Mr. Happy Apple told me that if you need food, dial 211 on your phone and it will tell you all the places you can get free food in your area. She says she tried it and it works on her phone so it’s up and running.
So try that if you need it.
Another thing, did you see the kind of funny interaction Mnuchin and Axl Rose on Twitter? Axl Rose calls Mnuchin an a-shole, Mnuchin says, “What have you done for the country lately?” And Axl Rose goes on some rant.
So before we talk about what Pelosi said in an MSNBC interview yesterday hinting at what might be in CARES 2, first I just wanted to share with you some happy stimulus-related news for myself, I got an email this morning that my business was approved for a paycheck protection program loan, that’s the forgivable loan, and by the way, some in Congress have talked about relaxing the rules on this, particularly in terms of what the proceeds are used for, perhaps in the next relief bill.
Anyway I sent out a few applications to various places, got crickets, but the application at the particular fintech that I was approved by, easiest application process ever.
So if you’re a small business owner and you haven’t yet applied for PPP, I would strongly recommend doing so, I’ll put a link to the fintech that I used and was approved by in the description below.
You will need to gather some documents, you’ll need your 2019 W-3, that’s the summary of all the W-2s you issued to your employees, you’ll need your 2019 Form 940, W-2 for any employee earning $100,000 or more, your state formation documents, and you’ll also need to provide a copy of your drivers license, you can just take a picture with your phone.
If you’re self-employed or an independent contractor, you’ll need your 2019 Schedule C, and they might ask for 1099s.
And there’s still time, there is still time, check the link in my bio, I was thinking about doing a walkthrough, but it’s really so simple, and another YouTuber, Hector Garcia, CPA actually has some good walkthroughs on his channel.
Also, you know, there’s this big fight right now whether or not expenses paid for with forgiven PPP funds should be deductible, IRS has said no, Mnuchin has supported that position, but many interest groups are fighting against that.
It’d be great if the IRS changes its mind or CARES 2 says, hey, these expenses are deductible, but I’m not worrying about it too much, right, it’s still free money, well, taxpayer-funded money.
Nancy Pelosi was on MSNBC’s Andrea Mitchell Reports yesterday, and there was a line in there, where she seems to kind of sum up in very few words, what potentially CARES 2 will be about.
She’s talking about funding — and she didn’t elaborate but I assume she’s referring to funding for state and local governments there — testing, for honoring our heroes, both Schumer and Mitt have put forth proposals on that, and for putting money in the pockets of the American people, we have to do that more effectively and with more money.
I told you yesterday that I wouldn’t be surprised if the Democrats went big on CARES 2, and I told you I wouldn’t be surprised if they went big when it comes to more stimulus checks.
There was a report circulating that on Pelosi’s call with her whip team last night, whips are the ones in each party that count the votes and round up party members for votes and quorum calls and what not, reportedly Pelosi in that call last night expressed support for including in CARES 2 $2,000 in recurring monthly payments.
I have not seen that transcript, that’s just the word on the street, but I would not be surprised at all if that was in there.
Now, as I’ve been saying, to get Mitch “American Needs Baseball Again” McConnell and Donald “Let’s Reopen America” Trump to sign off on that is a different matter, and if I had to speculate, I would speculate that if there is another stimulus check, it would be negotiated down from whatever the Democrats propose to maybe, maybe another one-off-type deal, not the recurring payment that Democrats have in mind, but even then, that could be a stretch for many Republicans.
Everybody, that is all for now, check out the link in the description for the PPP application as well as how you can get two free stocks through Webull, do it now because starting on May 12, the deal will only be for one free stock, so act now so you can get two free stocks.
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