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Mar 24 - Coronavirus Stimulus Deal is DONE!


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 2 weeks ago '18        #1
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Mar 24 - Coronavirus Stimulus Deal is DONE!
 

 
Lawmakers struck a $2 trillion stimulus deal early Wednesday that includes sending checks directly to individuals amid the coronavirus crisis -- but it will likely take until at least May before the money goes out.

Under the plan as it was being negotiated, single Americans would receive $1,200, married couples would get $2,400, and parents would see $500 for each child under age 17.

However, the payments would start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all. The thresholds are doubled for couples.

About 90% of Americans would be eligible to receive full or partial payments, according to estimates by the Tax Policy Center. Lawmakers set aside $250 billion for the so-called recovery rebates.

Qualifying income levels will be based on 2019 federal tax returns, if already filed, and otherwise on 2018 returns. (Treasury Secretary Steven Mnuchin earlier this month delayed the filing deadline until July 15.)

There are provisions in the bill to include those who don't earn enough to file returns, but some people may be missed, said Howard Gleckman, a senior fellow at the center.

Under the legislation being negotiated, lower- and middle-income Americans would receive just over two-thirds of the benefits, Gleckman said. An earlier version of the bill would have given lower-income households less or no a*sistance.

As for Mnuchin's recent promise to send the checks in two weeks, that's not likely to happen.

The Internal Revenue Service has sent out economic stimulus checks before, and although those plans were slightly different, they can offer some insight into how long the process might take.

"Certainly from what we've seen in the past, it's taken a pretty significant amount of time to get checks out after a policy is put in place," said Erica York, an economist at the Tax Foundation.

In 2001, it took six weeks for the IRS to start sending out rebate checks authorized by President George W. Bush's tax cut. Then in 2008, amid the Great Recession, it took three months for the checks to start going out after the law was signed by Bush. In that case, Americans were required to file their tax return first, in order to get the check. Once they filed their return, it took between eight and 12 weeks to see the money.

Those that had authorized a direct deposit into their bank account likely received their money faster. Those deposits were made over a three-week period in 2008, while paper checks were sent through the mail over a 10-week period, York said.

It's likely that Americans would receive the stimulus payments faster this time around because more of them file electronically and provide the IRS with their bank information, Gleckman said. Some 88% of individual returns were filed electronically in 2018, compared to 58% in 2008.

But there are other factors that may slow the process. Even absent the coronavirus challenges, the agency is working with a smaller budget and less staff than it had in 2010. Now, because of the coronavirus, the agency has shut down its in-person taxpayer a*sistance centers located across the country at a time when people are sure to have questions about the emergency checks and other changes. Treasury announced last week that it is pushing back the tax return deadline to July 15. Additionally, Congress created a new tax credit designed to refund businesses that are offering their employees coronavirus-related paid leave.

"It's just a recipe for confusion," said Nina Olson, who served as the IRS's National Taxpayer Advocate from 2001 to 2019.

"There can be a lot of complexity involved in something as simple as sending a check out," Olson added.

First, the IRS will have to calculate each person's payment amount. Then, it will need the correct direct deposit information or mailing addresses. To get the money to people who don't usually file tax returns, it might have to request that information from the Social Security Administration or Veterans Affairs. In 2008, those people were required to file a return anyway in order to get their rebate.

Meanwhile, the IRS will inevitably be fielding calls from Americans concerned about when their check will arrive and whether they took all the necessary steps to receive the money. In 2001, the agency sent out letters to taxpayers telling them they didn't have to do anything in order to receive their check. But instead of staving off calls, the notice had the reverse effect. It resulted in the agency's first 1 million-call day, Olson said.

Later in 2008, after the economic stimulus checks were sent out, Olson testified before Congress, telling lawmakers that they should fund a new unit within the agency that would be dedicated to facilitating new and emergency initiatives. She argued that it would free up other employees to focus on improving the existing systems and executing the day-to-day work of the agency -- but that never happened.

visit this link https://www.cnn.com/2020/ .. rus/index.html


Last edited by FactChecker; 03-25-2020 at 08:41 AM..
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559 comments
 

 2 weeks ago '16        #2
OWPE 
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Its about time. Details coming later today.
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 2 weeks ago '06        #3
Supa mario 
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If anyone think we not going to be paying for this on the back end.

+273   

 2 weeks ago '16        #4
Aztlan  topics gone triple plat - Number 1 spot x1
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 Supa mario said
If anyone think we not going to be paying for this on the back end.

Elaborate. Be specific.
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 2 weeks ago '17        #5
Ifeellikekobe 
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I'll take the check but fu*k a trump
+53   

 2 weeks ago '11        #6
Da Truth23  topics gone triple plat - Number 1 spot x3
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Buy me some Js












Kidding
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 2 weeks ago '05        #7
bobbysteels18  topics gone triple plat - Number 1 spot x5
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wheres your link????
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 2 weeks ago '15        #8
MemphisBleek 
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 Aztlan said
Elaborate. Be specific.
Probably a advance on your tax returns over the next couple years. Most businesses and banks will have loans forgiven. Guaranteed. Trump also loosened regulations on loaning. This bill should have placed those regulations back to normal, but dems and reps don’t really give a fu*k.
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 2 weeks ago '14        #9
Swade009  topics gone triple plat - Number 1 spot x3
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 Aztlan said
Elaborate. Be specific.
Inflation...
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 2 weeks ago '18        #10
Kim Jong Un 
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 Ifeellikekobe said
I'll take the check but fu*k a trump

Loser mentality.



I'll take a Trump but fu*k the check.

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 2 weeks ago '17        #11
Zazi3 The Beast  topics gone triple plat - Number 1 spot x5
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So cruise line companies that don't pay any taxes to the USA are getting bailed out ??

What kind of oversight is included that protects our money from being used so large companies can't do stock buybacks etc??


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 2 weeks ago '04        #12
Chronos 
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Notes:

Direct payments of $1,200 or less to most adults

Increasing the payments by $600 dollars per week for four months on top of what states provide as a base unemployment compensation

Inspector general to oversee the $500-billion fund, as well as a five-person congressional panel.

$130 billion for hospitals

$150 billion directly to state and local governments dealing with the outbreak

$300 billion for small businesses
+50   

 2 weeks ago '17        #13
Ifeellikekobe 
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 Kim Jong Un said
Loser mentality.



I'll take a Trump but fu*k the check.

You would take a "business man" that bankrupted 6.....1,2,3,4,5..........6 businesses.


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 2 weeks ago '09        #14
The Bully  topics gone triple plat - Number 1 spot x13
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People buy dumb shyt with their FAFSA checks and tax returns, can't wait to see what they buy with this
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 2 weeks ago '04        #15
Dash 
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fresh from the currency exchange wit the trump check like...


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 2 weeks ago '05        #16
Stuart Scott  topics gone triple plat - Number 1 spot x1
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So basically this is covering one month rent.. individuals like me lost
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 2 weeks ago '05        #17
bobbysteels18  topics gone triple plat - Number 1 spot x5
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Senate, White House reach $2 trillion stimulus deal to blunt coronavirus fallout

Senate, White House reach $2 trillion stimulus deal to blunt coronavirus fallout

Senate leaders and the Trump administration reached agreement early Wednesday on a $2 trillion stimulus package to rescue the economy from the coronavirus a*sault, potentially setting the stage for swift passage of the massive legislation through both chambers of Congress.

“Ladies and gentlemen, we are done. We have a deal,” White House legislative affairs director Eric Ueland told reporters around 1 a.m.

Senate Majority Leader Mitch McConnell (R-Ky.) and Minority Leader Charles E. Schumer (D-N.Y.) were expected to discuss the breakthrough on the Senate floor shortly, after a long day of talks with Treasury Secretary Steven Mnuchin, Ueland and others.

The agreement capped five straight days of intensive negotiations that occasionally descended into partisan warfare as the nation’s economy reeled from the deadly pandemic, with schools and businesses closed, mass layoffs slamming the workforce, and tens of thousands falling ill.

The legislation, unprecedented in its size and scope, aims to flood the economy with capital by sending $1,200 checks to many Americans, creating a $367 billion loan program for small businesses, and setting up a $500 billion fund for industries, cities and states.

Other provisions include a massive boost to unemployment insurance, $150 billion for state and local stimulus funds and $130 billion for hospitals, among numerous other provisions.

Tuesday began with all parties predicting a deal would be imminent, along with a vote by Tuesday evening. But as the hours dragged on multiple disputes arose and legislative language required close review.

Finally, as midnight neared Tuesday, the pace of shuttle diplomacy picked up on the second floor of the Capitol, as Mnuchin, Ueland and newly named White House chief of staff Rep. Mark Meadows (R-N.C.) met alternately with McConnell and Schumer, who was in frequent contact with House Speaker Nancy Pelosi (D-Calif.).

The package would extend extraordinary taxpayer a*sistance to potentially millions of American and companies that have been hammered by the fast-moving economic crisis. The bill is being rushed through Congress without public hearings or formal review, and it’s unclear how effective the measures would be in arresting the economy’s sudden fall.

The stock market rose sharply Tuesday in anticipation of the deal, with the Dow Jones industrial average surging more than 2,100 points, or 11.4 percent. The government is dealing with a number of competing pressures, though, as President Trump declared that he’d like much of the country to be up and running by April 12 even though the number of people testing positive for the novel virus in the U.S. continues to climb.

The Senate bill would direct payments of $1,200 to most American adults and $500 to most children, create a $500 billion lending program for companies, states, and cities, and extend an additional $367 billion to help small companies deal with payroll problems. It would bolster the unemployment insurance system and pump $150 billion into U.S. hospitals. The bill more than doubled in size in just a few days.

White House National Economic Council Director Larry Kudlow called it the “single largest Main Street a*sistance program in the history of the United States.”

The delay in finalizing a deal came, in part, because aides launched a painstaking scrub of the bill’s text, to make sure that one of the most ambitious pieces of legislation ever attempted by Congress — thrown together in little over a week — actually said what lawmakers wanted it to say.

Senate Republicans were being extra meticulous because they felt an earlier and much smaller coronavirus relief bill, which Mnuchin negotiated in a rush with Pelosi earlier this month, turned out to have provisions related to paid sick leave that GOP senators opposed – but which they reluctantly accepted. Now, they wanted to double- and triple-check Mnuchin’s work in brokering a deal with Schumer given the enormous stakes.

As lawmakers neared a deal, the White House made a significant concession to Democrats’ demands, agreeing to allow enhanced scrutiny over the massive loan program that is a centerpiece of the Senate’s $2 trillion coronavirus economic package.

This pertains to the $500 billion loan and loan guarantee program that the Treasury Department would be tasked with administering for companies, states, and cities. Of that amount, $425 billion is supposed to go to businesses, cities and states. An additional $50 billion would go to passenger airlines, as well as $8 billion for cargo airlines, and $17 billion for firms that are deemed important to national security.

Trump has already said he wants some of the money to go to the cruise ship industry, and he also wants a*sistance for hotels. When he was asked Monday evening who would perform oversight of the program, Trump responded, “I’ll be the oversight.”

But during closed-door negotiations on Capitol Hill, White House officials agreed to allow an independent inspector general and an oversight board to scrutinize the lending decisions, senators said.

The most recent precedent for this is the $700 billion Troubled a*set Relief Program that was created during the 2008 financial crisis. To oversee TARP, Congress created an independent inspector general, a regulatory oversight board and a congressional oversight panel. Over the course of several years, investigations uncovered numerous cases of fraud at large and small companies as firms sought to obtain taxpayer money through various programs.

Democrats welcomed the new oversight mechanisms.

“We got better oversight, better oversight,” Sen. Joe Manchin III (D-W.Va.) said as he left a Tuesday morning meeting with Schumer. “The oversight basically is saying that you know you can’t just ... exempt everybody and give all your corporate executives, based on the backs of the taxpayers, free carnival.”

Manchin has been critical of the bill being weighted more toward Wall Street than average America. Trump took a shot at the lawmaker when asked about his criticism during an interview Tuesday on Fox News.

“Does Joe Manchin want all of these, or many of these companies to go out of business? We’ll have an unemployment rate the likes of which nobody’s ever seen before,” Trump said. "We have to save these companies. These are companies that weren’t in trouble three weeks ago, and now they’re in trouble because of what happened. These are great companies, they’re in some cases triple A companies.”

On Twitter Tuesday morning, Trump called on Congress to “approve the deal, without all of the nonsense, today.”

The legislation would also significantly boost unemployment insurance, expanding eligibility and offering workers an additional $600 a week for four months, on top of what state unemployment programs pay.

Lawmakers of both parties are under extreme pressure from their constituents and health-care providers in their districts and states to act to provide desperately needed money and supplies amid widespread shortages and waves of layoffs. As of Tuesday night there were more than 55,000 confirmed cases of the coronavirus in the United States, and the numbers were rising by the hour.

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 2 weeks ago '09        #18
messy marv stan  topics gone triple plat - Number 1 spot x20
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 Aztlan said
Elaborate. Be specific.

 Supa mario said
If anyone think we not going to be paying for this on the back end.


the american people already paid for this by being extorted for nonstop never ending wall street welfare


unlimited trillions to prop the banking mafia but only a measly $2 trillion to bailout the american people smh


fu*k politicians on both sides of the aisle
+79   

 2 weeks ago '20        #19
NachoDips 
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 2 weeks ago '05        #20
bobbysteels18  topics gone triple plat - Number 1 spot x5
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I'm not reading all that sh*t I just posted how much money we getting???
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 2 weeks ago '04        #21
Dash 
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 Stuart Scott said
So basically this is covering one month rent.. individuals like me lost
Man.. I run two essential businesses so bread still been flowin

now me and the youngin finna get $1200 plus another $500?

oh yeahh


FUKK TRUMP


+54   

 2 weeks ago '20        #22
NachoDips 
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@ @
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 2 weeks ago '04        #23
bibbyboi 
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 The Bully said
People buy dumb shyt with their FAFSA checks and tax returns, can't wait to see what they buy with this
That's kind of the point of this. It's too stimulate the economy. You want a high velocity of money. I mean the majority of it will be spent on rent and food, but the main point of this is to keep money moving.
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 2 weeks ago '04        #24
Dash 
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 bobbysteels18 said
I'm not reading all that sh*t I just posted how much money we getting???
The Senate bill would direct payments of $1,200 to most American adults and $500 to most children
The legislation would also significantly boost unemployment insurance, expanding eligibility and offering workers an additional $600 a week for four months, on top of what state unemployment programs pay.
+6   

 2 weeks ago '19        #25
Mo Biches 
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 bobbysteels18 said
I'm not reading all that sh*t I just posted how much money we getting???




Anywhere from 1,200 to 1,500.
+15   

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