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An article discussing the fine print in the "stimulus" bill. For Profit businesses and Trump companies are expected to benefit. I put stimulus in quotes because most who have looked at this bill agree that it is not stimulus so much as it is a survival bill to stave off the worst impact from the pandemic. Stimulus would be the follow up that will most certainly be needed to actually get people back on their feet.

 

https://www.msn.com/en-us/money/markets/fine-print-of-stimulus-bill-contains-special-deals-for-industries/ar-BB11HvHu?li=BBnb7Kz

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I saw that people on places like Twitter had a lot of questions/concerns regarding who would and wouldn't possibly be getting these stimulus checks. A recent New York times article did a really nice job of answering some of these questions. Though, there are still some questions out there, that I will try and find/research ask about at work. Including seeing how this could affect veterans and people who owe money to the IRS. One big question that a NYY article answered was regarding whether people who owed money  for federal student loans, would not get a check, because they have been having their refunds taken for that debt. The answer is No. If someone has had their refunds taken as a result of federal student loan debt, they will still get a stimulus payment.

 

I'm not sure about people who get their refunds taken by the IRS for other reasons such as child support. Or people who have been failing to report/pay money from previous/current years that they owe to the IRS. But I will try and find out the answers to those questions. We've already had clients at work start asking about who is eligible for these checks, and they have different situations. I would like/need to get the answers for them as well. But this article from the NYT here is very informative and does answer several questions for people:

 

https://www.nytimes.com/article/coronavirus-stimulus-package-questions-answers.html

 

I've also seen concerns from people about how they may get this money distributed to them. One question I saw was people being concerned about having given the IRS banking information to a closed account. If the account is closed, the stimulus check should act like a refund check, would in that situation, in that it would probably be sent back and the person would receive a paper check in the mail.

 

If someone has given the wrong banking account number or your address has changed, your best bet would probably be to call the IRS. Though, they are really busy right now and really aren't answering the phones much. So you would just have to keep trying to see if you can get your contact information updated. People need to get that information updated ASAP. You don't want someone else getting your check, or having your money be deposited into someone else's account.

 

I saw that some people are upset about the IRS taking longer to mail checks, than they do direct deposits but that's the way it's been for a long time now. Whenever refunds are issued, it almost always takes longer to get a check (usually 6-8 weeks) than it does a direct deposit (which is usually around like 3 weeks, maybe longer if you have certain credits on your return.) I know that some people don't have bank accounts for various reasons, but if you can do direct deposit do it. It's quicker, more efficient and safer. I could see people trying to steal some of these checks, especially if many of them are delivered around the same time. There's already been stories of how people would go out and still checks, (and often times use things/employees from places like the Postal service to do it). DD is usually the best method to go, for those who are able to do it. 

Edited by xtr
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You're welcome. I definitely want try to help people who have questions regarding these checks. I know that most people need/could use this money, especially right now.

 

Also, I just read some more positive information regarding people who owe student loans and usually get their tax refunds taken. The Department of Education has instructed the IRS, not to take away refunds right now from these people right now. So people who haven't filed their 2019 Tax Return yet and maybe were afraid to do, because of this, you can file it now without worrying about it. The IRS is not taking your refund due to defaulted student loans. So you can get a stimulus payment and your refund. 

 

And for anyone who already filed their returns this year, if your refund  was in the process of being withheld on March 13, (When the national emergency was declared), that refund will actually be refunded back to you. Betsy DeVos has instructed the Department of Treasury to refund 1.8 Billion dollars to 830,000 borrowers. This is going to make a lot of people happy, lol. Also, right now wage garnishments and social security garnishments due to federal owed student loans have also been halted. 

 

This is the first time I've read this news, I had just heard of people not having to pay on their loans right now. But people not actually getting their refunds taken now due to student loans/ and refunds being refunded to them is definitely some  more good news. 

 

https://www.ed.gov/news/press-releases/secretary-devos-directs-fsa-stop-wage-garnishment-collections-actions-student-loan-borrowers-will-refund-more-18-billion-students-families

Edited by xtr
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Apropos of nothing, but...this whole "let's bump off the old folks so the economy can get goin' again!" dialogue is peak insanity.  It's like I'm in a very dark episode of "Newhart," and I'm waiting for Dick Loudon to show up at the Stratford Inn and hopefully talk some sense into the locals.

 

Anyways.  Just had to get that off my chest.  As you were.

Edited by Khan
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