I am going thru this bill now that I finnaly found the final version that is almost 900 pages. a note, the original one was 90 pages, the one I WAS reading was 300 pages now this is 900? sounds like a lot of pork to me.
sect 1101 definitions excludes anyone that earns over 100k from the sba payroll loan
if you are a company that has its office in your home you can use the money to pay your mortgage and utilities as well as the normal payroll costs
1102 right here this is only a deferment of payment for 6 months to a year at no more than 4 % interest. and the bank gets paid 5% for the loan.
they increased the amount of an express payment for a sba loan from 350k to 1m
1103 splits out the grants in this bill (350b$) to 80% normal business, and 20% womens business. this is wrong. why are we still doing this.
yup theres gonna be a lot of money for website development.at least its not as bad as the Obama care website stuff.
1104 state trade?
1106 loan forgivness is where they say ok all is good if you did this.
not sure but the borrower nay be responsible for interest on the debt.
for seasonal employees this only covers your normal full time people that you would normally hire for feb thru june
tipped workers can get more than the rate they are paid by the employer.ex you get paid 3.50 an hour but make 15 an hour with tips you could get 15$ an hourin wages.(I think)
it could take 2 months for the loan to come thru.
the loan is not considered income and is not taxed by the IRS
1107 the fun stuff, the actual money numbers
349b$ for the loans from the treasury (of which 80%(279.2b$) goes to normal companies and 20%(69.8b$) to female owned companies)
675m$ for salaries to administer this
25m$ for an IG
265m$ entrepreneurial development programs?
10b$ for EIDL grants (emergency grants, a duplication of the original act)
17b$ for preventing balloon payments on a forgiven loan????
25m$ for more admin costs???? really?
so lets see what this part is going to cost the US treasury. I calculate it to about 376,990,000,000$ or about 28b$ more than the original loans .
total loan guarentees can not exceed 100b$ on the secondary market. (your bank selling the loan to another service.)
1108 yup they had to throw in the minority owned business stuff along with the “socially disadvantaged” however it is not given any additional funds, just had to be put in there.
1109 just says it all has the in 10 languages
1111 and 1112 are basically duplications under different names of the original act.
1113 provides protections (I think) for bankruptcy (I think it holds it off for a year?)
next section (2100’s) deals with unemployment pay and basically covers anyone that cant work due to the bug. this includes self employed, unless you can do your job over the internet or phone.
they give you 39 weeks
the bill pays for your unemployment not the state. and the state gets money for admin fees. the money will come out of the social security unemployment trust fund. the treasury will pay this with no refund from the state. for those that cant understand this, this means it will not affect the states budget on unemployment. states will have more money available.
and yes you get 600$ more than your standard unemployment amount
this fund is only good till jul 31
and you can get this unemployment money even if you are on medicare or chip
oh and this will not take money from social security trust fund as it is reimbursed by the treasury.
under the short term compensation part (2109) there is a penalty to the employer of half the amount of the unemployment amount. that could be bad for a lot of business’s.
ok they are taking 50m$ to pay for the waiting week so you get the money now.
sect 2113 give railroad workers an additional 1200$ at a cost of 45m$ from the treasury.
and again another 25m$ for an IG. (that’s 50m$ for Inspector generals so far)
sect 2020 goes into the 1200 / adult 500 /kid thing that is issued as a credit against your taxes(means we get taxed on itat the end of the year, and it will be subtracted from what you get next year.great penalize us while giving us money) this is the same crud they pulled on us back in 2018?
and in case your worried abot places like the US virgin isle that are posessions of the us , they are covered too.(yeah they snuck that one in.)
ok heres more fun.we are going to pay people that we already paid to administer the accounts to the tune of 78.65 m$ and 293.5m$ and 170m$ for IRS ops support. and 37.2m$ for irs enforcement and 38m$ for social security admin (what a way to shift the budget stuff around. so we got what in admin fees? how about a total of 617.35 m $ ????? (for people we are already paying?)
ok sect 2202 your IRA’s
if you take out less than 100k$ you pay no tax. and if you get rich in the next 3 years you can repay the amount you took out with no penalties
theres a lot of stuff I don’t understand in here
2204 something about above the line charitable contributions limit being set at 300$ theres a lot of stuff that is confusing and references tax codesabout changes to charitable contributions thru this and 2205
ok I am going to make this end of part 1. yes this will have to be broken into too many pieces . it is just too big a bill.