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Paycheck Protection Program...ACT QUICKLY, YOU QUALIFY


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3 minutes ago, wolfe_man said:

No, we didn't get anything for her.  She's not 18 until September.  They wrote it that if someone turns 17 the year you filed (2019 taxes) then you don't get anything for that individual, even though she is a full dependent that cannot claim herself.

It makes sense to them in Washington DC, but no where else.

Frustrated Buzz Lightyear GIF

I missed that part of it in looking at the more complicated parts.

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That would come out to less. My club season is vastly more money than my fall season, which still has a chance to play. Honestly, all the work would be for a few hundred dollars. I'll save the wo

You are fine on that.  We will be treated like an Uber driver etc. The confusion is basically that they did one "application" for every loan.  So some of the questions can be confusing as they are mor

Ill try and help you.  I have been the "head" of our business PPP.  Our bank was late to the show (getting set up to accept applications) but we filed it with them on April 9 and the money was in our

41 minutes ago, wolfe_man said:

You're good, man.  By the way, the Buzz Lightyear reference is to the elected idiots in DC, not you.

You didn't need to clarify. If I was intelligent, I would have correctly known it was for someone else; if I wasn't, I would have incorrectly assumed it was for someone else. 

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1 hour ago, wolfe_man said:

No, we didn't get anything for her.  She's not 18 until September.  They wrote it that if someone turns 17 the year you filed (2019 taxes) then you don't get anything for that individual, even though she is a full dependent that cannot claim herself.

That's unfortunate and ridiculous   I have two college kids at home, sitting around, doing nothing, but online classes an hour or two a day...and BOTH would be working.  I have not received mine yet but thought it would include $500 for each of them, guess not.

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11 hours ago, wolfe_man said:

For me, it's almost not worth the hassle.  I'm only doing it since my wife is a stay-at-home mother who babysits some on the side, so we've lost my 2nd income and hers too since parents are keeping their own kids during the shutdown. 

I received a job-related e-mail today and, according to the formula, loan amounts for self-employed/contractors are based on the net income appearing on Schedule C and not gross receipts. Five twenty-fourths of my 2019 net income -- using the formula (NI / 12) x 2.5 -- came to less than the minimum $1000 amount, so I'm out of luck even though my actual net income for the 2.5 months of Spring 2019 exceeded that. The months where I had little or no officiating income apparently worked against me when averaging out for the entire year. 

 

11 hours ago, wolfe_man said:

On another note:  Why don't 16-18 year olds get included with the stimulus?  I got $500 for my 2 youngest children, but my HS senior doesn't get anything for herself and i don't get anything for her either.

Apparently, the extra $500 is only for dependents age 16 and under. Perhaps this is because the age limit is also 16 and under to claim the child tax credit that can be claimed on an individual (1040) return?

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2 hours ago, StatsUmp said:

I received a job-related e-mail today and, according to the formula, loan amounts for self-employed/contractors are based on the net income appearing on Schedule C and not gross receipts. Five twenty-fourths of my 2019 net income -- using the formula (NI / 12) x 2.5 -- came to less than the minimum $1000 amount, so I'm out of luck even though my actual net income for the 2.5 months of Spring 2019 exceeded that. The months where I had little or no officiating income apparently worked against me when averaging out for the entire year. 

 

Apparently, the extra $500 is only for dependents age 16 and under. Perhaps this is because the age limit is also 16 and under to claim the child tax credit that can be claimed on an individual (1040) return?

Isn't there a "seasonal" option for FEB thru JUNE more or less in the instructions? 

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3 hours ago, Jimurray said:

Isn't there a "seasonal" option for FEB thru JUNE more or less in the instructions? 

I couldn't find anything definitive apart from talk about prorating numbers for businesses that started in the middle of 2019 and operated less than 12 months.

What I did find stated consistently on some of the sites I checked was that most, if not all, of the money has already been applied for.

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13 hours ago, StatsUmp said:

loan amounts for self-employed/contractors are based on the net income appearing on Schedule C and not gross receipts

That's even worse. Thanks to starting a new sport and having a lot less baseball than before, my net income last year was negative.

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On 4/15/2020 at 6:30 AM, wolfe_man said:

Guys, unless you are already an SBA member with any bank, good luck filing a claim. 

I work for, and bank at, the largest bank in the US in terms of assets and I can't file a claim with them because I'm not an existing SBA account owner.

I've tried several other national and local banks with the same story.  They're helping their customers first, then maybe they'll get to my application.

For me, it's almost not worth the hassle.  I'm only doing it since my wife is a stay-at-home mother who babysits some on the side, so we've lost my 2nd income and hers too since parents are keeping their own kids during the shutdown.  All told, I'm out maybe $4K so it won't break me, but it would be nice to get some help with this.

On another note:  Why don't 16-18 year olds get included with the stimulus?  I got $500 for my 2 youngest children, but my HS senior doesn't get anything for herself and i don't get anything for her either.  That's dumb, because she is now out-of-work (job closed) and has zero income and I'm now paying her insurance and gas, etc.   Sometimes I wonder who's running this thing and what they're doing... I'm not being political, just wondering how this obvious oversight was missed.  How many 16-18 HS kids need funds right now as most HS jobs are shut-down (except maybe some in food/grocery business).

Same boat all around ...

I've decided that the hassle is not worth it in trying to recoup a small fraction of the $5k or so that I am losing in umpiring money.  Unless they come out with some better defined and better implemented programs, I am not even going to bother.

Supposedly there are provisions in both the PPP (SBA) program and the unemployment program for 1099 workers ... supposedly.  We see the train wreck that is the SBA program.  My state is saying they don't see anything in the unemployment portions of the bill that would currently work for 1099 workers.

As for the dependents ... I have three college students at home and a daughter who qualified for SSI (disability) this year.  All over 18 = too damned bad for me.  Students that mom and dad are still supporting = too damn bad for them.

I am expected to provide for their college education, my income is used to determine their financial aid eligibility but they don't qualify for the $500 dependent amount (over 18) and don't qualify on their own for the $1,200 since they are dependents.  (Another whammy -- since they will all be out by the time my significantly reduced income for THIS year -- job loss, umpiring gigs gone -- hits the FAFSA radar since it now runs almost 18 months behind instead of the previous year.) 

I have read ... you know, "people have told me" ... that I should have them all file taxes for this year, even if they didn't make anything (which means I can't claim the dependencies or get any of the college expense credits) and then they would get the $1,200 somewhere down the line.  It is based on this year's income, using the most recent tax filing as the "means test".  Going to have to run that one a couple of ways before I know if it is worth it.

On the other hand ... like the SBA program ... is it even worth my time and effort?  :shrug:

 

I have to admit, I am conflicted posting this ... I don't want to sound like I am whining "I didn't get my handout" ... but don't tell me there is help out there for me when there isn't.

 

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The vast majority of the conversation on this thread is about the SBA loan program in the stimulus package. Almost all of the readers of this forum are not going to be eligible since we issue neither 1099s nor maintain a payroll of employees.

If you are interested in recouping any officiating losses for the spring and/or summer, you are going to have to go through your state's unemployment process, get rejected, and then apply through the  Pandemic Unemployment Assistance which will allow the self employed, independent contractor, or gig workers to seek relief for loss of income. In order to qualify you will need to have claimed income from officiating on previous years' tax returns. If you can qualify, you may also qualify for the additional $600 per week benefit that is included in the legislation.

I posted a link above that came through NASO and Ump Attire. Each state's unemployment process is different and you will need to navigate the process based on your home state's requirements.

 

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1 hour ago, The Man in Blue said:

I have to admit, I am conflicted posting this ... I don't want to sound like I am whining "I don't my handout" ... but don't tell me there is help out there for me when there isn't.

 

Ill try and help you.  I have been the "head" of our business PPP.  Our bank was late to the show (getting set up to accept applications) but we filed it with them on April 9 and the money was in our account TODAY.  

PPP Info

As stated above, I did one (PPP) for my son (20) who's ONLY source of income is umping (over $7,000.00 last year). We turned it in on the 9th, the day before, and his has been accepted. ONLY INFORMATION NEEDED was his bank statements for the past 12 months. Link is in first posting.

For those of you with kids over 17 that are still dependents--

like me 22 and 20, both in college, at home now. Go here https://www.freefilefillableforms.com/#/fd/EconomicImpactPayment they can fill out a simple form and get the payment.  My daughter and son did it last night. No word yet on what will happen next, but done.  So long as NONE of these apply to them they can do it:

  • You receive Social Security, Railroad Retirement, or SSDI benefits. The IRS will automatically send you an Economic Impact Payment.
  • You have already filed a 2019 federal income tax return.
  • Your 2019 gross income exceeded $12,200 ($24,400 for a married couple) or other reasons require you to file a 2019 federal tax return.
  • You were married at the end of 2019 and are not submitting information here with your spouse.
  • You were not a U.S. citizen or U.S. permanent resident in 2019.

I understand that's its a frustrating process in a frustrating time but these forms are easily discoverable and simple to fill out--less than a minute in most cases. The hardest thing to find is a bank willing to help with the PPP application--that is voiced above and very true.

I don't know anything about unemployment so I can be no help there.

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Thank you for the guidance @aaluck ...

 But in the FAQ at the link you posted:

Quote

People who use this must have an SSN with two exceptions and not be claimed as a dependent on someone else’s return. 

https://www.freefilefillableforms.com/#/fd/eip.faqs

 

The kids are upset ... and they didn't like it when I told them to go work for a living either.  :fuel:  :beerbang

 

I'm getting by despite having lost my job pre-pandemic.  My financial planning for the summer included the side-gig from umpiring, so it is a kick in the nuts, but I can adjust.  Like I said, it is more principle with me than cash.  I know there are people out there who need it far more than I do ... and people who are getting it that need it far less.

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19 minutes ago, The Man in Blue said:

I'm getting by despite having lost my job pre-pandemic.  My financial planning for the summer included the side-gig from umpiring, so it is a kick in the nuts, but I can adjust.  Like I said, it is more principle with me than cash.  I know there are people out there who need it far more than I do ... and people who are getting it that need it far less.

It will get better and most of us are in the exact same boat. Uncertainty is scary,

23 minutes ago, The Man in Blue said:

People who use this must have an SSN with two exceptions and not be claimed as a dependent on someone else’s return. 

Thank you for the clarification on that.  Maybe it will be helpful for some others anyway.

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1 hour ago, Kevin_K said:

The vast majority of the conversation on this thread is about the SBA loan program in the stimulus package. Almost all of the readers of this forum are not going to be eligible since we issue neither 1099s nor maintain a payroll of employees.

If you are interested in recouping any officiating losses for the spring and/or summer, you are going to have to go through your state's unemployment process, get rejected, and then apply through the  Pandemic Unemployment Assistance which will allow the self employed, independent contractor, or gig workers to seek relief for loss of income. In order to qualify you will need to have claimed income from officiating on previous years' tax returns. If you can qualify, you may also qualify for the additional $600 per week benefit that is included in the legislation.

I posted a link above that came through NASO and Ump Attire. Each state's unemployment process is different and you will need to navigate the process based on your home state's requirements.

 

Can you apply for the Pandemic Unemployment Assistance as an Independent Contractor even if it is just a side job and you have another job?  Thanks. 

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42 minutes ago, spiffdawg7 said:

Can you apply for the Pandemic Unemployment Assistance as an Independent Contractor even if it is just a side job and you have another job?  Thanks. 

That's my understanding, although I do not have any authoritative source on that yet.  I just went through the process of filing, as it's clear from my state (IN) that I must file to receive PUA under the CARES Act, even though I will be initially declined for UI through my state.  I don't think their systems are quite set up for this scenario, as it had a hard time getting past the fact that I'm filing for UI even though I'm totally unaffected with my primary employer.  

I do not know yet how I will eventually file for the PUA - at this point, I'm not sure who does! :)

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2 minutes ago, scubabob34 said:

That's my understanding, although I do not have any authoritative source on that yet.  I just went through the process of filing, as it's clear from my state (IN) that I must file to receive PUA under the CARES Act, even though I will be initially declined for UI through my state.  I don't think their systems are quite set up for this scenario, as it had a hard time getting past the fact that I'm filing for UI even though I'm totally unaffected with my primary employer.  

I do not know yet how I will eventually file for the PUA - at this point, I'm not sure who does! :)

Thanks.  Keep us updated if you find anything else out. 

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3 hours ago, spiffdawg7 said:

Can you apply for the Pandemic Unemployment Assistance as an Independent Contractor even if it is just a side job and you have another job?  Thanks. 

In NJ yes. It depends on your state's capacities in its unemployment systems.

If you do nothing, that's what you'll get. Or try it and find out. 

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9 hours ago, aaluck said:

It will get better and most of us are in the exact same boat. Uncertainty is scary,

Thank you for the clarification on that.  Maybe it will be helpful for some others anyway.


It will, and thank you for the sentiments!
 

I have a job offer, but it won’t start until the fall.  Looks like I am moving to Mississippi in July ... unless wave 2 of this includes the zombie apocalypse.  :meditation:

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1 minute ago, The Man in Blue said:


It will, and thank you for the sentiments!
 

I have a job offer, but it won’t start until the fall.  Looks like I am moving to Mississippi in July ... unless wave 2 of this includes the zombie apocalypse.  :meditation:

You'll be safe in Mississippi. There's nothing for zombies to eat there.

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Without looking it up, since about 2005 or 2006, I think the tax credit has gone from 18, I guess they figured you could sign up in service at 18, to 17, and now it is really 16. I believe it is one of those tradeoffs snuck in to balance the budget. It is also craftily worded, like batting out of order.

You still get the 500 deduction, but not the tax credit.

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