Tuesday, March 24, 2020

Uh, you are NOT getting a $1,200 windfall!

At least not anytime soon
The language in the Senate CARES Act is rather esoteric. One thing I do know is that no one is going to receive a $1,200 check from the government in the near future.
In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by subtitle A for the first taxable year beginning in 2020 an amount equal to the lesser of—

“(1) net income tax liability, or

“(2) $1,200 ($2,400 in the case of a joint return).
The bill later defines a floor of $600.00.

The way that this reads, people will not receive any money until 2021 when they file their 2020 tax returns.

Meanwhile small businesses eligible for interest-free loans are defined as companies with fewer than 500 employees. That would qualify just about everything that Trump has slapped his name on; hotels, golf courses and so on.

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