Eventually it’ll all have to be paid back, but I’m wondering how much of the 2 trillion dollar stimulus is meant to be paid back by the ones who actually got it?
I assume the corporate loans totaling almost 900 billion are actually loans, not grants.
Are the $1200 checks going to be deducted from next years tax returns?
With the unemployment, I think people pay a 10% flat tax on UI (not sure if its higher with the higher UI payments). But some of that money gets recouped that way.
What about state and local governments, or public health, are those loans or grants?
With things like TARP and the auto bailout, a lot of that was loans and investments rather than grants. How much of the coronavirus stimulus is meant to be paid back by the people who benefit from it?
Not from everything I’ve read. It’s a check with few strings attached. It may be taxable income, but otherwise it doesn’t affect your next year’s taxes.
It is not taxable income. The effect on next year’s tax return will be to determine things like if you were underpaid since they guessed high on your actual income.
Here’s the NYT’s FAQ on it. (It’s a bit easier to read than the Feds plus has some extra Q&As.)
I’m not sure this is true. During the run-up to bill’s adoption, there was lots of talk of extending loans to small businesses to maintain their payroll. The idea was they could take the loan to cover, let’s say, a month of payroll and if they didn’t lay people off for at least two months after that, the loan would be forgiven. I don’t know whether this actually became law, however. I also don’t know if any of the rest of the debt is forgivable under other circumstances.