What WILL/DID you do with that stimulus check? (Round 2)

This isn't going away anytime soon folks and with all the new variants of COVID-19 popping up it just made sense to drop COVID-19 from the sub-section name and consolidate all the pandemic stuff in one location.

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Re: What WILL/DID you do with that stimulus check?

Post by raptor2 » Thu Apr 23, 2020 12:57 pm

M813 wrote:
Thu Apr 23, 2020 6:18 am
Jake832 wrote:
Wed Apr 22, 2020 4:08 pm
<snip>
Note: if anyone is really in a pinch, and you have a mortgage or car payment, call the bank, you can do a "deferment forbearance" or something similar due to covid caused financial distress... basically skip payment and add it to the end of the loan. Think they have to give you 90 days if you need it.
May free up cash if anyone is having a tough time.
Consider that during the Great Recession, it took nearly a year to evict many mortgage holders once they entered foreclosure.
The economic fallout of the pandemic will be far worse.

If the worst should befall you, homelessness is not imminent, you'll have time to plan and come up with alternatives.

- pay your mortgage until you can't
- call the bank and ask for forbearance or an extension
- once forbearance runs out, the clock starts ticking and paperwork starts getting processed. 30, 60, 90 day notices. Then you'll enter collections. Then you enter foreclosure. You'll get all sorts of nasty phone calls and letters in the mail but the process is usually pretty slow, especially during times of national hardship.

Don't panic, just accept that your life is going to change and make an exit plan. Figure out if you can afford storage for your belongings. Sell stuff that doesn't have sentimental value or doesn't fulfill an immediate need. Talk to family to see if anyone can take you in. Hold aside some cash for a small, older RV that you can live in if staying with family isn't an option.

For those of you with wives and children, the sooner you warn them that major change will be happening and explain what the plan is, and what sacrifices they'll be required to make, the less jarring it will be and they'll cope with it better.

People who lost everything during the Great Recession and filed for bankruptcy, often cleaned up their credit scores within 4 years and bought homes again once they found steady employment. Foreclosure and bankruptcy are serious, but they're not death sentences.

Excellent advice!

The only thing I would suggest is to reverse the order of these 2 items...
- pay your mortgage until you can't
- call the bank and ask for forbearance or an extension

Call and ask for any sort of loan modification or forbearance at the first sign of not being able to make the payment. The lender may simply offer a loan payment extension (which means in 30,60,90 days or whatever you may have pay in full all missed payments but...) it buys some time to deal with the issue. It also extends the above mentioned time line for foreclosure.

In other instances the lender may be able to add back the missed payments by extending the loan or changing the monthly payment. You never know until you ask and try to get a modification.

In the Great Recession I am aware of people who lived in their home legally for 2 years without making any kind of payment other than to the power company to keep the lights working. I do not recommend that approach; but I do recommend doing whatever you can legally to keep a roof over your head.

Also 1 real issue to be aware of .... debt that is forgiven/waived is considered taxable income to the entity forgiven.
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Re: What WILL/DID you do with that stimulus check?

Post by RoneKiln » Thu Apr 23, 2020 10:34 pm

NT2C wrote:
Wed Apr 22, 2020 9:21 pm
RoneKiln wrote:
Wed Apr 22, 2020 9:18 pm
NT2C wrote:
Wed Apr 22, 2020 6:52 pm
Regular maintenance and care in how you use it (ie: don't make a habit of off-roading a stock Civic) go a long way toward vehicle longevity and reliability.
Quit judging me! :ohdear: My 24 year old civic is a tough little tank. It earned the name Lil' Truck! :lol: The only thing not stock on it is the trailer hitch. Even the radio is original. It only has 240k miles on it.

Its predecessor was running strong with 360k miles on it when I sold it and bought my current one. I was embarrassed at how much sawdust and wood splinters I vacuumed out of it. I hauled a LOT of lumber with her over the years.
Ah, but do you habitually off-road it?
Not habitually.
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Re: What WILL/DID you do with that stimulus check?

Post by NT2C » Thu Apr 23, 2020 10:37 pm

RoneKiln wrote:
Thu Apr 23, 2020 10:34 pm
NT2C wrote:
Wed Apr 22, 2020 9:21 pm
RoneKiln wrote:
Wed Apr 22, 2020 9:18 pm
NT2C wrote:
Wed Apr 22, 2020 6:52 pm
Regular maintenance and care in how you use it (ie: don't make a habit of off-roading a stock Civic) go a long way toward vehicle longevity and reliability.
Quit judging me! :ohdear: My 24 year old civic is a tough little tank. It earned the name Lil' Truck! :lol: The only thing not stock on it is the trailer hitch. Even the radio is original. It only has 240k miles on it.

Its predecessor was running strong with 360k miles on it when I sold it and bought my current one. I was embarrassed at how much sawdust and wood splinters I vacuumed out of it. I hauled a LOT of lumber with her over the years.
Ah, but do you habitually off-road it?
Not habitually.
See? That's why yours has lasted.
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Re: What WILL/DID you do with that stimulus check?

Post by Evan the Diplomat » Thu Apr 23, 2020 11:59 pm

Despite filing my 2018 return electronically, I have not received my stimulus check.
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Re: What WILL/DID you do with that stimulus check?

Post by CG » Fri Apr 24, 2020 7:04 am

I now know people who have received the elusive "paper check".
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Re: What WILL/DID you do with that stimulus check?

Post by 12_Gauge_Chimp » Fri Apr 24, 2020 10:15 am

CG wrote:
Fri Apr 24, 2020 7:04 am
I now know people who have received the elusive "paper check".
I'm still waiting for mine, but I heard that the first round of them went out either Wednesday or Thursday. So I'm still hopeful I'll get mine soon.

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Re: What WILL/DID you do with that stimulus check?

Post by raptor2 » Fri Apr 24, 2020 11:08 am

Evan the Diplomat wrote:
Thu Apr 23, 2020 11:59 pm
Despite filing my 2018 return electronically, I have not received my stimulus check.
Remember there is a phase out and if you 2018 AGI exceeds that phase out level the stimulus will wait until you file your 2019 or 2020 return. Also if you do not have your banking info on the tax return that will trigger a paper check.


Not exactly the same thing but the local businesses that I am aware of filing for SBA PPP funds have all received these funds.
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Re: What WILL/DID you do with that stimulus check?

Post by RonnyRonin » Fri Apr 24, 2020 12:44 pm

raptor2 wrote:
Fri Apr 24, 2020 11:08 am

Not exactly the same thing but the local businesses that I am aware of filing for SBA PPP funds have all received these funds.
My workplace was just told they will NOT be receiving any SBA PPP funds, guess they got on the bandwagon too late. I've been trying the thread the needle of working enough hours to pay my bills but not so many hours I bankrupt my boss. Are you seeing very small businesses get any funds or only larger ones that have more clout or employees?

No paper check for me either yet, but the good news is my wife managed to verbally harass an airline into giving us a refund rather then credit so we will get about $1000 back from what was supposed to be our first real vacation together in 7 years of marriage. Its kind of a shame, because if she had been her usual kind, polite self we would have gotten $0 back, so not much incentive to remain nice. They were very firm that there was nothing they could do until she brought up the DOT law they may or may not be breaking, apparently thats the line at which the customer service people have been trained to cave.
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Re: What WILL/DID you do with that stimulus check?

Post by raptor2 » Fri Apr 24, 2020 1:08 pm

RonnyRonin wrote:
Fri Apr 24, 2020 12:44 pm
raptor2 wrote:
Fri Apr 24, 2020 11:08 am

Not exactly the same thing but the local businesses that I am aware of filing for SBA PPP funds have all received these funds.
My workplace was just told they will NOT be receiving any SBA PPP funds, guess they got on the bandwagon too late. I've been trying the thread the needle of working enough hours to pay my bills but not so many hours I bankrupt my boss. Are you seeing very small businesses get any funds or only larger ones that have more clout or employees?
All of these businesses applied on day one of the program through a bank as well as through the SBA site. They are small entities with between 4 and 20 employees. It is possible that the "NO" was because the PPP funds were exhausted. These funds have since been replenished as of yesterday. Anyone who got a "NO" should try again ASAP through a bank as opposed to the online with SBA approach.

Also bear in mind that these are the PPP funds and not the EIDL loans. The PPP funds are potentially to be forgiven. The EIDL funds are loans albeit with a low interest rate.
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Re: What WILL/DID you do with that stimulus check?

Post by RonnyRonin » Fri Apr 24, 2020 11:22 pm

I think the bank part was key; he applied last time through a larger bank that blew him off; he has since switched to a smaller bank that is actually working with him so the second round seems more optimistic.
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Re: What WILL/DID you do with that stimulus check?

Post by woodsghost » Sat Apr 25, 2020 9:04 am

RonnyRonin wrote:
Fri Apr 24, 2020 11:22 pm
I think the bank part was key; he applied last time through a larger bank that blew him off; he has since switched to a smaller bank that is actually working with him so the second round seems more optimistic.
My dad's business got a loan. He has about 5 employees now.
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Re: What WILL/DID you do with that stimulus check?

Post by raptor2 » Sat Apr 25, 2020 12:45 pm

woodsghost wrote:
Sat Apr 25, 2020 9:04 am
RonnyRonin wrote:
Fri Apr 24, 2020 11:22 pm
I think the bank part was key; he applied last time through a larger bank that blew him off; he has since switched to a smaller bank that is actually working with him so the second round seems more optimistic.
My dad's business got a loan. He has about 5 employees now.

Yes IMO the bank is critical you want a banker not a bank.They are few and far between but if you find one cultivate that business relationship.
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Re: What WILL/DID you do with that stimulus check?

Post by MPMalloy » Tue Apr 28, 2020 6:33 am

My cut of the juice will be in tomorrow. :clap: :clap: :mrgreen:

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Re: What WILL/DID you do with that stimulus check?

Post by JT42 » Tue Apr 28, 2020 10:47 am

I got mine yesterday, but not from the government...

Like many others, my auto insurance company decided to refund some of my premiums. Since I haven't been driving to & from work for 6 weeks and won't for a total of at least 11 weeks... they refunded about 2.5 weeks of premiums.

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Re: What WILL/DID you do with that stimulus check?

Post by raptor2 » Tue Apr 28, 2020 11:57 am

JT42 wrote:
Tue Apr 28, 2020 10:47 am
Like many others, my auto insurance company decided to refund some of my premiums.
My insurer said they would do the same thing but not until renewal which for me is still 5 months away. I expect them to say in effect that they will forego the usual rate hike and call that a refund.
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Re: What WILL/DID you do with that stimulus check?

Post by raptor2 » Tue Apr 28, 2020 3:14 pm

A good link discussing why you have not received your stimulus check yet:

https://www.marketwatch.com/story/why-h ... yptr=yahoo

(Note the article is good but avoid the comments.)
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Re: What WILL/DID you do with that stimulus check?

Post by CrossCut » Fri May 08, 2020 10:09 am

SOBs want the stimulus money they deposited in my account for my deceased MIL back... See Q41 at the bottom.

https://www.irs.gov/coronavirus/economi ... ion-center

Earned about a dime of interest on it, so after a postage stamp their blunder only ends up costing me $0.45. :vmad:

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Re: What WILL/DID you do with that stimulus check?

Post by MPMalloy » Fri May 08, 2020 10:14 am

I think I need to return some stuff :oops: :x

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Re: What WILL/DID you do with that stimulus check?

Post by NT2C » Fri May 08, 2020 11:19 am

MPMalloy wrote:
Fri May 08, 2020 10:14 am
I think I need to return some stuff :oops: :x
:?:
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Re: What WILL/DID you do with that stimulus check?

Post by MPMalloy » Fri May 08, 2020 11:30 am

NT2C wrote:
Fri May 08, 2020 11:19 am
MPMalloy wrote:
Fri May 08, 2020 10:14 am
I think I need to return some stuff :oops: :x
:?:
I spent too much. I went :crazy:

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Re: What WILL/DID you do with that stimulus check?

Post by NT2C » Fri May 08, 2020 11:32 am

MPMalloy wrote:
Fri May 08, 2020 11:30 am
NT2C wrote:
Fri May 08, 2020 11:19 am
MPMalloy wrote:
Fri May 08, 2020 10:14 am
I think I need to return some stuff :oops: :x
:?:
I spent too much. I went :crazy:
Well, that part I figured. What did you plan to return?
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Re: What WILL/DID you do with that stimulus check?

Post by raptor2 » Fri May 08, 2020 11:48 am

CrossCut wrote:
Fri May 08, 2020 10:09 am
SOBs want the stimulus money they deposited in my account for my deceased MIL back... See Q41 at the bottom.

https://www.irs.gov/coronavirus/economi ... ion-center

Earned about a dime of interest on it, so after a postage stamp their blunder only ends up costing me $0.45. :vmad:

Just a suggestion ... and none of my business but...
Spend the $7 on postage and mail the check certified mail return receipt requested. Note on the memo section of the check "return of 2020 stimulus paid in error for (enter her name & SS#)". Write on the green return receipt (the potion returned to you) that statement also. Image the whole thing along with the envelope exterior with the proper postage affixed. Then bring it to the post office and get the mailing receipt stamped and dated.Then keep that mailing receipt along the return receipt when (it is sent back to you) along with an image (front and back of the cleared check when it clears). Assemble the final version and keep it with your 2020 tax stuff. You should also make a copy of the bank statement showing the payment amount hitting that account as further proof you returned the correct amount.

Yes this is a PITA. However, you may have to provide proof of the returned payment and this more than adequate proof. Also in the event that they pull the funds from your account at some point in the future, you will want that to prove they pulled the funds improperly.

Documentation may be important. I would likewise include a letter describing what you are doing and provide a copy of the bank where the payment was made so that whatever worker bee processes the payment the explanation will likewise get attached to their records of the payment.
This way when or if they contact you about this, you have everything there and can say "F" off" with a simply copy of all the records including their deposit and proof of receipt.

The $7 is a good investment in CYA with an organization will spend $10,000 to collect $1,200.

My $.02.
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Re: What WILL/DID you do with that stimulus check?

Post by MPMalloy » Fri May 08, 2020 12:19 pm

NT2C wrote:
Fri May 08, 2020 11:32 am
MPMalloy wrote:
Fri May 08, 2020 11:30 am
NT2C wrote:
Fri May 08, 2020 11:19 am
MPMalloy wrote:
Fri May 08, 2020 10:14 am
I think I need to return some stuff :oops: :x
:?:
I spent too much. I went :crazy:
Well, that part I figured. What did you plan to return?
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