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What would you do if the US Treasury sent you $1,000

Wally Fairway

By Wally Fairway
in Daily Texan

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South Austin
South Austin
Biff Tannen
Biff Tannen

I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities…

Moby Ric
Moby Ric

Save it to pay the Gov't when they ask for it back on April 15th.

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Iceman

Iceman 2,726

Posted
Posted
17 minutes ago, Murfdogg21 said:

So people making over $100k that get furloughed are SOL? Put the for sale sign out front!

Luckily there aren't that many of us in that scenario, what with the (alleged) eradication of the middle class and all...

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Parliament

Parliament 14,342

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I know it's absurd, but how does that work? If they wanna give us all money, why just literally mail us a check? Do the "printing" with the check printer?

It's a serious question. Naive and uninformed, but serious. I'm asking about the relationship with the Treasury, Fed and and banks and Congress, on a basic level.

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Js1

Js1 85,609

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10 minutes ago, Parliament said:

I know it's absurd, but how does that work? If they wanna give us all money, why just literally mail us a check? Do the "printing" with the check printer?

It's a serious question. Naive and uninformed, but serious. I'm asking about the relationship with the Treasury, Fed and and banks and Congress, on a basic level.

They can access your direct deposit info from your tax return?

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atomheartbevo

atomheartbevo 89,837

Posted
Posted
1 hour ago, Parliament said:

I know it's absurd, but how does that work? If they wanna give us all money, why just literally mail us a check? Do the "printing" with the check printer?

It's a serious question. Naive and uninformed, but serious. I'm asking about the relationship with the Treasury, Fed and and banks and Congress, on a basic level.

With the 2008 tax rebate, they mailed checks.  They will still do that for many, but they also have direct deposit info for a lot of folks from tax returns, like js1 said.    They want people spending the money fast.  Or paying credit card bills, or mortgages  or whatever, to keep the banks, lenders, retailers, etc. going   

I keep thinking they are going to fuck this up royally, and leave out a lot of people who need it the most, while many of us toss it in our savings or buy video games or whatever.  
 

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Flg8rfan

Flg8rfan 201

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Posted

Not sure if I’ll make the cut on receiving anything, if so I plan on blowing it all at local mom and pop places. AC compressor is starting to go on my truck so 1k is going to my local auto shop either way.

There’s a couple of non-chain restaurants that I frequent. I’ll probably order takeout and throw in a couple of hundred dollar tip at each place.

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F250

F250 28,826

Posted
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On 3/21/2020 at 10:39 PM, Parliament said:

I know it's absurd, but how does that work? If they wanna give us all money, why just literally mail us a check? Do the "printing" with the check printer?

It's a serious question. Naive and uninformed, but serious. I'm asking about the relationship with the Treasury, Fed and and banks and Congress, on a basic level.

As I recall, money is deposited from the treasury into specific banks contracted with the treasury department and then the banks along with an intermediary transfer the money out to individual accounts for a small transaction fee. At least that was how it worked when I was involved with an intermediary that did this for the treasury department 10 years ago.

If you consider a select few candidates will get a percentage of Billions of dollars in transactions, a fuck ton of companies are going to be lining up for the bid or bitching they didn't get the bid.

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SimonBolivar

SimonBolivar 10,961

Posted
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19 hours ago, 'stache said:

The $10,000 student loan cancellation would have been nice and done a lot to stimulate discretionary spending in my household, but looks like that will be one of the obvious concessions from the house to reach a deal.

Here too, but oh well 3 more years left anyway.

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Onboard 2.0

Onboard 2.0 9,083

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Can't say I'd be in favor of an outright cancellation, but a multi month deferment or reduction seems totally acceptable.  

I'm in the over $100k crowd, and self employed  so I don't see any relief coming, but I'll quickly be in the under $100K if clients don't start calling in a few months.  Right now I have work that will get me thru for a while.

The wife isn't in the over $100k group so I assume we'll get something, but it's token at best when you factor in a mortgage, office rent utilities, food, etc. 

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Moby Ric

Moby Ric 2,058

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1 hour ago, Onboard 2.0 said:

Can't say I'd be in favor of an outright cancellation, but a multi month deferment or reduction seems totally acceptable.  

I'm in the over $100k crowd, and self employed  so I don't see any relief coming, but I'll quickly be in the under $100K if clients don't start calling in a few months.  Right now I have work that will get me thru for a while.

The wife isn't in the over $100k group so I assume we'll get something, but it's token at best when you factor in a mortgage, office rent utilities, food, etc. 

Wife and I are both in this position.  We will see no relief, but if my clients are not at work I am not getting paid.  So this should make for some interesting few months for me.  She will still be fully employed and fine.  Me........depending on how long this lasts I may not.

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Onboard 2.0

Onboard 2.0 9,083

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14 minutes ago, Moby Ric said:

Wife and I are both in this position.  We will see no relief, but if my clients are not at work I am not getting paid.  So this should make for some interesting few months for me.  She will still be fully employed and fine.  Me........depending on how long this lasts I may not.

I was getting ready to send out a round of invoices, and frankly feel a bit weird about it right now.

I've got a client who's ignored a past due invoice for a decent amount of money. This is kind of uncharted territory.  Don't wanna be the dick threatening legal action with all the shit going down. but it's been going on for a couple months now.

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MNLonghornFUKM

MNLonghornFUKM 8,822

Posted
Posted
I was getting ready to send out a round of invoices, and frankly feel a bit weird about it right now.
I've got a client who's ignored a past due invoice for a decent amount of money. This is kind of uncharted territory.  Don't wanna be the dick threatening legal action with all the shit going down. but it's been going on for a couple months now.

Oof yea..did you invoice him before pre Coronavirus? If so then I wouldn’t feel like it’s a dick move
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BTW

BTW 370

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Quote

The package would give one-time direct payments to Americans — $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child.

https://www.startribune.com/white-house-congress-agree-on-2-trillion-virus-rescue-bill/569086042/

I won't be seeing anything from this.  But you know that individual who makes $75,001/year is cussing right now.

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MNLonghornFUKM

MNLonghornFUKM 8,822

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Posted
The package would give one-time direct payments to Americans — $1,200 per adult making up to $75,000 a year, and $2,400 to a married couple making up to $150,000, with $500 payments per child.
https://www.startribune.com/white-house-congress-agree-on-2-trillion-virus-rescue-bill/569086042/
I won't be seeing anything from this.  But you know that individual who makes $75,001/year is cussing right now.

Should be almost 100k per single person and 150 for married couples
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atomheartbevo

atomheartbevo 89,837

Posted
Posted
4 hours ago, F250 said:

Should probably change the title to "what will you do when the U.S. treasury sends you a lump of coal?"

What does that translate into in terms of hand sanitizer and TP?

And for those who provided their bank info (such as those getting a return), it’ll go right in at some future date.   Apparently based on 2019 if you filed early, or 2018 taxes.   Checks will take weeks longer.

Sounds like it will be one-time, could push into late April/May because of staffing issues due to virus.

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atomheartbevo

atomheartbevo 89,837

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Found more info:

Quote

Treasury Secretary Steven Mnuchin has said they hope to start issuing checks within three weeks, with the remainder of the checks to be mailed by the end of May. However, the stimulus bill does not provide a specific timeline for payment distributions.

“We want to make sure Americans get money in their pockets quickly,” Treasury Secretary Steven Mnuchin said last week. “As soon as Congress passes this, we will get this out in three weeks.”

But that’s subject to change obviously, for those getting checks.   

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Hefeweizen

Hefeweizen 5,335

Posted
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2 hours ago, tokamak said:

Is this where we all start posting how much money we make?

Yup.  Honestly it is good that it is means tested.  It isn’t “nothing” but it needs to be for the hardest hit.  The corporate bailout is pure horseshit and will he used for more buybacks indirectly.  

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hornbri

hornbri 1,417

Posted
Posted
3 hours ago, MNLonghornFUKM said:

https://www.startribune.com/white-house-congress-agree-on-2-trillion-virus-rescue-bill/569086042/
I won't be seeing anything from this.  But you know that individual who makes $75,001/year is cussing right now.

Should be almost 100k per single person and 150 for married couples

It's phased out right? So that person will still get something. 

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F250

F250 28,826

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1 hour ago, Hefeweizen said:

Yup.  Honestly it is good that it is means tested.  It isn’t “nothing” but it needs to be for the hardest hit.  The corporate bailout is pure horseshit and will he used for more buybacks indirectly.  

I've only given it a quick glance but it looks like a lot of people will fall through the cracks. I'm thinking of self-employed and contractor types that did well in 2018 but are currently not bringing in the same level of income.

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