Wife and I won't be getting anything, however she would if we had not filed jointly. Being a sole proprietor, unless you pay yourself a salary (Corp. draw or LLC draw doesn't count) I'm not eligible for the Paycheck Protection. Thus I applied for the EIDL grant, which was just reduced to $1,000 per employee- so if they consider me an employee, I'll get the $1000. If not, I'll get zip. I thought that's what PPP was for? And 2/3 of my tenants didn't pay this month. 2 have legitimate job issues, but the others are just playing games. My family's business on the other hand, was approved for PPP loans for the 16 employees (they haven't been funded yet.) They used a small bank they have a relationship with and were able to get submitted quickly. Wells, BOA, and the other banks were a disaster to deal with, they didn't know shit.
The bill is written purposefully to get the stimulus money to as many as possible. They will use either your 2018 or 2019 return (whichever is more favorable to you) to determine eligibility and size of your check. If you haven't yet filed for 2019 (and the deadline has been moved to July 15 because of COVID-19 so there's plenty of time) you may consider checking to see if you'd be better off filing separately.
I’m not so sure about this. I would have received a check based on 2018 but not 2019 (already filed), but it doesn’t look like I’m getting squat.
You're right to be skeptical, but bear in mind that since the check is an advance against a credit that will be part of your 2020 taxes any of those 3 years (2018, 2019 or 2020) will be used to determine your eligibility. You may not be able to get the stimulus check now based on your last 2 years income but you might qualify by the time you file your 2020 taxes. That is the very strong impression I get from what I've been reading. Edit: I'm wrong about them automatically using the lesser of 2018 vs 2019. Since you've already filed your 2019 taxes that's going to trump the 2018 taxes. But the possibility of getting the credit for 2020 still exists.
The link that I posted is up and you are supposed to be able to enter your info to add a bank account. It didn't work for us though. It starts with your ssn, dob, and address. We tried both our socials and all the addresses we've live at around tax time up until now and it said they couldn't determine our eligibility at this time. boooooooooooooo
All the haters have to send that shit back.... Got mine this morning, like the memes say, don't buy China BS with this $$$$$, invest in your local businesses!!!