In this special Covid-19 edition of Best Friends Finance, we go totally off topic to discuss and commiserate over our current school situation due to the pandemic. Long time educator and mom of three, Michelle Kelly, joins us to talk about what this really is (hint…it’s not homeschooling), and what our children actually need from us at this time (another hint…it’s not all the answers to their math homework, thank god). Michelle speaks as both a teacher and a parent about managing our expectations, fostering a growth mindset, and giving ourselves and our teachers a whole lot of grace during this unprecedented time. It may not be about finance, but this conversation was definitely worth a million!
Update your direct deposit information for Economic Impact Payment: https://www.irs.gov/coronavirus/economic-impact-payments
Information on Paycheck Protection Program: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
Online lendors for PPP, if your bank is not participating or able to help you: https://www.lendio.com/, https://www.kabbage.com/, https://www.fundera.com/, https://www.crossriver.com/
More Info on Economic Impact Payment (stimulus checks) from Forbes.com:
Many taxpayers will receive a $1,200 stimulus check if their adjusted gross income is lower than these numbers:
- Single Filer: $75,000
- Head of Household: $112,500
- Married/Joint Filer: $150,000
Married/joint filers receive $2,400 if their combined income is below $150,000. You can receive an additional $500 for each dependent you claim under age 17.
What if you make more money than this? If you qualify for a stimulus check, your stimulus check may be less than $1,200 because if you have higher adjusted gross income, the amount of your check can be lower due to the phase out. The stimulus check amount phases out (gets reduced) by $5 for every $100 of adjusted gross income above these income levels based on your tax filing status. If your adjusted gross income is more than $99,000 (or $198,000 for married/joint filers), then you are not eligible for a stimulus check.