Coronavirus and Walt Disney World general discussion

[Andrew C]

One thing to keep in mind is that there are additional unemployment benefits included in the bill for people who were/are let go. I don't remember/know all the details, just that this is a part of it.

Edit: Here it is, if still accurate...

"The bill also dramatically expands unemployment insurance. Independent contractors and the self-employed, typically not eligible for unemployment insurance, will be temporarily eligible for special “Pandemic Unemployment Assistance”; the federal government will take on a greater share of states’ unemployment payments; “work-sharing” programs where unemployment insurance pays companies to reduce workers’ hours rather than lay them off are expanded; and unemployment checks are increased by $600 a week across the board. "

 

[TheDisneyDaysOfOurLives]

It’s a windfall if you don’t need the money.

I'm thankful that I don't need the money today. The reality is we're not out of the woods on this at all and may not be for a long while from an economic standpoint. My company lives and dies off of contracts with other companies. I'm currently working with a client that has kept us on through the end of the year and potentially into 2021. That's great, but if they don't keep us on past 2020 and contracts are drying up as a result of the economic pain companies are feeling, the money I will be receiving from this will definitely help me in 2021 if I were to be laid off. The expanded unemployment insurance wouldn't do me any good, but my job would still be a casualty as a result of this pandemic.

So this money (the amount of a family of five) goes to savings. If we need it, great. If not, then we're better prepared for next time. I just caution everyone to remember that you may not be hurting when you receive the check but six weeks down the road? You may be a casualty of this pandemic and there's no signs of any other relief coming in what will be a depressed market at the very least.

 

[Kamikaze]

One thing to keep in mind is that there are additional unemployment benefits included in the bill for people who were/are let go. I don't remember/know all the details, just that this is a part of it.

As far as I understand it, its just the funding they are earmarking for those benefits and loans, not actual new provisions/benefits.

 

[TheDisneyDaysOfOurLives]

I just think this bill turned into a lot more than what it was intended to do.

There are a lot of people in the $100k-199k bracket who will see a drastic reduction income even if remain working, or furloughed, or laid off.

When we talk about places like Disney or tourism in general, that’s the bracket who will be affecting those businesses when their incomes are reduced, many other aspects of the economy too. Not saying the check would have made a difference in that, I just simply get amused at how these things always turn out.
There should be staggered amounts based on income at all levels below the ones that are set. We’re needlessly giving away money imo. But, that convo would turn political too quickly. So I’ll leave that alone.

I firmly thought they should give it to everyone and then based off your 2020 return, if you made more than $150K (or 75K individually) to start crawling it back. I think basing it off the past is far from an indicator of what's to come in the future.

 

[GoofGoof]

A windfall usually refers to a large amount of money. $1200 is not that. Especially when your income has gone to zero at the same time.

If your income went to zero you wouldn’t fall in the windfall category. The money would be intended to at least help to make you whole for your lost wages. When I said some would get a windfall I meant people who right now are still working and haven’t lost any wages. For them it’s just extra money or a nice surprise. In my mind a windfall is unexpected money coming to you. In finance windfall profits generally refer to profits above costs that were generally unexpected.

 

[21stamps]

A windfall usually refers to a large amount of money. $1200 is not that. Especially when your income has gone to zero at the same time.

Agree. However, from what I’m reading, there will also be millions of Americans who will receive that money when their income has stayed the same.

 

[TheDisneyDaysOfOurLives]

As far as I understand it, its just the funding they are earmarking for those benefits and loans, not actual new provisions/benefits.

It's supposed to be $600/week for four months ON TOP of what your state unemployment offers. So if you get $300 from the state ever week, you could potentially get $900/week for the next four months. That's not bad at all. When I was laid off in 2018, $900/week would've made things a lot easier than the $250 I was receiving.

 

[iowamomof4]

Unfortunately, some or many young adults will likely fall through the cracks. My 18yo son did file taxes in 2018, so hopefully he will get a check (he's married now, but wasn't in 2018, so probably just the $1200). My 20yo daughter did not earn enough to make it worth filing in 2018, so I'm guessing that means she's out of luck.

 

[MaryJaneP]

The Who is legendary and for some reason Roger always reminded me of l Cold Miser from "A Year Without A Santa Claus"

Hmm. Someone reminds us of the "Heat Miser" from the same show. Now WHO would that be?

 

[TheDisneyDaysOfOurLives]

Unfortunately, some or many young adults will likely fall through the cracks. My 18yo son did file taxes in 2018, so hopefully he will get a check (he's married now, but wasn't in 2018, so probably just the $1200). My 20yo daughter did not earn enough to make it worth filing in 2018, so I'm guessing that means she's out of luck.

I believe I read that they will take 2019 returns in account now if they've been filed, otherwise they would use 2018 returns.

 

[GoofGoof]

I firmly thought they should give it to everyone and then based off your 2020 return, if you made more than $150K (or 75K individually) to start crawling it back. I think basing it off the past is far from an indicator of what's to come in the future.

This would have made a lot of sense. If you haven’t filed a return for 2019 (extended now to 7/15) they are basing it off of your 2018 AGI. Its quite possible that someone phased out based on what they made in 2018 could have already lost their job or be negatively financially impacted now. If they gave it to everyone and then clawed it back from high income earners with their tax return for 2020 that would cover those people. Administratively more work and also more money out up front.

 

[TheDisneyDaysOfOurLives]

This would have made a lot of sense. If you haven’t filed a return for 2019 (extended now to 7/15) they are basing it off of your 2018 AGI. Its quite possible that someone phased out based on what they made in 2018 could have already lost their job or be negatively financially impacted now. If they gave it to everyone and then clawed it back from high income earners with their tax return for 2020 that would cover those people. Administratively more work and also more money out up front.

More money, yes. Administratively, not more work from what I read. They have to do more research as a result of the means testing on limited staff then just a blanket order to send something to everyone.

 

[GoofGoof]

More money, yes. Administratively, not more work from what I read. They have to do more research as a result of the means testing on limited staff then just a blanket order to send something to everyone.

I meant administrative more work for the IRS on the back end when people file their 2020 returns. Upfront it would be easier to just send everyone a check.

 

[21stamps]

I firmly thought they should give it to everyone and then based off your 2020 return, if you made more than $150K (or 75K individually) to start crawling it back. I think basing it off the past is far from an indicator of what's to come in the future.

I firmly thought they should give it to everyone and then based off your 2020 return, if you made more than $150K (or 75K individually) to start crawling it back. I think basing it off the past is far from an indicator of what's to come in the future.

I’m in a business where my pay is directly related to profits.. I have a salary, but the majority of my pay is made in monthly bonuses. Myself and everyone under me will all see about a 50-70% decrease in pay for March of 2020 compared to March of 2019. Luckily we had an extremely strong 1st 10 days of the month..however, what’s going to happen next month, and the month after? Many of these people were laid off or furloughed today.. more will be let go if we see extensions of the current state directives, or if we see a continued downward spiral in profits. None of those people will qualify for the government check as it was passed.

 

[HongKongFooy]

I guess some will slip through the cracks if they just have a couple million sitting in bank accounts or very low yield investments.

Out of the 3 parties I personally know that will qualify that is the case for one of them.

The other 2 are holding real estate equity(2.2 million and approx 5 million respectively)


And then there are the select everyday folk in the immediate Bay Area of California like some teachers and small shop owners or the baseball coach who have personal homes with 1.3 to 2 million in equity who bought or inherited homes back in 1978. They are living in very pricy homes but will meet the threshold.

If you are one of those above and you need money, sell your junk and don't eat at the public trough.
Mucus feeding ain't right unless you truly need assistance.

 

[MrPromey]

I’m in a business where my pay is directly related to profits.. I have a salary, but the majority of my pay is made in monthly bonuses. Myself and everyone under me will all see about a 50-70% decrease in pay for March of 2020 compared to March of 2019. Luckily we had an extremely strong 1st 10 days of the month..however, what’s going to happen next month, and the month after? Many of these people were laid off or furloughed today.. more will be let go if we see extensions of the current state directives, or if we see a continued downward spiral in profits. None of those people will qualify for the government check as it was passed.

And the other thing that's fair to point out is, people making $100k+ a year have established lifestyles to maintain, too, which to those of us not in that group sounds like a joke but is a real issue.

That's not saying you have to cancel your order for that diamond encrusted toilet seat you were having hand-made in Europe or that your monthly subscription to the Cristal Gift Crate will need to be put on hold but that people's expenses usually tend to be related to their income so we're talking about things like mortgage payments, car payments, child care, etc...

All of these things can be changed, of course. You can downsize your home, get a cheaper car, put your kids into the hands of public schools, get cheaper phone plans, etc. That's what sometimes has to happen but it's not like most of that can happen overnight.

Expensive homes don't tend to be big sellers in a down market. Selling a higher end car as used and getting enough to cover your remaining balance is seldom doable and for demand, it's the same situation as the mortgage.

So the alternative is what? to default? Just like everyone else who is going to get a check?

I know it's easy to be flippant towards people who've done better than you (and by you I mean in the general sense - not the you I'm responding to) in life but I also get it.

There are of course, people sitting on liquid assets who are fine because they either had enough that the crash that we're seeing didn't impact them to the degree it would have needed to to hurt or they had it under their bed in stacks of $100s or something but I think (could be wrong) many are higher up the food chain than $100k a year.

 

[GoofGoof]

I am also thinking about 4 to 6 months from now when most of the dust has settled on this (God willing) there may be an additional bill that’s a true stimulus. This one is mostly to help people in need immediately cover their expenses. Another stimulus may be needed to give a boost to retail buying going into the fall and holiday season and to encourage spending on vacations and other luxury items. May be smaller like the 9/11 money but still something.

 

[21stamps]

I look at this way-

If you made $99,100 in 2019, but now you’re laid off as of mid-late March 2020.. are you less deserving of the check than someone who made $35000 in 2019 and still has their same job, not furloughed or laid off?

The rationale doesn’t make sense to me.

 

[Andrew C]

I look at this way-

If you made $99,100 in 2019, but now you’re laid off as of mid-late March 2020.. are you less deserving of the check than someone who made $35000 in 2019 and still has their same job, not furloughed or laid off?

The rationale doesn’t make sense to me.

The person who was laid off should be eligible for those additional unemployment benefits, however. Bottom line, they are trying to provide relief as quickly as possible and each way of doing so has its pros and cons...

 

[21stamps]

And the other thing that's fair to point out is, people making $100k+ a year have established lifestyles to maintain, too which sounds like a joke but is a real issue.

That's not saying you have to cancel your order for that diamond encrusted toilet seat you were having hand-made in Europe or that your monthly subscription to the Cristal gift crate will need to be put on hold but that people's expenses usually tend to be related to their income so we're talking about things like mortgage payments, car payments, child care, etc...

All of these things can be changed, of course. You can downsize your home, get a cheaper car, put your kids into the hands of public schools, get cheaper phone plans, etc. That's what sometimes has to happen but it's not like any of that can happen overnight.

Expensive homes don't tend to be big sellers in a down market. Selling a higher end car as used and getting enough to cover your remaining balance is seldom doable and for selling it, it's the same situation as the mortgage.

I know it's easy to be flippant towards people who've done better than you in life but I also get it.

This, exactly. You can’t deduct your mortgage, private school tuition, car payments, etc etc. One doesn’t need to live above their means to feel a crunch when a sudden layoff or reduction in income happens. Sure, you can go thru all of your savings, and after that runs out you can cash out all of your investments (which are worth next to nothing now)... but that category of Americans are going to be severely affected by this current situation. No, a $1200 check wouldn’t fix that, but it’s always crazy to me how people think an AGI number is a simple determination of if someone will be severely affected by economic downturn. In this current situation, many of the people who will be receiving the check are not people who are out of work or suffered loss of income. Once again, the people in higher income brackets will be the ones paying for those checks, while suffering a reduction in their own income.