Do Landlords get Any Stimulus Money?

Question

Hey folks, like many out here, I've relied for a few years now on "passive" income (as the government would call it) from my rentals here in Southern California. It's quite common knowledge that if you make under 75K gross a year, you should qualify (or 150K for married couples), but does anyone know if one qualifies with passive income only on their 2018/2019 taxes (still making less than 75K)? I can't find anyone who know the answer to this.

Stay healthy, and prayers for Boris!!!!

- Steve Sloane.

Stay healthy, and prayers for Boris!!!!

- Steve Sloane.

Bob Norton · Answer

@Lindel Turner EIDL grants are still available for businesses in low income areas and who can demonstrate at least a 30% reduction in revenue.  If you applied for an EIDL loan previously and meet these criteria, then the SBA will be contacting you to determine eligibility and requesting documentation.  If you do not qualify for the grant, then you can still apply for the EIDL loan.

Lindel Turner · Answer

@Bob Norton

Are edl grants in round two? I got one in round 1 I think it was 1k

Stephen Sloane · Answer

Thank you Bob, much appreciated.

Bob Norton · Answer

@Stephen Sloane Yes, you will get that rebate check as well.  As long as you filed a tax return in 2018 or 2019, and your AGI is below the threshold amounts that you mentioned.

Craig Jeppesen · Answer

It is based on AGI. Your rental income will be included along with all other 1040 income: wages, interest, dividends. Capital gains, schedule c business income, schedule e rental income etc. look at your return for Adjusted Gross Income.

Stephen Sloane · Answer

Thanks Bob, but I meant the stimulus money ($1200 per person, $500 per child) that the government is supposed to be giving out probably sometime in May.

Bob Norton · Answer

Landlords qualify for the EIDL grants, if your rents are down due to the pandemic.  Search for SBA coronavirus, click on the COVID-19 SBA website link, scroll to the bottom of the page and then click on the link to apply.