Second Stimulus Check VOTE THIS WEEK (HEROS Act Breakdown) – The Credit Shifu

Check out Webull (1 free stock):
Credit Shifu Wallets:
Like Credit Shifu on FACEBOOK:

#secondstimuluscheck #herosact #cares2
So the bill does include more money for expanded testing and things like that but mostly I am going to focus on the economic aspects, since that is what we cover on this channel.

So the first thing included is money for states and local governments:

$500 billion for states

$375 billion for local governments

$20 billion for tribal communities

And $20 billion for US territories

This is more than the previous CARES act and just slightly above the $750 billion that was predicted, the figure comes to $915 billion.

But that affects your local government, now for some things that affect you and your wallet. The bill includes an extension of the expanded unemployment insurance. The expanded unemployment insurance is an extra $600 per week added on to the unemployment benefits that people who lose their jobs receive from their states. Now this has no doubt been very helpful to people who lost their jobs, because unemployment does not cover your full pay check, so this extra $600 is designed to allow people on average incomes to receive their full pay check.

The extra $600 per week is set to end at the end of July, but the bill would extend these benefits until January 31st 2021 and make freelancers and self employed people eligible for it. That wil no doubt come as a relief to some people who aren’t sure when they will be back to work and freelancers who never got unemployment in the first place.

Next the bill includes $10 billion in grants for small businesses, to target the fact that many many larger companies actually go access to paycheck protection funds, and some small businesses lost out.

And then there is the much anticipated second stimulus check, which is included in this bill and here it is. The check would be for $1200 per individual, just like the last time. So all those proposals for $2000 per months recurring payments were just senators pushing proposals out there that weren’t realistic, and I predicted that in the last video.

So $1200 for individuals, $2400 for married couples, but what is different is you would get $1200 per dependent, rather than the $500 that was in the first bill. And defendants now are not just child dependents, but any dependent as long as they have a taxpayer identification number which in most cases is a social security number.

The maximum number of dependents you can get money for is 3. So if you have 10 kids, sorry you are out of luck. And incase you are wondering this means the maximum stimulus check a family can get under this proposed bill is $6000.

Also the income thresholds are the same as in the original CARES act.

There is another fix in this new bill in that there is now a clause added to protect your stimulus money from seizure. If for example your stimulus money was paid into a bank that you owed money to, in the first round of funding they technically could seize that to pay off the debt. Although many banks did announce that they wouldn’t.

Now moving on to a few more things, the bill would also put a 12 month halt on evictions, and repossessions of vehicles that are used as dwellings, so if you live in a van and haven’t made your loan payment, you wont lose your home.

Then there is a section called Pandemic Premium Pay for essential workers, which increases essential workers pay by $13 per hour. This is amusing because this is $1 more per hour than Mitt Romney’s Patriot Pay proposal.

And then lastly the HEROS act would extend student loan forbearance both federal and private until september 2021 and forgive up to $10,000 of student loan debt.

So guys what i have given you is a really quick run down, kind of like a first look, there is obviously a lot more detail to it. But the important question is will it pass? Well the house apparently will vote on Friday on this new bill, so if you are asking if it can pass the house, yes it probably can. But can it pass the senate?

Well Mitch McConnel has said in reaction to this that he doesn’t see the urgency to pass this now, he also said “if we go forward we go forward together.” Indicating it has to be bipartisan, like the last few coronavirus bills were.

SONG FROM OUTRO
Track: Halcyon & Valentina Franco – Runaway (Heuse Remix) [NCS Release]
Music provided by NoCopyrightSounds.
Watch: youtu.be/5bj44xI2oWw
Free Download / Stream: ncs.io/RunawayHeuseRemix

Advertiser Disclosure: This site is part of an affiliate sales network and receives
compensation for sending traffic to partner sites, such as CreditCards.com. This
compensation may impact how and where links appear on this site. This site does not
include all financial companies or all available financial offers.

source