stimulus check update | The Kwak Brothers

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Pay Off Your Loan Or Invest? Know What’s Better For You

Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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BREAKING! The Eviction Problem Just Got WORSE 😧

The eviction moratorium has completely expired and the US Supreme Court ruled against the CDC wanting to extend the moratorium. In addition to this, recently the Federal Unemployment Benefit also expired this week and the Biden Administration has no intention of bringing the unemployment benefit back as the economy is starting to open up.  https://www.youtube.com/watch?v=uaTUQruQjKQ In this video, I’m going to unpack what this all means and how real estate investors could potentially benefit from the eviction

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February 9, 2021

Third Stimulus Check – New Updates ($1400 Check)

Here is the latest update/breakdown on the Third Stimulus Check (The $1.9 Trillion Dollar Stimulus Package & The $1400 check. So the newly inaugurated President Biden has repeatedly touted that he wants another stimulus package that will cost $1.9 Trillion Dollars). Now it was just last month when the $900B COVID relief bill was passed which included a second stimulus check of $600, new rounds of funding for small businesses, and even $25billion dollars of rental assistance. PPP Explanation & Instruction: https://www.youtube.com/watch?v=Gy2O1a_sB0E EIDL Program Explanation: https://www.youtube.com/watch?v=2qdtqjysmuw Okay, first thing first… the newly proposed stimulus package includes a 3rd stimulus check of $1400. Now, remember last month when former President Trump has demanded a $2000 stimulus check but only $600 was passed per person. Another BIG change to the stimulus check is that Biden is planning to also include adult dependents and some undocumented immigrants for eligibility to receive the stimulus check. Second, the proposal now includes a provision where the boosted unemployment payment will go from $300 a week to $400. This also comes with an extension of the unemployment checks from March 2021 to September 2021. So Biden wants an additional 6 months of extension for the weekly unemployment checks of $400. Third, if you have kids, Biden wants to increase the child tax credit from $2000 to $3000 per child that is under the age of 17 but if your child or children are under the age of 6, you would get a tax credit of $3600 for every child that is under 6 years old. Fourth is additional Rental assistance and changes to the Eviction moratorium… Now, the COVID relief package that was passed a few weeks ago already includes $25 billion of rental assistance. It looks like there will be another $25 billion of rental assistance on its way to the states to help tenants and landlords. This is a total of $50 billion of rental assistance at play if the $1.9 trillion dollar stimulus package is passed. Remember that each state and Counties can impose a local eviction moratorium on top of the Federal level eviction moratorium that may have different rules and guidelines on the temporary ban of evictions. All that to say, the eviction moratoriums do not mean you don’t have to pay rent. If you have the means, you still have to pay rent because landlords CAN retroactively file an eviction and that means damages to your credit and public record – so keep that in mind. Fifth is that the proposal also includes a change in the Federal Minimum wage from $7.25 per hour to $15 minimum wage. Last but not least is funding programs for small business owners. Joe Biden is proposing a separate $15 billion dollars worth of grant funds. Now with the CARES act back in March of 2020 and the recently passed COVID Relief in December of 2020, these funds are targetted to small businesses with less than 300-500 employees. Now, the remaining package proposal includes funding for COVID testing and vaccination as well as funding for state and local government to fund infrastructure to fight the virus. While these types of provisions don’t affect you directly but we all hope that by having funding to fight the COVID-19, the economy will re-open back up to 100% and we can all stop wearing masks.
February 9, 2021

PPP Loan: BIG changes with the Loan Forgiveness

With the passing of the New COVID and Stimulus Package, the PPP underwent some major changes to the forgiveness rules, qualified expenses, and other qualification rules when applying! If you own a business with or without employees, the PPP (Paycheck Protection Program) can be a great lifeline to keep your struggling business open! **Disclaimer** I am not a representative or an employee of the Small Business Administration (SBA) or a lending institution. This video is only my opinion and interpretation of the recent updates made to the Paycheck Protection Program. EIDL Grant: Will We See The Return of FREE $10,00 Grant? https://www.youtube.com/watch?v=2qdtqjysmuw&feature=youtu.be Now right away, the package says that the SBA has 10 days to start making these changes and implementing them for any new PPP loan applicants or second-time draws. First, which business qualifies for the PPP loan. Now, if you applied for the PPP in the past, can you apply for it again? The answer is YES! PPP Loan recipients must show that they lost 30% of gross revenue during the same quarter in 2019. The borrower must not have more than 300 employees $2 million dollars is the cap. Now in regards to the term of the PPP loan, – According to the SBA, the PPP loans have an interest rate of 1%, a maturity term of 5 years, no collateral or personal guarantees are required, and no fees to apply. The second thing I want to hit is that the PPP now includes Additional Expenses that are qualified for the rule of forgiveness (SEC. 304. ADDITIONAL ELIGIBLE EXPENSES.) covered operations expenditures Covered property damage costs, covered supplier costs, and covered worker protection expenditures, Second, Covered Property Damage costs… This is any cost related to property damage, looting, vandalism due to civil unrest during 2020 that were not covered by insurance or other compensation., Third, covered supplier costs… This is any expenses related to a supplier of goods. This can be perishable goods (like food), any contracts made before the pandemic, and any supplies essential to the operation of the business. This could also mean raw materials if you create any physical goods. Fourth, the covered worker protection expenditure means any new equipment or repairs to drive through window facility, air ventilation system, physical barriers, masks, on-site health screening, expansion of indoor, outdoor, or combined space, and even air filter systems. All of these are basically protection for the virus and keeping workers safe. Now, that leads to another concern that was brought up many months ago and that has to do with the tax deduction question on these expenses. A few months ago, the IRS released a memo saying that any expenses used for loan forgiveness could not be used for a tax deduction… That meant that the business owners could receive loan forgiveness but may need to pay more taxes. Clearly, this was concerning. So bottom line, to receive the forgiveness, you’ll need to contact your PPP lender for the forgiveness application process. In respect to how much of the expenses can be used for the forgiveness of the loan, The covered Period for forgiveness on expenses is beginning on the 8th week after origination and ending on the 24th week after the origination.
January 4, 2021

Second Stimulus – House Passes | Full Details Revealed & Explained

Alright everybody, the House JUST passed the Covid Relief / Second Stimulus Bill and we’re pretty much waiting on the Senate to vote on it. It still needs a Senate vote and the President to sign the bill for this to go in effect. The FULL text has been released. The Covid Relief and second stimulus bill is actually part of a larger omnibus government spending bill. a total of ~5500 pages! The actual bill starts at Division M. Full Text is Released CORONAVIRUS RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT, 2021 https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf Starts at Page: 1823 Last night, the one-day stopgap measure has been passed – AKA a continuing resolution. What’s Inside the Bill So Far: 1. $600 per adult and qualifying children. (Page 1966) Steve Mnuchin says that the checks can be sent out as early as next week! 2. $300/ a week Unemployment Benefit up to 11 weeks. CARES Act was $600 a week, (Page 1934) 3. Tax Credit to support employers offering paid sick leave which grants employees 2 weeks of sick leave related to COVID-19 at full pay. 4. $25 Billion in emergency rental assistance and an extension of eviction moratorium. The current legislature extended this to Jan 31. 5. No mention of Student Loan Forbearance – but the latest legislature also shifted the forbearance expiration from Dec 31 to Jan 31 2021. 6. 15% boost in the SNAP Benefits program. 7. No State & Local Government Funding 8. $10Bil for Child Care and Development Block Grant (Page 1826) 9. Funding For Education: $81.8 Billion – Avaialble through September 30, 2022 10. Paycheck Protection Program & EIDL (Page 2009 a. PPP Loans Which are Forgiven Will Be Deductible (2) no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph b. Also, PPP Loan recepients must show that they lost 30% of gross revenue during the same quarter in 2019. c. EIDL Program has been updated to be stricter and targetted: ($20 Bil) (Page 2184) – Mention of the free $1,000 to $10,000 EIDL grant but with changes (Page 2191) – No more than 25 employees – Suffered an economic loss of not less than 30 percent unless you’re an agricultural enterprise. – located in a low-income community (IRS Code 45D(e) 1986 Code 10. Grants for Shuttered Venue Operators (Pg. 2124) Funding for theatres, live venue operators, motion picture theatre. $2 Bil Grants made available. No more than 50 full time employees. Source; https://www.usatoday.com/story/money/2020/12/20/stimulus-checks-unemployment-benefits-economy-covid-relief-package/3921356001/ https://www.forbes.com/sites/alangassman/2020/12/19/new-ppp-and-eidl-loan-advances-and-changes-under-proposed-act/?sh=60ce599ada96
January 4, 2021

$600 Stimulus check – It’s Coming… (might be $2000)

Second Stimulus – $600 Stimulus Check Coming… Just 1 hour ago, the key negotiators from the Democrat and the Republican sides have finally reached a deal on the ~$900 billion dollar COVID Relief bill (stimulus bill). Now, the bill has not been passed just yet but it is scheduled for a vote tomorrow (12/21/2020) on both the House and Senate floor. Right now, both chambers have to pass a stopgap measure to prevent a government shutdown by midnight EST. 12/28/2020 Update – This Bill has been signed by President Trump on 12/27/2020. A possible amendment to the bill may come where the congress may vote to change the $600 stimulus check to $2000. More updates coming soon. Here’s what we know so far… 1. COVID Relief Bill text is not available just yet. ( I will update this once the text has been released) 2. $600 per adult and child. (No specifics on age restrictions and income requirements) 3. Another round of 9-12 weeks of Unemployment insurance payment will be made available. ($300 a week) 4. Funding for Small Business Owners included 5. MAJOR funding for vaccine distributions, schools, and more! The BEST part about this news is that both the Democrats and the Republicans have finally come together to agree on something! *(FINALLY)* I would personally like to see more of this unity in our country! I will create more videos as details come to pass…
September 14, 2020

Stimulus Check Update | NEW Bipartisan Congress Stimulus Bill In The Works (stimulus)

Stimulus Check Update | NEW Bipartisan Stimulus Bill In The Works (stimulus) The house of representatives is back in session starting today and we can possibly see a new stimulus bill. There is also word that part of the stimulus is all payroll tax deferral COULD be forgave that was part of President Trump’s executive order. When the house of representatives went back into session today, there were talks of a NEW stimulus bill that would be made up of a team with equal Democrats & Republicans to come up with a bipartisan stimulus bill. The previous Republican skinny bill that was introduced at the beginning of their session was shot down and Nancy Pelosi has refused to accept ANY Republican bill. And just recently, 117 Democrats in the house of representatives, wrote an open letter to Nancy Pelosi URGING her to work with Republicans to come to an agreement for a stimulus bill. Again she decided to NOT take their advice and has said NO to anything that Republicans have introduced as far as a stimulus bill. 0:00 Intro 0:25 House of representatives back in session 0:49 Recap of stimulus news in recent days 1:20 Republican & Democrat committee 2:55 If there is NO progress in Congress 3:40 Payroll Tax Deferral The problem solver caucus is made up of both Democrat and Republican lawmakers to come up with a bipartisan bill that will hopefully pass the house of representatives. It is very possible that within this bill we will see a stimulus check of $1200, an extension of unemployment benefits, and many other stimulus items that have been a part of previous stimulus bills in the past. The stimulus bill would possibly be a little of a trillion dollars which is a little more that what Republican lawmakers wanted to see the stimulus bill be at as far as cost goes and far less then what Democrats want to see in a stimulus bill. If there is no forward progress on this stimulus bill, President Trump has again expressed his intention with using his executive powers to enact any of these stimulus programs. But before we even get to that, we are hoping that the house of representatives will come up with a fair stimulus bill before President Trump has to go that route. There is another new bill that is looking to be passed that will have forgiveness of the payroll tax deferral program signed by President Trump. Many private businesses have opted out of the payroll tax deferral because of the uncertainty in the bill and their employees may have to pay it back next year.