stimulus checks | The Kwak Brothers

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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.
July 14, 2020

EIDL Grant is now CLOSED & Second Stimulus Check UPDATE!

EIDL Grant is now CLOSED & Second Stimulus Check UPDATE! The FREE $10,000 SBA EIDL Grant has been CLOSED! What does that mean? Can you still get the SBA EIDL Loan? Can I still apply for the Paycheck Protection Program? Well, I breakdown everything here and unpackage what you need to know in regards to the EIDL Grant, the Paycheck Protection Program, and I also give an update on the Second Stimulus Check and what you can expect! RIP to the free $10K EIDL Grant 😭 But you can still apply for the EIDL loan, which still needs to be paid back and can not be forgiven. Just as a quick refresher as to what you can actually use the EIDL Loan for general operating expenses; utility costs, lease for your office space, mortgage payments, payroll, inventory obligations. But you CAN NOT use the EIDL Loan for expanding business, buying a franchise, buying any fixed assets, or can’t use the money to actually pay off your mortgage. EIDL Grant Questions Answered + Hidden Process https://youtu.be/keySGMPvRjU If you applied for the EIDL Grant before July 12, 2020, I think you will be safe and still in consideration for the free $10,000 EIDL Grant. However, if you are just submitting for that now, you may have missed the chance for the free $1k-$10k EIDL Grant but you will still be considered for the EIDL Loan! Moving on to the Paycheck Protection Program, it is STILL OPEN but with just how the EIDL Grant just closed, you can expect the same thing to happen to the Paycheck Protection Program, so if you plan on applying for the PPP, DO IT NOW! And don’t forget the PPP is open to people who are self-employed and rumor has it, the entire funding can be forgiven completely, just make sure to verify with your lender beforehand! NOW! The Second Stimulus check update! So the HEROS act has been shot down in the Senate and by President Trump. BUT the Senate is working on a second stimulus check program that COULD be given out. And within the second stimulus check guidelines, if you make less than $40,000 a year, you could qualify for a second stimulus check. And even on the White House side, President Trump is in favor of a second stimulus check. Now for the unemployment checks, for one, they are set to expire at the end of July. But there may be another extension signed into law by Congress and the Senate here shortly with a smaller amount. But others have speculated that it could be mandated by the State of residence.