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.
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