NEW (May 13) $1,200 Stimulus Checks Round 2! | Heroes Act Stimulus Check Update
A brand new stimulus bill with new stimulus checks has been proposed. Known as the HEROES Act, this massive $3 TRILLION dollar stimulus bill has new stimulus checks, expanded unemployment benefits, revisions to the PPP, mortgage and rent relief, state and local government funds, and many other stimulus measures.
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The $2,000 + $1,000/month stimulus proposal: https://youtu.be/xOwlbRSIdh8
How to get Passive Income with Dividend Investing: https://youtu.be/H_BUUwoS4oo
The House proposed the new HEROES Act as a stimulus bill round 2. This second round stimulus bill has the following main provisions.
A second round of stimulus checks.
The qualifications are the same as before for the stimulus checks, except now dependents qualify for the $1,200 payments as well up to three dependents. That means a family of five could receive $6,000!
In order to get a stimulus check for a dependent, you must simply be a dependent for tax purposes. That means individuals above age 17 qualify.
The stimulus checks will be automatically sent to social security recipients, disability recipients, veterans benefits, and others.
The same income rules apply for the stimulus checks. You will get a stimulus check if you make under $75,000 individually or $150,000 married filing jointly. Anything more than that you will have your amount reduced.
The stimulus check would be tax free and not subject to garnishment from creditors, but child support payments would reduce your stimulus check like in the CARES Act.
Expansion of unemployment benefits to January 31, 2021.
If you are receiving the pandemic unemployment insurance benefits of $600 per week now, you can get that all the way until January 31 instead of the July 31 cutoff as it stands today.
If you are receiving state unemployment insurance, the 13 week additional benefits will be extended all the way until March 2021.
Changes to the PPP loan.
If you have a PPP loan, the HEROES Act stimulus bill will allow you to spend it anytime from now until the end of the year, instead of the mandatory 8 weeks as previous. Also, you do not need to spend 75% on payroll minimum; rather, you can spend it in any amount on payroll, rent, mortgage, or utilities.
State and local government assistance in the stimulus bill.
States and local governments will receive $1 trillion in stimulus aid to plug their budgets.
Rent and mortgage relief. Homeowners and renters will get stimulus bill relief.
Hero’s pay/hazard pay. There is $200B allocated for Hero’s pay / hazard pay for workers who had to work during the crisis.
SALT Cap removal. If this stimulus bill passes, the state and local tax deduction cap of $10,000 will be removed, and you will be able to write off more than $10,000 of your state and local taxes off your federal tax bill.
There are honestly os many facets to this stimulus bill that it is impossible to cover it all in one video. I will be making many follow up videos covering all aspects of the HEROES Act and telling you changes to new stimulus bills, so subscribe to stay informed!
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