THE NEW $600 STIMULUS CHECK | What You MUST Know
The NEW $900 Billion Dollar Stimulus Package was just passed – here are the details, the new $600 stimulus check, and everything else you should know – Enjoy! Add me on Instagram: GPStephan
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-$300 PER WEEK INCREASED UNEMPLOYMENT BENEFIT THROUGH MARCH 14TH.
This is expected to begin on December 26th, and what makes this unique is that this package also provides an EXTRA $100 per week for unemployed gig workers who earn money from both a standard w2 job, and from self employment.
-$25 BILLION DOLLARS FOR RENTAL ASSISTANCE
This potentially covers up to 12 months worth of rent…and, alongside with it, an eviction ban lasting through January 31. In order to actually GET the benefit – it’s going to be dispersed through your STATE, and then YOUR STATE will be the ones to allocate the money as needed.
– $600 STIMULUS CHECKS
In order to qualify for the $600 stimulus check – you must make under $75,000 if you’re single, or $150,000 if you’re married…and your total benefit is reduced by $5 for every $100 you make above that threshold. That means, if you make above $87,000 as a single person, or $174,000 as a married couple – you won’t get anything.
They’re going to be basing this on your 2019 tax return…and if you saw a reduction of income in 2020, you’ll get this amount back when you file THIS YEARS tax return. In addition to that, you’ll receive an ADDITIONAL $600 for each qualifying dependent UNDER the age of 17.
-$325 BILLION FOR SMALL BUSINESSES AND PPP FUNDING
For those that aren’t aware, the paycheck protection program is aimed at businesses – who are able to take out a low interest loan to help keep themselves afloat, and keep their employees on payroll. There are also certain provisions that say, if the money is spent on qualifying expenses – then the ENTIRE amount can be completely forgiven, meaning, they don’t have to pay it back…meaning, it’s basically free money for businesses.
-$82 BILLION ALLOCATED FOR SCHOOLS
-$69 BILLION FOR TESTING, HEALTH PROVIDERS, ETC
-$45 BILLION FOR TRANSPORTATION
-$26 BILLION FOR FOOD STAMPS, FARMERS, RANCHERS
-$15 Billion FOR LIVE EVENT VENUES
-$10 BILLION CHILDCARE ASSISTANCE
-$10 BILLION FUNDING FOR POSTAL SERVICE
Beyond that, we have:
-A BAN ON MOST SURPRISE MEDICAL BILLS
This is a VERY common practice in hospitals, and a VERY common tactic for insurance companies who refuse to pay for your services…so, now – thanks to this package – insurance companies will have to negotiate for those “out of network” costs beginning in 2022.
-$35 BILLION DOLLARS TOWARDS GREEN ENERGY AND RESEARCH
This is a BIG win for all you clean energy stock holders, who have all seen quite a big jump today in their share prices
-100% BUSINESS MEAL DEDUCTIONS
The goal is that this is going to encourage more business people to eat out, helping the restaurant industry – because now, it’s a 100% write off.
-PAYROLL TAX CAN BE PAID BACK AT END OF 2021
This won’t impact everyone, but if you had your payroll taxes deferred as both an employee or EMPLOYER…you now have until the end of 2021 to pay that back.
Even though this one isn’t as big as people had expected a few months ago, the “thinking” is that – most likely, there will be ANOTHER stimulus package in the future, and THAT will be more all-encompassing. This one is meant to keep us going just a little longer until vaccines start rolling out and things start getting back to normal, and then we can move forward with something else depending on what happens.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
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