Stimulus Check Update Friday, May 8th | SSA, Second Stimulus, SSI & More!
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Key Financial News
1. 3.2 Million Filed for Unemployment Benefits Last week there were 3,839,000 unemployment claims. . That brings the total to over 33 Million unemployment claims in the last 7 weeks: In the worst month of the last recession in 2008 and 2009, the U.S. lost 800,000 jobs.
2. The next unemployment/ jobs report will come out tomorrow.
3. More than half of states have begun to reopen their economies or plan to do so soon. But most fail to meet criteria recommended by the Trump administration to resume business and social activities. One of the major criteria outlines in the plan is to have a downward trajectory of documented cases or of the percentage of tests that come back positive. In more than half of states easing restrictions, case counts are trending upward, positive test results are on the rise, or both, raising concerns among public health experts.
New Stimulus Check
1. There isn’t much new information here… Right now the democrats and republicans are not on the same page at all. Democrats want more stimulus money. The Republicans want to make sure that if stimulus money is given to state and local governments that it is used for coronavirus issues and not for issues they had before the coronavirus. Like common people need money.
2. Trump proposed that a second stimulus package have a capital gains tax. He added this to his list of what he’d like to see which includes a payroll tax cut, provisions to protect businesses, and an expanded deduction for corporate spending on meals and entertainment. However, the good news is that Trump has said that more help is coming so that is good because we really need a package to go through
3. There are a lot of bills begin talked about: The automatic BOOST To Communities Act, The Rent And Mortgage Cancellation Act, The Patriot Pay Plan, and The Emergency Money For The People Act. The Emergency Money for the people act has the most support and that is the one where you get the $2000/mo for individuals who are 16 years of age or older make less that 130k/year and $500/mo for each dependent you have . It currently has 28 co sponsors, so I will keep you updated on that
PPP and EIDL
1. The PPP Loan is almost out of money so make sure to apply for it. Remember that 75% for payroll and 25% for other expenses. He explained how the law says that businesses use the money for payroll now or eventually and then the loan would be forgivable.
Old Stimulus Check
1. Non filers- there is no timeline for non filers. The only timeline we have is for paper stimulus checks being mailed. Once your information is processed you should be eating sent out a stimulus check. According to the IR it updates its information every Saturday
2. Social Security Disability, Retirement, Survivor Benefits as well as Railroad retirement don’t have any new updates on dates. They have started to be sent out last week and are continuing to be sent out. So I will give you any updates on that as they come out.
3. For those who receive SSI and VA benefits who have a dependent, today was the deadline to use the non filers tool to make sure you get your $500 per dependent. According to the IRS press release on May 1, you’re expected to receive your stimulus check in mid May.
#StimulusCheckUpdate #StimulusPackage #Stimulus
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⚠️⚠️⚠️⚠️DISCLAIMER⚠️⚠️⚠️⚠️
I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Michael Wrubel MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Michael Wrubel's videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Michael Wrubel. Any use of other media is by fair-use or license only.