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Second Stimulus Check Update: TRUMP Signs Executive Order (Explained) - YouTube
Channel: The Kwak Brothers
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hey what's going everyone this is sam
Kwak here one of the Kwak Brothers and
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welcome back to your next stimulus check
update this is august 9 2020 sunday
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and here is your next stimulus check
update now i normally don't make videos
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on sundays but this is
way too big not to cover and not to
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update you guys as far as what's
happening
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president trump signs new executive
orders enacting
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four major updates to the stimulus
scoreboard and i'll give you guys a full
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breakdown
what does it mean when is it going to
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happen and what are the consequences
let's go and break it down in this video
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now the very first item that we need to
cover is the unemployment benefit of 600
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a week which is no longer 600 a week
president trump just signed an executive
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order directing
400 a week of an unemployment benefit
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which 75 percent will come from the
federal government
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and the states are asked to pitch in 25
so we're going to update the scoreboard
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and change this number to 400
a week and we're gonna put a green star
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on it
making sure you guys understand that
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this is an executive order
now couple questions that you probably
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have which is where is the money coming
from
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and how long is the extension first of
all funding for most of the executive
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orders that president trump signed
is coming from the fema fund which is
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generally used for
natural disasters like hurricanes so
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right now there's 44 billion dollars in
the fema fund
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that will be reappropriated to to cover
some of the executive order funding
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so right now what's going to happen is
the extension of 400
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a week unemployment benefit will last
till december
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6 or if the funds dropped
to 25 billion dollars again there's 44
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billion dollars right now in fema
if it drops to 25 billion dollars then
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the 400
a week unemployment check will stop or
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it lasts till december 6. so that's
going to last till about december 6 or
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whenever the funds hit 25 billion
dollars now the number two item as far
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as what president trump signed in
as an executive order is the deferment
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of payroll taxes
now the key word is defer which means
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that it's delaying so it's not forgiving
it's not going away
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it's simply deferring which means that
some point later down the road
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congress either has to make an
appropriation to either forgive
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the defer payroll taxes or
individuals would have to pay the
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payroll taxes somehow whether it's done
through
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tax returns or it's done through a some
sort of repayment plan
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we don't know it's simply a band-aid at
this point what's happening to the
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payroll taxes
so here's what it means for you as far
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as the payroll tax deferment goes
starting september 1st through december
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31st 2020
every hundred dollars that you make on
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your paycheck you would earn about
seven dollars and fifty cents more
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payroll tax is about seven point five to
seven point six percent
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so for every hundred dollars that you
earn you don't have to pay seven dollars
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and fifty cents which essentially you
get to keep in your pocket
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ends up being more money for you at the
end of the day also to mention the
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payroll tax cut is for individuals that
are making a hundred thousand dollars
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or less so if you're making more than
hundred thousand dollars in a year
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you will still end up paying the payroll
taxes but if you make
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less than hundred thousand dollars the
payroll tax deferment will be in effect
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for you which means you get to keep more
money as you earn your paycheck
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so we're going to add a green star to
the payroll tax cut
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because that is part of the executive
order now the third major item that
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president trump signed on as an
executive item
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is the student loan deferment now the
student loan will be deferred
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to december 31st at zero percent
interest
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and if you have a federally backed
student loan right now you don't have to
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make any payments
until december 31st now my general
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suggestion comes from my own perspective
is that if you have the ability
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to make payments on your student loan i
strongly encourage
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you to do so because every dollar that
you put in your student loan right now
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is going to be principal because right
now all federally backed student loans
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are at zero percent interest because if
you have a federally backed student loan
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right now it's at
zero percent interest therefore none of
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your payment will go towards interest
every dollar that you put into the
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student loan right now will count
towards the balance reduction so if you
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have the means to make payments for your
student loans i
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strongly encourage you guys to do so
because every dollar will count towards
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principal
as well as help you guys save money on
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interest and save time
in paying off your student loans so
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that's another big item that president
trump signed on as far as the executive
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order now as part of the executive order
what's clearly missing
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is an executive order for you to go and
smash the like button on this video turn
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help us out with our youtube algorithm
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and i normally don't make videos on
sunday so
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definitely go smash the like button for
the extra effort now the fourth major
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thing
is the eviction moratorium so what does
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that mean
well eviction moratorium is a temporary
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eviction ban
on any housing or multi-family that
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is being financed by federally backed
mortgages so if you own a multi-family
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apartment building
or if you own single family or two to
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four units
and it's being financed by a mortgage
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that's backed by federal government
then there will be an eviction
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moratorium eviction ban
you as a landlord will not be able to
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file an eviction for non-payment from
your tenants and for my landlords
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watching this i know you guys are
grumbling and you guys are not happy
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about it but that is executive order
signed by president trump
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now for how long we're not entirely sure
but
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the cares act did spell out a 120-day
eviction moratorium
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and we will most likely see a same
provision for president trump's
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executive orders so 120 days is about
four months so
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pretty much to the end of the year we
may see an eviction moratorium
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and eviction ban now if your state or
your local government
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already has an eviction moratorium
that's also an effect as well on top of
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a federally mandated eviction moratorium
so keep that in mind it's happening and
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we have to live with it
so overall those are all the executive
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orders that president trump signed the
unemployment benefit of 400
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a week an eviction moratorium payroll
tax deferment not a cut
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and also a extension of the student loan
deferment which was set to expire
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september but now individuals now have
till december 31st
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when their student loan will be at zero
percent interest and they do not have to
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make any payments on the student loans
temporarily to december 2020. now
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the question that's floating around
right now is can the president really
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sign an executive order
enacting some of these provisions as
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we're talking about it
now the big item that's being challenged
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and will probably be challenged
is the payroll tax deferment because the
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current argument is that the president
cannot make any changes to the tax laws
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by his executive order it has to go
through congress
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so that could very much be challenged
through the court system
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we have to keep on seeing what's going
to happen and we have to pay attention
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to whether the executive orders will
stand
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constitutionally also the question of
how well these executive orders will be
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funded
also came into play and just like what i
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mentioned earlier with the unemployment
benefit of 400
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a week president trump will
re-appropriate funding from fema
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to fund the unemployment benefit of 400
a week and we talked about that already
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but
in order for the president to create
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more funding or to print new checks
it has to go through congress congress
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has the pocketbooks
for the government the president does
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not obviously that's a separation of
power issue
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if the president had access to the
checkbook of the united states
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government that would be a
huge huge abuse of power but you can see
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here that there's separation of power so
president trump
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cannot create new stimulus checks that
is why we're not seeing the 1200
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direct payment as part of the executive
order portfolio because
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that requires additional printing and
funding
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which requires congress permission to
make it happen so right now what
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president trump
can do is sign an executive order on
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payroll tax deferment
eviction moratorium unemployment benefit
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of 400
a week until december 6 ish and a
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student loan deferment but
all this could be easily challenged
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because right now the democrat
senators and democrat lawmakers are not
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happy they're basically calling this a
big show or a shenanigan to make it look
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like president trump is doing something
for the american people
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but you can't blame the guy for doing
what he said he was going to do right he
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did say
if there's no agreement by friday he
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will use the executive powers
to enact some of these provisions as
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he's talked about i mean the democrat
lawmakers pretty much saw this coming
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when president trump said this for like
a whole entire week and what's
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interesting is that some of the
republican senators are also disagreeing
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with the president's
executive orders so we all have to pay
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attention to see what's going to happen
with the executive order
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will it be challenged by the court
system and right now it seems like it
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will
and how the congress react to this will
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they create a new action item or pass a
bill that's going to limit
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the president's executive order we all
have to watch so that means you got to
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subscribe to our channel and stay
updated and stay tuned because i will
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continue to update you guys so
definitely subscribe and hit the bell
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notification icon for more updates
and tomorrow being monday i'll come back
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to update you guys as far as what's
happening today so
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definitely stay tuned more to come and
i'll update you guys tomorrow morning
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