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[Latest] Round 2 of Stimulus Payments: $2,000 checks, Free Rent, Rehiring - YouTube
Channel: Wealth Hacker - Jeff Rose
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what's going on y'all welcome back the
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channel wealth hacker labs this is the
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channel dedicated to teaching you new
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ways to grow wealth that is not taught
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to you in schools or by your parents I
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am your gracious host Jeff rose and what
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I want to talk about today is a rundown
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of the three current proposals that are
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in Congress right now we all know about
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the cares Act if you're not sure what
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that is exactly then you are aware of
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the twelve hundred dollar economic
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stimulus check that you either have
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received or you are still waiting to get
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mailed to you not only did the cares Act
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provide that twelve higher dollar check
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but you also got an extended six hundred
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dollars of unemployment that would last
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up to potentially thirteen weeks but a
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lot of people are making a lot of noise
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saying that the twelve hundred dollar
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one-time payment isn't enough and there
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are definitely folks in Congress that
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are hearing you that are listening
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there's actually a petition that I've
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had several commenters share with me
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that if you want to sign that petition
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so that it can be passed on to your
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representative that something can get
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passed to help those still in need
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so right now there are currently three
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major stimulus proposals in the works
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some of this information has already
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been shared but I wanted to provide just
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a one-stop shop one-stop resource so
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that you can hear what each of these
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proposals can do for you potentially so
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the first one that is getting most of
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the buzz is the emergency money for the
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people Act
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doing it for the people and why this one
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is getting so much buzz is because we're
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not talking about a twelve hundred
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dollar one-time payment what we're
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talking about is a two thousand dollar a
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monthly stimulus payment that will go a
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minimum of six months up to one year
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potentially so that is the major one
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that people are talking about because I
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mean why not it's $2,000 and that is per
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individual
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so if you are a married couple that
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would be potentially $4,000 for the two
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of you and if you have dependent
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children that also is additional monies
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that could be coming your way the
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emergency money for the people Act this
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was introduced by representatives ROH
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Khanna and Tim Ryan and the big also
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changed with this act as opposed to the
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cares Act is that anybody that is age 16
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that's being claimed as a dependent as
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still as a home would also qualify for
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there's $2,000 monthly stimulus they've
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also increased the income limits
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provided you still have to earn if you
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earn more than one hundred and thirty
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thousand dollars individually 260 as a
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couple then there would be faced out
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limits now the other thing that you need
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to know about this act it also does
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provide the $500 per child just like the
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cares Act but the way that it is
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currently written it caps off at three
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children so if you're a family of six
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with four kids like myself then that
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they're hurt I'm sorry that poor child
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would not be getting any money well the
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parents would not be getting any money
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for that fourth fifth sixth child
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however many kids you have
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and probably the main thing that many
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people are really digging about how this
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is proposed especially for those that
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are sitting at home waiting for your
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check to arrive and it still hasn't yet
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they are trying to propose that instead
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of doing the way that it's been done in
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the cares Act that they would have some
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sort of prepaid debit card some sort of
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mobile money platform like venmo Zelly
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PayPal whatever no cash apps included
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but basically they're just trying to
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make it easier on the IRS on the
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government to send out checks get the
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money to you and just expedite this
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whole process in a previous video I
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talked about the timeline that was
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released by the IRS showing that for the
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higher income earners that still would
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qualify for the first twelve hundred
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ollar check it may take up to 21 weeks
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to get your physical check in the mail
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so anything that could expedite the
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process get that money in the America's
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hands that much faster I think we it's
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safe to say that we're all on
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with that now just a reminder this is
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the proposal in current form this has
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not passed this is not law this is just
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what is in Congress and this is what
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they are talking about right now as a
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possible solution in addition to the
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emergency money for the people Act we
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also have the provision that allows for
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no rent or mortgage payments for up to
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one year so this act is called the rent
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and mortgage cancellation Act and this
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was introduced by a representative
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Ilhan Omar from Minnesota and basically
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what's going to accomplish here is
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canceling any rent or mortgage payments
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on an individual's primary residence for
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up to one year now how the bill is
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currently written it would prohibit
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double dipping so it's not like a
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husband and wife can both take you know
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take this credit but the bill would
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currently include and this is it in its
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current form full rent payment or
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mortgage payment forgiveness for your
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primary resident no debt accumulation
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for renters or homeowners and no
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negative marks on your credit history so
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your credit on again not going to get
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dinged because you didn't make the
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payment now if you are hearing this and
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you are a renter you're probably getting
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really excited I mean the idea of not
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having to pay rent for entire year that
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would ease so much financial burden on
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so many people in America right now that
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have been laid off they've been
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furloughed that they have been downsized
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whatever the issue may be but if you are
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a landlord and you're hearing this
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you're probably not having the same
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response but what is also included in
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the bill is that it wouldn't establish a
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rental property relief fund and the home
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lenders relief fund both management both
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managed by the Department of Housing and
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Urban Development so basically all this
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is set aside to help out with landlords
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with with those that are have all these
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properties because you know this is
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their businesses is their livelihood so
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the bill make sure it has something to
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compensate for their financial burden
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the stress that they're going to have by
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not having all the rent payments that
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they've been accustomed
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- for however many years if you want
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more information if you want to read up
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on the emergency money for the people
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act or the rent and mortgage
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cancellation act or even the third
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acting I'm getting ready to share I'll
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have a link in the description for the
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representatives websites where they've
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shared more in detail what these acts
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cover so that you can get all the
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information that you need all right so
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the third and final act this act is
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called the getting America back to work
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act and this was proposed by Senator
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Josh Holley out of Missouri and
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basically what he is trying to do is
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create a refundable payroll tax rebate
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that would cover up to 80% of employer
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payroll cost up to the average wage and
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we also establish every hiring bonus for
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employees who were laid off and who were
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later rehired now this doesn't act or
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feel like a stimulus check but what it
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does allow is an employer to be able to
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bring back the staff that they didn't
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want to let go so if you were laid off
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now you can get rehired and not only are
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you getting a paid but you also would
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get all of your benefits that you had
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whether that be health insurance and
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other other coverages that you may have
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had that now you don't have because that
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you were laid off and the other reason
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why this is being introduced because
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could you imagine how inundated the
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unemployment system is right now with
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everybody that is filing for
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unemployment I mean there have been
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millions and millions and millions
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people laid off and I can't even imagine
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all the paperwork that they're trying to
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go through I mean the IRS has got their
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hands full but the unemployment oh dear
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Lord I mean yeah yeah I definitely do
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not I'm not envious of their situation
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right now so that is the whole what this
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getting back to work Act is trying to
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establish you know just get employers
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back in a situation where they can hire
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their key people also to helping out
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with the unemployment system so right
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now these are the three acts that are
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they are currently in the works
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there's nothing guaranteed I think that
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is I don't think I have to repeat that
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then we get that we know that the
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government can change on a dime and
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nothing is ever certain until it is and
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even with the economic stimulus checks
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yeah it got passed and maybe you are
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still like in disbelief because you
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haven't got it yet
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I promise you people have received it so
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I can't promise you that you're gonna
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receive yours government says you will
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so I'll let you decide who you want to
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believe on that one Archie I hope this
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was helpful to you just trying to make
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sense of all the craziness that's going
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on if you haven't yet be sure to
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subscribe this is Jeff rose reminding
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you that it's your money it's your life
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nilly you can make it awesome until next
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time peace
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