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More Money Coming Soon | Economic Stimulus PPP Loan Round Two Update Monday April 20th - YouTube
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all right you could get an additional
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two thousand dollars from a brand new
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stimulus more help also on the way for
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small businesses and when the heck are
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we gonna get back to work it's time for
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your economy update from Monday April
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20th I'm Clayton Morris don't forget to
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leave me a comment because I read all of
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them and I try to reply to all of them
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as many of you know so leave me a
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comment okay let's get right to the big
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story which is new money for small
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businesses President Donald Trump opened
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Sunday's coronavirus taskforce briefing
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by talking about the negotiations are
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happening on Capitol Hill this week over
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additional funding for the paid paycheck
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protection program that's so hard to say
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PPP and a deal could come today let's
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listen we're continuing to negotiate
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with the Democrats to get our great
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workers and small businesses all over
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the country taken care of I think we
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were getting close to a deal could
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happen could happen a lot of good work
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has been going on and you know we could
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have an answer tomorrow so the Senate is
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scheduled for what's called a pro forma
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session today but no vote has been set
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now a pro forma session is just a short
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session usually only lasting a few
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minutes nothing final is gonna happen
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today the house announced it could meet
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as soon as Wednesday which is good news
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for a recorded vote on this pending
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package if they can get their act
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together and put it together so
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according to a scheduled update that
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came from Majority Leader Steny Hoyer so
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we'll know whether or not we're gonna
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get a vote on this new PPP thing this
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week so here's what's in the deal there
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would be 300 billion dollars for small
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businesses for their payroll program and
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fifty billion dollars would be for small
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businesses for their disaster fund
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additionally it would bring in 75
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billion dollars for hospitals and 25
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billion dollars for new testing the
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states need that badly
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so under this emerging deal the
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government's Paycheck protection program
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for small businesses would get roughly
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300 billion of course this program has
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been swamped by companies trying to
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apply for these loans and it ran out of
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money last week as we report it it's
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already approved 1.7 million loans but
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they ran out of money
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so that left thousands of small
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businesses in limbo as they try to get
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some help an additional 50 billion
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dollars in the evolving deal would also
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go for those disaster loans as I
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mentioned now there was some backlash
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against big companies that got some of
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these loans like Shake Shack they got a
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20 million dollar loan they came out and
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said they're gonna repay that 20 million
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dollar loan and here's another one that
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caused outrage did you hear about this
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my friend Susan told me about Ruth Chris
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she follows a stock market very closely
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you know the steakhouse Ruth's Chris so
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hard to say they get twenty million
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dollars of the cares act funds earmarked
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for small businesses they got 20 million
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Ruth's Chris is a publicly traded
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company under the ticker Ruth if you go
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want to check it they made four hundred
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and sixty eight million dollars last
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year with a net profit of 42 million but
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here's the amazing part JPMorgan owns
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one hundred and sixty-three thousand
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shares Wells Fargo does as well Bank of
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America four hundred eighty seven
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thousand shares Goldman Sachs 135
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thousand no wonder they're just getting
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all this money so fast I'm just saying
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it makes sense right hypocrisy so we're
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gonna see how many businesses actually
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get some funding this time around I wish
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Wells Fargo was an investor in me and
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that way I'd get money more quickly I
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guess I don't know all right let's talk
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about a new round of stimulus money for
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you the first round of stimulus checks
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have been sent out we all know that it's
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been quite a mess as you know so those
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are the $1,200 payments for single
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filers and the $2,400 for married
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couples well now there's already talk of
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the next stimulus payment so members of
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Congress have already proposed at least
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two different bills to put more money in
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your pocket now remember these are just
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bills at this point and I don't need to
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give you a civics lesson here but you
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know quite frankly how Congress works
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they're very slow slow
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yes I'm only a bill but here's what they
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want to do they want to give you $2,000
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a month in stimulus payments that's
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right representatives Tim Ryan of Ohio
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and roll Khanna of California introduced
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new congressional legislation they're
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calling it the emergency money for the
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people Act they want to provide monthly
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cash payments to eligible Americans
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until until employment returns to pre
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Kove in nineteen levels when will that
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be
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so this emergency money for the people
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Act would work like this you'd get
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$2,000 in cash per month
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guaranteed for at least six months at
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least and then cash payments would
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continue until the unemployment
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population ratio for people ages 16 and
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older is greater than 60 percent so cash
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payments would not count as income or
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impact your ability to qualify for
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income bait income-based federal or
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state assistance program so you can
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still get unemployment that means also
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that you wouldn't have to pay taxes on
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that money so that's roughly $12,000 per
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person for six months every American age
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16 and older making less than one
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hundred and thirty thousand dollars
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annually would receive that $2,000 a
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month married couples earning less than
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two hundred and sixty thousand annually
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would receive at least four thousand per
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month it's a lot of money
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qualifying families with children would
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receive an additional five hundred
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dollars per child with funds capped at a
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maximum of three children college
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students and adults with disabilities
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who are still claimed as a dependent
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would also be eligible it's a very
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generous one and that individual will
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receive monthly payments and their
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parent or guardian would receive the
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dependent credit so they get it they'd
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be able to dole it out now individuals
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who are unemployed or who had no
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earnings would also be eligible
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individuals who are not eligible based
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on 2018 or 2019 tax returns could be
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eligible based on their 2020 agrostis
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justed income because if they lost their
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job so now remember this isn't a law yet
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it would have to be finalized in the
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House of Representatives because all tax
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and revenue bills have to start in the
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house remember this from civics class
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then it goes to a committee
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while I'm sitting in committee
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then it's voted on then it goes to the
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Senate and if they sign off on it it
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goes to the president president Trump
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for his signature now the Senate of
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course is controlled by Republicans so
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if it comes out of the Senate the
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president will sign it the Senate is not
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going to waste time sending him a bill
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that they know he won't sign so that's
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that we have to wait on this now the big
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question when will we reopen well both
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Democratic governors and Republican
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governors blasted the president over the
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weekend maybe blast it's a harsh term
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but they did one of them called him
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delusional so what happened well Trump's
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trying to paint a pretty picture and
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both Republicans and Democrats are
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calling his bluff
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on this both parties so on Sunday
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morning Vice President Mike Pence
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repeated the assertion that current
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testing levels for kovat 19 are
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sufficient for any state in America to
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reopen soon remember having adequate
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tests is one of the guidelines of the
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Trump administration is using to measure
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our ability to actually reopen if we
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have the test and we know that certain
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businesses can reopen now pence said
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this shortly after Trump said the very
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same thing on Saturday so they're in
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lockstep of course he said that the
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country is quote that their capability
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and capacity are fully sufficient to
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begin opening up the country totally not
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sure where he got that info because both
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Republican and Democratic governors
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alike said on Sunday that's not true
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states are still hundreds of thousands
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of tests away from being able to reopen
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their economies a problem driven of
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course by the shortage of the reagents
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and swabs that are needed to conduct
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these tests we don't have them so here's
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a Republican Republican governor of
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Maryland Larry Hogan he says it's
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absolutely false listen to say that the
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governor's have plenty of testing and
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they should just get to work on testing
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somehow we aren't doing our job it's
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just absolutely false so he says that
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it's false so one of the Democratic
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governors think well here's governor
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Ralph Northam of Virginia is that the
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case in Virginia do you have enough
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tests to do the tests you need to do
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Jake that's just delusional to be making
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statements
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like that we we have been fighting every
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day for PPE and we've got some supplies
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now coming in we've been fighting for
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for testing it's not a it's not a
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straightforward test we we don't even
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have enough swabs believe it or not and
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we're ramping that up but for the
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national level to say that we have what
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we need and really to have no guidance
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to the state levels it's just
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irresponsible because we're not there
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yet
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so we've got delusional and false so
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what's the truth here well it turns out
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that the governors are correct and here
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are the numbers the US has been doing
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around 150,000 tests daily on average
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over the last week according to the Cova
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tracking project now that is better than
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we were doing in mid-march
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but nowhere nearly enough researchers at
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Harvard University estimate that to
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reopen the United States by the middle
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of May daily tests would need to be
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closer to 500,000 to 700,000 a day other
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experts argue millions of tests would be
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needed every day either way we are
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nowhere near where we need to be to
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reopen the economy and I would love for
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restaurants to reopen I miss some of my
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favorite places I miss watching baseball
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and soccer but we can't rush this and
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we're gonna head right back to where we
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started so that's it that's the latest I
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want you to hit that subscribe button if
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you're not already a subscriber and
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don't forget to leave me a comment I
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read all of them this channel is all
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about helping you become financially
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intelligent and we'll see you again
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tomorrow
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