Second Stimulus Check Update - Unemployment & Eviction Updates... (8-14-2020)
Second Stimulus Check Update - Unemployment & Eviction Updates... (8-14-2020)
Welcome back to your second stimulus check update for August 14,2020.
0:00: Intro
0:12: Overview of stimulus update
0:33: A Huge Thank You!
0:52: Unemployment Benefit
3:06: Eviction Moratorium
4:33: Timeline for the Rest of the Stimulus Package
4:52: Paycheck Protection Program
5:03: Funding for Schools
5:15: State Funding
5:55: Eviction Moratorium & Eviction Ban
6:16: EIDL Loan
6:34: Hazard Pay
6:44: Student Loan Forgiveness
6:59: Liability Protection
7:17: Payroll Tax Deferment
7:55: Mortgage Forbearance
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Unemployment Benefit:
The Unemployment Benefit of $400/week proposed in the HEALS Act has been downgraded to $300/week, funded by FEMA. President Trump signed a memorandum recently that had 75% of the funding coming from the disaster fund and the remaining 25% coming from the State Government. Unfortunately, States were unable to contribute their portion of the unemployment benefit. President Trump and the White House staff changed the wording in the memorandum to exclude the original plan for State Governments to cover 25% and just adjust the unemployment benefit to $300/week.
Eviction Moratorium:
Within the memorandum that President Trump signed, the eviction moratorium was not necessarily an order, but more so guidance from the CDC and the Department of Health. They view eviction as a high-risk action that might cause the spread of COVID-19.
$1200 Dollar Direct Payment Stimulus Check:
The second stimulus check is still likely, but we will have to wait till Congress' September session.
Paycheck Protection Program:
The PPP Program is still in the likely category but there was a change to the provision. You can only qualify for the PPP loan if your business has suffered a 50% loss in revenue.
School Funding:
$105 Billion for schools, they are starting to re-open and will need some extra funds.
State Funding:
This has been a highly contested provision in the second stimulus package between Republican & Democrat lawmakers. Democrat lawmakers want to see more funding for states. But on the opposite side, Republican lawmakers do not want to spend money on states with expensive pension programs.
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