Stimulus check ECOND STIMULUS CHECK UPDATE | JULY 25 UPDATE FOR 2ND STIMULUS CHECK (STIMULUS PACKAGE)
I hope everyone is off to a good and safe weekend. So far in this video i’ll be discussing both the first and second stimulus checks, including steven mnuchin, now confirming who all will be eligible for the second round of stimulus payments. I’Ll also be discussing unemployment, hazard, pay for essential workers and then i’ll be wrapping up. This video, by answering some of the comments and questions that i received in my previous video, but first, if you wouldn’t mind real quickly, liking this video, giving me a big thumbs up. It really just helps with the youtube algorithm in terms of pushing this video out to other viewers like you and hopefully helping other people like you as well. Okay, so the senate has now been back from the recess for one week now and depending on who you question, you would probably get an entirely different answer on how they’ve done so far. At this point, while nobel has yet officially passed, the gop is expected to release their stimulus package sometime early next week, perhaps as early as monday, at this point here’s what we know about the stimulus package that the senate republicans are putting together. As far as the second round of stimulus payments go, we were all initially a little bit concerned that they would only be targeted to lower income brackets, and some of us were even a little bit worried that they might decide to go with a payroll tax cut.
Instead of sending out another round of stimulus payments, fortunately treasury secretary steven mnuchin recently came out and confirmed a second round of stimulus payments and he said that they would be going to everyone who received the first round of stimulus payments in the cares act. Mnuchin’S, exact quote was we’re talking about the same provision as last time, so our proposal is the same proposal as last time. This means that single filers, who earn less than seventy five thousand dollars per year, will receive a stimulus payment of twelve hundred dollars, and this also means that joint filers, who earn less than one hundred and fifty thousand dollars on an annual basis, will be receiving a Joint payment of twenty four hundred dollars, then, of course there should be some type of phase out period where, if you earn more than those amounts, your check will be reduced by around five dollars for every 100. You earn over that amount and, of course, if you have dependent children under the age of 17, you should also expect to receive an additional 500 as well now. The final details, of course, haven’t yet been finalized, but we can expect something to be very similar to that. Okay. So at this point you might be saying great. This is wonderful, i’m going to be receiving another round of stimulus payments, but when exactly can expect to receive this payment and well that depends entirely on when this next bill gets passed.
You see the first round of stimulus payments began, getting sent out around 13 business days after the cares. Act got voted into law, so i would expect the same time frame as far as these timos payments go as well. This means that if the next stimulus package gets voted into law on august 7th, i would expect the first round of stimulus payments to begin going out on august 26th. Additionally, i’m also expecting that we won’t have to fill out any type of payment portal or any type of non filers tool, as the irs already has all of our information on file. So this round of stimulus payments should be going out much quicker than what they did in the first round. In other news, the federal unemployment benefits are set to technically expire on july 31st, but the last payments are actually sent out on this weekend with the time quickly running out, some of the members of the senate have actually considered drafting their own bill to extend the Unemployment benefits on a short term basis, house, speaker, nancy pelosi and senate minority leader charles schumer, knocked republicans on friday for not yet doing anything about the enhanced unemployment benefits. They said in a joint statement quote this weekend: millions of americans will lose their unemployment. Insurance will be at risk of being evicted from their homes and could be laid off by state and government, and there is only one reason: republicans have been dithering for months, while america’s crisis deepens at the moment senate republicans are mostly leaning towards basing unemployment off a 70, wage replacement.
This would equate to around 200 to 300 per week, rather than the previous 600. There were certain legislators that felt that the 600 federal unemployment boost was simply too much being that some people were actually earning more on unemployment than they were at their prior jobs. Other legislators, on the other hand, argue that there are simply no jobs right now. If there were any job openings, people would be returning to work. Democrats will most likely try to argue that case and they’ll probably try to find a middle ground between 200 and 600 on a weekly basis. Now, who do you guys personally think is correct here? Do you believe that people are sitting at home on unemployment because there are no jobs to go back to? Or do you think that they’re sitting at home on unemployment, because they’re earning more on unemployment than they were at their previous jobs? Let me know what your thoughts are in the comments section below now. As far as a return to work bonus goes, there have been some talks, but they have been very limited and unfortunately, the same goes for hazard pay for essential workers. The main problem here is the limited budget, the house majority democrats designated 200 billion dollars to go towards hazard pay for essential workers. However, the problem is mitch: mcconnell in the senate want to keep the next stimulus package limited to no more than one trillion dollars. Another round of stimulus payments alone will be right: around 300 billion dollars and with another 200 billion dollars going towards hazard pay for essential workers.
That would only leave us with around 500 billion dollars left to spend on other things. So, unfortunately, i just don’t see them having the budget unless they expand it significantly. That said, i will definitely keep you guys updated if anything happens, to change and just another question for you guys how much of a pay raise. Do you believe that essential workers should be given in this case? Let me know what your thoughts are in the comments section below as far as a payroll tax cut goes. That idea at this point seems more or less dead now early on. If you remember, president trump was so adamant on having a payroll tax cut that he said that he would even consider vetoing any bill that did not include a payroll tax cut. Donald trump believes that a payroll tax cut would be a tremendous pro growth strategy. Since then, many republican senators have pushed back simply believing that a payroll tax cut isn’t the best way to go here and that stimulus payments would be much more beneficial than a payroll tax cut would be treasury. Secretary steven mnuchin also recently came out and said that a payroll tax cut will not be in the next dms package, but it’s possible. It could be a part of another stimulus package such as something like a carriage 5.0. So with all that said, it seems, like president trump in the white house are backing up from those demands.
President trump said that he wants to get money into the hands of americans as quickly as possible, so obviously a stimulus check would be much quicker than a payroll tax cut would be now white house adviser, stephen moore, has been extremely disappointed with this stephen moore has Been pushing trump not to back down from these demands, as he believes that a payroll tax cut would be more effective than stimulus payments. This is something that moore actually said quote. There is no benefit from dumping money from helicopters into people’s laps. If this works, why not send every family ten thousand dollars? So what do you guys think about this? Do you believe that moore has any sense of reality when he’s saying that stimulus payments, aren’t anywhere as effective as payroll tax cuts are and that we should just be doing a payroll tax cut? Instead, let me know what your thoughts are in the comments section below liability protection remains a must for mitch, mcconnell and other senate republicans. Now, liability protection remains a must for mitch mcconnell and most republicans, that will be his red line in this next relief package. Liability protections for schools, hospitals and other businesses that opened during this pandemic over and over mcconnell said that no bill will pass the senate unless it has liability protections in it. He wants his liability protection to go on for five years and for it to be retroactive from december 2019, protecting business owners, schools and hospitals from lawsuits in relation to the virus.
Mcconnell said quote: nobody should have to face an epidemic of lawsuits on the heels of the pandemic that we have already related to the virus. Now, business owners, schools and hospitals would only be able to be sued if they weren’t acting in good faith. Republicans say the current draft of the bill states quote: defendants are liable only if they fail to make reasonable efforts to follow applicable public health guidelines and committed an act of gross negligence or intentional misconduct. Now democrats, in some labor unions, on the other hand, are completely against the idea of liability protection, believing that it’s failing to protect workers. So again i ask you guys: what do you personally think about liability protection? Do you believe that business owners should be shielded from lawsuits as long as they’re acting good faith, and if you owned a business, would you feel safe opening your business if you didn’t, have some sort of liability protection, or would you maybe just wait a few months To hope that this virus clears up before reopening your business again, let me know what your thoughts are in the comments section below other programs expected to be extended in the next relief package include the paycheck protection program that’s currently set to expire on august 8th. Now the extension of ppp is a bipartisan issue, so i fully expect that to be in the next relief package and with all that said, let’s hope that the senate can make some serious strides next week and get the stimulus package passed through and, of course, like.
I said before it’s certainly possible that the unemployment benefits may be extended for a short period of time to sort of work as a bridge from where we are now until we get the next relief package passed with time running out, legislators will need to act swiftly To get this bill passed through and with only a few months until the november elections, i can expect this next relief package to be heavily politically motivated. Okay, so at this point i just wanted to give a quick update on the first round of stimulus payments, because, yes, unfortunately, there are still millions of americans who haven’t even received their first round of stimulus payments, even though we may be sending out a second round In just a month or so so the good news is, the irs is going to continue sending out stimulus payments each and every week until everyone receives them. So remember, if you are eligible, you will eventually receive your stimulus payment. The next most payments are expected to be directly deposited into bank accounts next wednesday on july 29th. So in the meantime, keep checking the payment portal. That is your number one resource right now and if you are eligible, you will definitely receive your stimulus payment. If you would like to call the irs about your first round of stimulus payments, you definitely can. The number you can call is 1. 800. 919. 9835. I would recommend to call a little bit earlier in the day, though, just because the whole times generally seem to be a little bit longer.
The longer you wait in the day to call them all right. So at this point in time, i’m just going to answer some of the comments and questions that i received in my previous video and if you have any other comments or questions for me, feel free to leave them in the comment section below. I do try to respond to as many comments and questions as i possibly can, and those comments and questions that i’m not able to respond to. I do try to pick some of the more popular ones to answer in the next video in video form. Okay, so without further ado, let me go ahead and jump into the first comment of today’s video and that comes from vicki vicki says i am still waiting on my first one still nothing on the portal. Nothing in my account. Eventually, i will be thought of by my government. That is a scary thought. Alright, thank you so much for that comment, vicky and i’m. So sorry, you haven’t, received your first and most payment. I know has to be incredibly stressful to be waiting months on end and still not receiving anything when you’re, seeing the rest of your family, friends and everyone else receive their first and most payment. I know it has to be an extremely frustrating situation and, on behalf of the irs i apologize for that. I will say, though, that if you are eligible for your stimulus payment, you will most definitely receive it.
Remember as long as you’re not being claimed as a dependent, you should be eligible and as long as you’re earning less than 75 000 as a single filer you’re definitely eligible, and you will definitely receive your stimulus payment in the meantime. Just continue checking the payment portal. The irs is sending out payments week by week, so it will eventually be your turn and in my opinion, you should be paid interest on top of your stimulus payment at this point in time, because the weight at this point time is just really really ridiculous. But hang in there i know it’s difficult, but you will receive your stimulus payment all right. So the next question of today’s video comes from dylan dylan says: will we get money for dependents over 17.? All right? Thank you. So much for that question. Dylan and treasury secretary steven mnuchin recently came out and said. The next round of stimulus payments should be very similar as the first round in the cares act and in the keras act for dependents over the age of 17. They did not receive anything and people who claim those dependents over the age of 17. They did not receive anything either. So with that said, if it is going to be similar as in the cares act, the independents over the age of 17 won’t receive anything and people who claim those dependents over the age of 17 won’t receive anything either. Unfortunately, all right. So, on that note, i’m going to go ahead and wrap up this video.