$1,400 Stimulus Check Update [March 9]

everyone meet kevin here well congress

is back at it again as expected

congress is probably going to end up

passing the stimulus package

on wednesday rather than today that's

because they were supposed to vote on

the rules yesterday and pass the bill

today

but everything got shifted by a day this

is kind of why we thought biden won't be

signing this

until wednesday but hey look as long as

he signs it this week

which is pretty much in the bag right

now we're going to be seeing those

stimulus checks coming out

by the end of this month but right now i

want to touch on what's

next and some of these other provisions

within the stimulus package that aren't

getting a lot of coverage

we're going to touch on unemployment

healthcare and so on but i want to

quickly start by mentioning

right now you're already going to start

seeing a lot of politics start kind of

heating up again

about the infrastructure package that is

next in line to be dealt with

that's going to affect energy uh

utilities

electric vehicles and electric vehicle

tax credits

this energy and infrastructure plan you

know which some are calling a potential

biden

new deal uh sort of paying homage to a

green new deal which obviously pisses

off a lot of republicans

we're already starting to see a lot of

tension regarding this

joe manchin is already showing signs of

not wanting to vote for the

infrastructure package

this means joe biden is going to have to

rely on getting 10 republicans to get

this bill through

with a 60-vote margin in the senate

now biden does have more reconciliation

opportunities if he wanted to do more

bills through budget reconciliation

he actually has nine opportunities to do

so and that's because you can pass three

budgets

2021 22 and 23 and you could break those

each down into three different parts

and that means technically biden has

nine opportunities to pass bills

with just 51 votes but that doesn't do

you much good if you start losing

democrats so expect a lot of heated

attention to this

and the infrastructure package and i

think stocks will move on that as well

we've been paying a lot of attention

certainly to the energy stocks uh and

and like the end phase and the teslas

and that which have sold off recently

now on the uh stimulus package here's

some more

insight uh first it's helpful to know

that when it comes to unemployment and

the affordable care act

there are two big things here one on

unemployment if you're waiting for that

10

200 tax waiver remember we're probably

going to want to wait for irs

guidance before we file an amended

return on that still seeing a lot of

commentary on that

but there's also been a lot of question

about what's going on with this change

the affordable care act

so here's the thing the affordable care

act aka obamacare

which is where you could go through your

state's insurance exchange website and

buy

insurance well the way the aca has

worked

is that in the past if you made about

400 or up to 400 percent of the federal

poverty limit

which is about fifty one thousand

dollars for individuals and eighty seven

thousand dollars for a family of three

as long as you made less than that you'd

be eligible for subsidies through the

health care exchanges

this is now changing not only are

subsidies going to boost for lower

income individuals larger subsidies

but you will also get subsidized to buy

insurance to make sure that you're only

paying

eight up to eight point five percent of

your income on

the uh health insurance exchanges i know

there is a certain

limit i don't think that's going to be

true for people making substantially

more money

but uh there are there there will be a

limit that

you will only pay up to 8.5 of your

income on health care expenses

which is going to make a big difference

in fact the wall street journal

via bloomberg reported that a 60 year

old with 55 000

in income would see their premiums

potentially go down

50 to 80 percent and this is a massive

part of the stimulus package that

isn't being talked about much in fact so

much of the stimulus package is going to

people making lower incomes just a

comparison

in 2017 the tax cut and jobs act gave

50 of the benefits of those tax cuts to

the top five percent of earners

right now people making 91 000 or less

get 70 percent of the benefit

of this stimulus package whether that's

checks unemployment the aca changes that

we're seeing

and this is why some people especially

in the biden administration are calling

this one of the biggest

anti-poverty bills ever

other people are calling it heroes 2.0

and a big blue state bailout but hey

that's politics right now we just got to

move on and focus on

what's next on the chopping block and

that's infrastructure and obviously

that'll be what gets covered next but

for right now we do still have this

package coming

there are questions about this 200

social security boost that was

kind of outlined in joe biden's plan but

never really talked about again

and unfortunately it wasn't talked about

in this plan either so the 200

social security boost right now there is

nothing included for this

so sorry that that is not here now we

did mention yesterday also that any

student loan forgiveness through 2025

will be excluded from taxation which

is basically laying the groundwork for

joe biden to cancel student debt we know

that joe biden is opposed to canceling

fifty thousand dollars of student debt

but he's open to cancelling ten thousand

dollars of student debt

usually when you get debt cancelled you

actually have to pay taxes on that money

because you kind of just got

it's sort of like getting free money and

when you get free money the irs is like

tax opportunity well here the irs is now

receiving a new rule that says any

student loan forgiveness between now and

2025

shall be excluded from taxation

which is really exciting for anybody

with student loan debt obviously if you

just paid off your student loans you're

probably like oh man i should have

waited i don't seem that's fair but

obviously we can have the whole fairness

debate

uh in a different video uh on uh and you

know what if it really stresses you out

just get life insurance in as little as

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on housing assistance rental assistance

and utilities assistance

there is another way for you to keep up

to date with this and this is actually

checking your department of real estate

in some states they call it the bureau

of real estate so i would look like

florida department of real estate

you know or if you're a florida bureau

of real estate depends what it's called

i think most are departments but anyway

uh take a look at these websites if you

go to these websites rather than just

looking at housing and urban development

you actually look at the department of

real estate itself

you should see some indications at least

in a lot of states like california is

doing it

you should see some indications for

updates for

rental assistance mortgage assistance

utility assistance remember mortgage

forbearance

is something that i still highly

encourage you take it is a really really

good thing for you to take

uh especially if you you have any

uncertainty at all

it is a and you have a fanny freddie uh

mac loan

where basically you can take the amount

you owe and add it to the back of your

loan it's

kind of like free money especially if

you want to invest in the meantime

then big change on the ppp

the ppp is getting extended by three

months which is freaking awesome because

the ppp program was going to expire

at the end of march if you have not yet

applied for the ppp loan

i well i will just pull my hair out like

i still talk to people

i had a coaching call this weekend and

somebody's uh somebody's income

went you know from a substantial amount

to a lower number

uh from 2019 to 2020 and i'm like dude

they made the ppp for people like you

why are you not applying if you would

are all in any shape or form

self-employed even if you lost money

apply for the ppp

you can go to metkevin.com veeamvem not

sponsored at all not affiliated with

that

uh go check that out apply for the ppp

it's free money you could use gross

income or net income now

it's so flexible how you can do this now

with the exception of jp morgan jp

morgan will not let you use gross income

which is

uh really kind of annoying but anyway uh

there you go there's an update for you

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thank you so very much for watching

folks we'll see in the next one