What’s in the stimulus package for me?
Today the house of representatives voted to approve the TWO TRILLION dollar stimulus plan. This bill will help you to get through during these times of looming pandemic.
Under the plan, single Americans will receive $1,200, married couples would get $2,400 and parents will receive $500 for each child under age 17.
The payments start to phase out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 would not qualify at all.
The thresholds are doubled for married couples.
Student loan payments suspended
The Department of Education suspended payments on student loan borrowers without penalty through September 30, according to the plan. This is a great time to reorganize and create a budget to come out way ahead. To get ahead and stay ahead, you have to put a plan into action.
Unemployment benefits have been extended to 13 weeks of benefits. The feds plan give jobless workers an extra $600 a week for four months on top of their state benefits, which range from $200 to $550 a week, on average, depending on the state in which you live. (State unemployment last up to between 12 and 28 weeks, depending on the state you reside in).
Anyone facing financial hardship from coronavirus qualifies for forbearance on a federally backed mortgage loan of up to 60 days, which can be extended for four periods of 30 days each. The plan also does not allow fees, penalties or additional interest to be charged as a result of delayed payments. It includes similar protections for those with multifamily federal mortgage loans, allowing them to receive a 30-day forbearance and up to two 30-day extensions.
What about Renters?
Landlords with federally backed mortgage loans who have tenants are not allowed to evict tenants solely for failure to pay rent for a 120-day period, and they may not charge fees or penalties to tenants for failing to pay rent.
The Important Stuff
Believe you qualify for financial support and are looking for your check? It will be sent out by the IRS based on the information you provided on your 2019 tax filings. Haven’t filed as of yet? They will use the 2018 records in order to determine what you qualify for and where to send the proceeds. If you filed electronically, your money is likely to be sent via the checking account provided on your return. Here is where you get the details first hand.
Something this complicated takes time to implement. Because of this, funds are not likely to reach you before May 2020. It is important to do all you can to stay on track and begin to build your financial foundation. Click here to ask Derick Gant how to start placing your first brick toward your fortress.
Derick Gant is an American entrepreneur, investment consultant, and author of the 24K Life Code. He invests in people, commodities, and communities. He has spent over 20 years helping people to shed fat physically and mentally to become the best version of themselves.