- What's going on, y'all?
Welcome back to channel Wealth Hacker Labs.
I'm your gracious host, Jeff Rose.
It is Monday, it is June the first,
and I've got another economic stimulus check update for you.
And what we're talking about today is the second check,
the check that many are still wondering,
is it going to happen?
Is it a myth, is it fact, is it fiction?
Well, we're gonna answer some of those questions today.
But before we get started, I just want to address, man,
just all of the craziness that's going on
right now in our country.
It is by far one of the saddest occurrences
in our country's history.
George Floyd, him losing his life unnecessarily,
and just all the protesting and the looting
and just all the stuff that's going on.
If any of you are in these areas that are being affected,
my heart goes out to you.
I live here in the Nashville area,
and just seeing what's happening in our city,
and happening in cities all across the country.
You've got COVID-19, coronavirus, if that wasn't enough,
now we have all of this.
And the only thing I can hope for is change.
Change, some sort of change.
And that all happens in your homes.
A lot of people put it on the politicians,
that they have to put these policies in place.
Yeah, fine, whatever.
But the reality is that it starts in your home,
it starts with you and your heart,
how you're addressing this with your family,
with your kids, with your loved ones,
with your neighbors, with your friends.
That's where it starts.
So I just hope that, if you haven't
had a conversation with your loved ones,
this is the time.
This is the time to address what is going on in our country.
Because we are better than this,
we were founded on principles that are better than this.
(grunts)
Anyway, I just wanted to address that,
because how can you not?
Like anyone, I have been consumed by media
over the past several days.
And even this morning, just seeing some of the protests
and just seeing the riots and more people getting hurt.
(sighs)
Anyway, I don't want to spend
too much time on that because it will...
There's just a lot of hurt right now
and my heart goes out to you.
But now we're talking about the Heroes Act,
the second $1,200 stimulus check
that many are still waiting to see.
And right now, it's June the first,
Congress has been on recess for the past week.
They are back,
but obviously there's been a lot of developments,
not so much in the stimulus bill and progress there,
but everything that's going on
with all the protests and everything.
There's a lot of unrest and there's a lot of stuff going on.
So my unfortunate fear is that
this is only going to push back the Heroes Act
and them having their deliberations and their discussions.
In a previous video, I had mentioned that I felt that,
if things progressed, that we could have seen
a second check being issued sometime in the middle of July.
And I can only imagine this is going to
push it back even further.
I mean, I hope that I'm not right in that assessment,
I hope that I'm wrong, I hope it happens sooner,
but just based off what we've seen with the CARES Act,
and that was just dealing with the pandemic,
the coronavirus, COVID-19.
Now we're dealing with that and then some.
But here's some of the updates that I've seen,
just so we can kind of get you
up to speed on what I know right now.
So, first and foremost, I'm still seeing in the comments
that many of you are still waiting
on your first economic stimulus check.
So here we are talking about a second check,
which is probably just disgust to your ears
when you're still waiting to get your first check.
And one of the things I wanna remind you is that,
if you haven't received your first check yet,
if you haven't at least utilized
some of the resources that are available to you,
first and foremost, here's an example,
is that, on the IRS website,
they have a toll free number that you can call.
Now, the funny thing is that,
to actually find this toll free number,
it wasn't easy to find.
This is something that was recently
added to the FAQ section.
And I will have a link to this page in the show notes
so that you can try giving a call,
but here is the number here, if you go to this page,
and make sure that is...
All right, yeah, that's big enough.
I'll see if I can enlarge it
so you can actually see the phone number there.
But the phone number is 1-800-919-9835,
and it was a few weeks ago that the IRS
added additional phone support,
I think it was over 3,000 employees,
for economic impact payments.
They were hired solely for this purpose,
to answer your questions about this.
Now, I don't know how trained they are,
or how qualified they are.
I have this fear that they're
probably just reading from a script,
just some basic questions,
and if you ask them, if you press them
for anything that's more specific,
they'll probably just give you a lot of general advice
and not really answering the question that you need.
I hope I'm wrong in that.
I've seen some people comment in the comments here,
sharing their experience, and that they
have received some help by calling the IRS.
So once again, that telephone number here is 1-800-919-9835.
That's the number, I'll have a link to this page,
and also include the phone number itself in the description,
So if you didn't get a chance to write it down,
I'll have it there as a resource as well.
So that's one thing, if you're still waiting on that check,
pick up the phone, make a call
to see if you can get an answer,
if you can find out what the status is
on your first $1,200 check,
or if it's more, if you're married, you've got dependents.
Now, the other thing that also has been announced, which...
I'm not sure if I'm as excited about this,
because this topic of "where's my first check",
there's just been so many incidents,
so many issues with people receiving their first check.
It was recently announced that really,
with the second check coming from the IRS,
as the headline here says,
Second Round of Stimulus Checks
Would be Paper or Direct Deposit Again.
We've just had so much issues with that.
We had the prepaid debit cards,
which I guess they were trying to try something new,
maybe trying to lay the framework
for some sort of new program that they'll be rolling out
for future tax returns and stimulus payments,
there's some speculation on that.
But as you can see, if the second check does get,
not just proposed, but if it does get passed,
don't expect a different delivery system.
That being said, if you haven't...
If you didn't have your direct deposit information
in place prior to the checks going out,
this would be an excellent time to get all that set up.
If somehow they had the wrong bank information,
even though you had it right,
I know there was some people that were struggling with that,
in that case, make sure that it gets corrected if you can.
Anything that you can do to prepare yourself
in the event that the Heroes Act passes
and there is a second wave of checks,
that you have all of that set up.
Because that's just going to make it so much easier.
And I know the frustrating part is that
many people thought they had the right address,
they thought they had the right bank account number,
and still, because I guess an old account number,
or an old address was in the system,
it went to the wrong place.
Hopefully now, if the Heroes Act passes
and you have a second stimulus check coming your way,
you can get all that information updated.
I'm crossing my fingers here, I'm hoping here, hoping.
Because right now, hope is all we got.
All right, the final thing I wanted to share
is that I came across a few different links,
a few different articles that were sharing
how to calculate your second stimulus check payment.
And I just want to share this with you,
because I saw this, and at first I was like,
"Wait a second."
This is one site, I think this is Michigan Live,
this is their website.
There are others out there that also have this calculator,
but as you can see, the headline here is
"Use this calculator to see
"how big your second stimulus payment could be".
And that's the key word, "could be",
I wish that'd be in quotations, maybe in bold, all caps.
Because this is basing on the Heroes Act that,
once again, has not passed yet.
This is not law, this is not they're just waiting
for the IRS to print the checks,
or produce the prepaid debit cards.
This hasn't happened yet.
But nonetheless, we've got some sites here that are sharing
their second stimulus check calculator, the Heroes Act.
But, then again, if you are curious,
if the bill were to pass in its current form,
you could come down here and say,
"Hey, I am married, and I've got three..."
Not 30, wow, that'd be a lot of kids.
"I've got three dependents,
"and I'm making $65,000 per year."
And that shows that I could receive $6,000.
So, in case you didn't know, the reason that would be $6,000
is because, based on the current numbers,
the current figures on the Heroes Act,
that's $1,200 per individual,
so husband and wife, $2,400, and then $1,200 for each kid.
Just in case this is the first time,
that you are familiar with these rules,
if you have, say, five kids,
let's see if this actually updates correctly.
Did it? Did it?
Yeah, okay. Good, it did.
Because if you have five dependents,
you're only going to get credit for three,
you're not going to get
an extra $2,400 for the two extra kids,
so you'd still be capped off at that $6,000.
Once again, that's assuming that this is passed.
It hasn't passed yet, we're still waiting,
still waiting for the Senate to...
I mean, they're in session today,
we're waiting for them to look it over.
There's still a lot of pushback
from the Republicans on just the...
Losing my words here,
but on the unemployment insurance,
that's the big one, extending unemployment insurance
for an extended period of time.
And we've talked about that in previous videos
because Rob, I think Portman was his name,
he proposed the "get back to work" bonus for those,
just basically giving them a reward for going back to work.
And that's anywhere from $400 a week
on up to I think $600 a week, somewhere in that range.
And the time estimates aren't really determined yet,
but basically just giving some people in incentive
to go back to work instead of staying home
and collecting unemployment insurance.
But these are all the different bills
that are currently out there being looked at,
being reviewed to see which one is going to
make the most sense for the American population,
what's going to make the most sense based on
what is going on right now, and not just now, obviously,
with coronavirus and COVID-19, but also what's going on
with all the riots and the looting and all the civil unrest
that we're seeing, that we're witnessing.
(exhales)
So for those of you that...
If you are one that have a higher power that you answer to,
right now I wish to encourage you to pray.
Pray for our country, pray for all those
that are hurt, that are affected right now.
It's a sad time, and I've definitely taken this opportunity
to have some real conversations with my kids,
have a conversation with our neighbors
just about what's going on, and what can we do.
What are the things that we can do to invoke change?
One thing I don't want to do is be passive
and just put my hands up and say,
"Oh, I can't do anything.
"I wasn't involved, I'm not there."
I don't want to take that stance,
because apathy is not the right answer right now.
The right answer is to do something.
But the first something that you can do is
just start having those real conversations.
All right, y'all, I hope you enjoyed this video.
I don't even feel like closing it with my usual outro,
but I've got more videos coming your way.
So if you haven't yet, be sure to subscribe,
and I appreciate you.
Talk to y'all soon, peace.