JASON: FROM THE PANDEMIC TO UNEMPLOYMENT, THE C.A.R.E.S.
ACT, A SECOND STIMULUS CHECK PUT FINANCES THROUGH THE WRINGER RIGHT NOW.
LOCAL FINANCIAL PROFESSIONAL FRED CREUTZER JOINING US TO BREAK IT ALL DOWN.
GOOD MORNING, FRED, HOW ARE YOU?
>> GOOD MORNING, JASON, HOW ARE YOU THIS MORNING?
J JASON: I'M GOOD.
I WAS HOPING TO TALK TO YOU ABOUT THE CERTAINTY OF THE BILL.
WE SIT IN LIMBO.
TELL US WHERE WE STAND.
>> AS OF LAST EVENING, NOTHING HAS BEEN SIGNED OFFICIALLY TO SIMULATE THIS BILL.
STILL SITTING ON PRESIDENT TRUMP'S DESK, AS WE COULD SAY IT'S NOT GONE FORWARD YET.
WE'LL FIND OUT A LOT IN THE NEXT DAY.
>> LET'S SAY THERE AREN'T ANY CHANGES.
TELL ME ABOUT MAJOR COMPONENTS OF THE SECOND COVID-19 RELIEF BILL.
>> THE MAJOR COMPONENT IS FOR A FAMILY MAKING LESS THAN $75,000, THEY'LL GET A $600 STIMULUS.
IF THEY HAVE CHILDREN UNDER THE AGE OF 17, FOR EACH CHILD, THEY WOULD GET ANOTHER $600.
IF A FAMILY IS MAKING UNDER 175,000, THEY ALSO GET THE $600.
YOU CAN HAVE A FAMILY OF FOUR GET $2400.
JASON: HOW DOES IT WORK FOR FOLKS?
GIVE ME AN IDEA OF TIMING.
IS IT A DIRECT DEPOSIT AND ONCE IT'S SIGNED, HOW LONG DOES IT TAKE TO GET TO YOU?
>> ACCORDING TO MUNCH KIN, IT WOULD TAKE A MATTER OF DAYS ONCE IT'S SIGNED.
SO IF YOU, WHEN YOU DO YOUR TAXES, DO IT AS A DIRECT DEPOSIT ON YOUR 2019 TAXES, THEY'RE EXPECTING A STIMULUS CHECK WHICH COULD HAPPEN WITHIN A WEEK.
THAT'S A QUICK TIME FRAME.
BUT, AGAIN, YOU'VE GOT TO HAVE YOUR TAXES DONE AS OF 2019 AND THEY'VE GOT TO BE ON DIRECT DEPOSIT.
THEY WILL GET A QUICK STIMULUS CHECK.
IT'S FROM SMALL BUSINESSES.
THAT'S THE BIG CONCERN OUT THERE TODAY.
THERE WAS $250 BILLION IN THE PACKAGE TO GO TO SMALL BUSINESSES WHO, AS YOU AND I BOTH KNOW, ARE HURTING OUT THERE AS ELL.
JUST TRYING TO MAKE THEIR SELVES, STABILIZE THEIR BUSINESSES.
JASON: THE QUESTION BECOMES, WHAT DO YOU DO WITH THE MONEY?
DO YOU SIT ON IT AND HOPEFULLY IT GROWS FOR YOU, OR DO YOU HAVE TO PUT IT TOWARDS WHAT MATTERS TODAY?
BECAUSE PEOPLE HAVE BILLS PILING UP AT THE MOMENT, BY THE SECOND.
>> THAT'S A GREAT QUESTION, BECAUSE TO SOME PEOPLE OUT THERE, THEY HAVE BEEN VERY FORTUNATE AND HAVEN'T BEEN HURT FINANCIALLY DURING THE CRISIS SO TO THEM, IT'S ACTUALLY LIKE A
BONUS.
YOU CAN SAY HEY, I CAN SAVE THAT, PUT IT MAYBE INTO MY 401(K).
WHAT WE'VE SEEN THIS YEAR IS THE CREDIT CARD DEBT HAS INCREASED FOR AMERICANS I $64 BILLION THIS YEAR.
SO THE FIRST THING I SAY IS IF WE GOT THAT MONEY AND HAVE PAID OUR NORMAL BILLS, IT'S TO MAKE SURE WE KNOCK DOWN THE CREDIT CARD BILLS BECAUSE IT'S THE INTEREST RATES THAT ARE HARD TO
CATCH UP WHEN YOU GET BEHIND.
JASON: YOU TALKED ABOUT SMALL BUSINESSES.
EVERYONE HAS A STORY ABOUT GOING INTO THE PANDEMIC AND HOW IT'S AFFECTED THEIR JOBS, MONEY, SCHOOLING.
GIVE ME AN IDEA OF HOW COVID-19 HAS IMPACTED OUR FINANCES.
>> IT HAS.
SO MANY PEOPLE WE DEAL WITH ON A NORMAL BASIS, THEY ARE IN SMALL BUSINESSES AND WE ENCOURAGE SMALL TOWN BALTIMORE, SMALL TOWN, YOU KNOW, HARFORD COUNTY, EVERYBODY TO ENCOURAGE INSTALL
SMALL BUSINESSES.
WHEN YOU HAVE HARFORD COUNTY AND 50% OF CAPACITY AND THEY SHUT DOWN THE CAPACITY, THERE ARE A LOT OF WORKERS INVOLVED, WHETHER IT BE FOOD SUPPLIERS, SMALL BUSINESSES AFFECT COMMUNITIES IN
SO MANY WAYS.
THEY'VE GOT TO PAY THEIR LEASE, PAY THEIR RENT.
THEY'RE TRYING TO MAKE ENDS MEET.
I FEEL SO BAD FOR THE SMALL BUSINESSES OUT THERE.
WE'VE GOT TO MAKE A STIMULUS PACKAGE QUICK FOR THESE GUYS.
IF FOLKS WANT TO GET IN TOUCH, WHAT'S THE BEST WAY TO GET IN TOUCH?
>> CREUTZERFINANCIAL.COM.
IF ANYBODY WANTS TO SHOOT AN EMAIL, WE'RE ALWAYS HAPPY TO ANSWER QUESTIONS.
LET'S KEEP OUR FINGERS CROSSED, HOPE WE CAN GET SOMET