Yo what's going on everybody? Today is Monday December 7th. Thanks for joining me today.
If you haven't done so already, please subscribe to my channel, smash that like button, and leave
me some comments down below about your thoughts, questions, concerns about what I'm going to be
talking about which is the stimulus package. So there's a new proposed stimulus bill that's
been you know released in Congress. And that bill has a lot of bipartisan support right now. So I'm
going to be talking a little bit about what's in the bill, what's the chances of it getting passed,
and what's not in the bill okay. So what's in the bill? This one is $908 billion which is
much smaller than what the Democrats wanted and it's about double what the Republicans wanted
because the Republicans wanted about $500 billion okay. So this is about $908 billion. So what's in
here is $300 unemployment extension per week for people. And this is a federal extension on
top of your regular state unemployment okay. And what this bill also extends is the PUA
Program, the Pandemic Unemployment Assistance Program. This program allows people who don't
normally qualify for unemployment to qualify for unemployment, which is like self-employed people,
independent contractors, those kinds of people okay. So that's going to be extended as that
program was supposed to end at the end of this year. There's going to be $160 billion of funding
for state and local governments which is important because their health departments need that money a
lot as well. Then there's $288 billion for the PPP which is the second round, second round of PPP,
which is good because businesses are starting to kind of shut down again, or lock down,
or whatever you want to call it, run at very limited capacities okay, especially restaurants.
And they're going to need another round of funding in order to stay afloat which you
know makes sense. And I believe this second round of PPP will be the more targeted one. You know
where it's targeted towards business that really need the help, businesses that really lost a lot
of revenue from compared to last year. And this bill also includes funding for rent assistance,
health care, and funding for transportation. So what other things are in this bill? We have rent
moratorium that is going to be extended, federal rent moratorium. What you might notice is there's
no stimulus check in this bill which has been a popular topic of conversation. The $1,200
stimulus check that was you know, issued back in or at least passed back in March in the CARES Act.
A second one has been talked about for months and months now and there has been proposed in
different bills, but really no traction has been made on that. And as you can see here,
definitely not in this bill. This bill is meant to target very high needs people. You know,
this bill is not meant to stimulate the economy, it's meant to just, as a relief. And that's why
we don't, that's probably why we don't see a stimulus check because Republicans don't
want to spend that much money at the moment. So what kind of support does this bill have?
Currently it's fairly bipartisan you know, we have both sides of the Senate supporting it, we have
the Democrats and the Republicans, and we have the House supporting it. You know they, I think
they're finally getting their shit together and making sure that something gets passed. Democrats
wanted a much larger bill. Republicans wanted a much smaller bill. So they're trying to meet in
the middle to some regard. Even though back in October and November it was more the, I think,
the Democrats being stubborn about wanting their higher level of relief while the Republicans were
wanting to get something passed. So we'll see what happens. I do believe this one has more support
and has a better chance of passing than any other bills introduced in the August through November
era. So could there be a stimulus check down the road? Yeah there could be another one for sure.
But at the moment it's not looking like you're going to get one before 2020 ends. It's probably
going to be in 2021 if there is another one. If you haven't received your first stimulus check
don't worry, that money is not lost. So how the stimulus checks were structured were that they are
an advance of a tax credit for 2020. That means if you didn't receive your 2020 stimulus check
when you file your tax return for 2020 there will be a section on there for you to claim your
stimulus money okay. And if you already received your stimulus check then you won't get another one
obviously. But as you know, the stimulus payments were income dependent. So if you
made too much money in 2019 or 2018, you didn't qualify for the stimulus payment.
If you made under a certain threshold you did. But if you file your 2020 return, let's say you made
more money than you did in 2018 in 2019, and you know you already received the stimulus payment,
you're not going to be required to pay that money back. Now I'm not sure what it's going to look
like if you didn't receive one. I'm sure it's going to be based on your 2020 income
in order for you to qualify for the stimulus payments if you haven't received it yet.
I haven't really looked too much into that and I'm just guessing that's what it's going to be.
So again, if you haven't received your stimulus check don't fret you will get it on your 2020
tax return if you qualify for it. Tax refunds, have you not received yours yet? Because the IRS
is really, really behind, especially if you filed your return by paper. Apparently they are
sitting on about a million tax returns that were filed by paper. I'm really sorry if you haven't
received your tax refund yet. You should try calling them or should try hiring a professional
to call them because professionals usually can get through to the IRS much quicker than you can,
so it could be worth your time or money to hire a professional to do that for you. There's some
things to consider if you haven't received your refund okay, before you hire somebody.
If you owe taxes in in prior years, then your refund would be applied to those prior years
okay. So if you haven't received your refund that could be one reason why
you haven't received it because that refund was just applied to prior years taxes.
There could just be simple delays. The IRS might need more information from you in order to process
your refund. Like if you had health insurance through the marketplace, the IRS needs to make
sure you reconciled your premium payments on your tax return and if you didn't do that then the IRS
should be requesting more information from you okay. So there's a number of reasons why
you might not have received your tax refund but primarily it's because the IRS is just so far
behind on their processing that you know it's just being delayed, which is super unfortunate. There's
not much we can do about that as professionals to help speed it along for you because you know,
and especially if you file your return by paper. If you filed by paper it's, there's
a chance the IRS has not even processed it yet. So if they haven't processed it yet we can't even do
anything for you. We call in and they say that they haven't processed or even received it you
know, we can't do anything there. We have nothing to work with. Just keep in mind that refunds
will be delayed. I know it's kind of ridiculous that it's been, some of y'all have been waiting
since March or April for your tax refund, your normal tax refund. And some of y'all even filed
electronically which is even more mind-boggling to me why they haven't processed that but
you know that's how it's going down right now. That's what Covid's doing to businesses, to the
government, it's just slowing things down okay. So hope this information was helpful. Again if
you're new here, please subscribe to my channel, smash that like button, and leave me some comments
below about your questions, concerns, about anything that's going on. I'd be happy to try to
answer them for you as best as I can. Alright so that's all I've got for now. Stay safe. Take care.