NEW $14,000|yr Stimulus Package Proposal [Details]

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Let’s cover our bases with the 3 packages first:

Starting with $2,000/mo
-The proposal would include $2,000 every month for at least six months to all US citizens who are 16 or older and make less than $130,000 per year.
-The payments would continue until employment is back at pre-covid levels
-All Americans would be eligible including those who are claimed as dependants

The Free Rent and Mortgage Program. This bill includes
:
-Full rent or mortgage payment forgiveness for your primary residence
-No negative impact on their credit rating or rental history.
-It would create a relief fund for landlords and mortgage holders to cover losses
-Additional funding would be added to create more affordable housing
I personally think the free rent program would be a logistical nightmare but I have an entire video on that already if you’re curious about my thoughts there.


The newest Proposal is the ABC proposal standing for Automatic Boost to Communities (they love their acronyms)

If approved, the ABC Act would provide every American with a BOOST debit card that is preloaded with $2,000.

The card would be reloaded with $1,000 each month until one year after the end of the COVID-19 crisis.

I think that needs to be defined a little better. I liked how the $2000/mo stimulus was defined stating payments would continue until the employment ratio came back to 60%. Otherwise what does it mean for the Covid crisis to be over? Is that 1000 people have it? 5 people have it? 0 people have it?

Anyways, moving on.

The bill calls for the use of pre-paid debit cards to assist those who are unbanked or do not have access to check cashing services.

This part I like because people without address, people without banks, and other groups would more easily be covered. Plus this would eliminate all of these direct deposit glitches we’ve been having in the first round

Who Would Be Eligible for the $2,000 Stimulus Payment & $1,000 Recurring Payment?

Basically everyone would be included in this. The stated goal was to include as many people as possible. Including:
Taxpayers
Dependents
Non-citizens
Individuals who do not have a bank account, social security number, or permanent address.
People living in unincorporated territories or protectorates and Americans living abroad.
Non-citizens: Including permanent residents, undocumented individuals, and temporary visitors whose stay exceeds three months.
And Dependents

This is where I find the numbers to be pretty crazy:
The proposal gives an example of a family with four dependents being eligible to receive a pre-paid debit card for each taxpayer and each dependent. For example, a couple with two children would receive 4 debit cards at $2000 each, for a total of $8,000. That would come out to $52,000 a year for a family of 4.
To ensure everyone receives their payment The U.S. Treasury Would Work with Other Agencies to Develop a Comprehensive list of all possible recipients.

How Would Money Be Distributed?

The pre-paid U.S. Debit Cards would be distributed via:
Direct Mail
In-person Pickup
At-Risk Outreach

All individuals with an active address on file with any government agency would have a card sent to them to that address via USPS.

In-Person Pickup would apply to those who do not have a permanent address, as well as permanent residents, undocumented individuals, and temporary visitors whose stay exceeds three months.

At-Risk Outreach would address those who are elderly, homeless, disabled, or those live in remote areas.

Sources: www.forbes.com

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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.

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