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The next Heals Act Stimulus Package and Stimulus Check were just announced, so here is the proposal, exactly what’s in it, and how this impacts you – Enjoy! Add me on Instagram: GPStephan
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This is known as the HEALS Act – It stands for Health, Economic Assistance, Liability Protection, and Schools – and, you guessed it – that’s what this is going to cover.
In this, it’s been nearly confirmed that, YES, there will be another round of checks to be sent out in the HEALS Act. The current outline would provide the SAME payments as previously, so everyone who got a stimulus check LAST TIME would most likely just get another stimulus check.
In order to be eligible for the full amount, you’ll need to earn $75,000 or less as a single filer, or less than $150,000 as a married couple – and every $100 you make over that amount reduces your payout by $5. You’ll also receive an extra $500 per dependent.
Next, we’ll need to talk about – arguably – the most important and pressing matter of the stimulus package, and that would be the extension of the unemployment benefits.
According to the NEW HEALS plan, the unemployment benefits will be CONTINUED, but they’ll be reduced from $600 per down down to $200 per week through September. After that, states will replace the unemployment maximum at 70% of a workers previous pay – meaning, anyone claiming unemployment benefits won’t be making more money than they’ve made from their job, and they’ll now be making almost a third less until they get back to work.
This stimulus package is also going to closely examine the Paycheck Protection Program, and continue it further – BUT, it’s going to limit who can apply by only opening this to companies with 300 or fewer employees who have seen a quarterly revenue loss of more than 50% – which, makes some sense – they want to make sure this goes to the businesses that need it the most, and that’s a decent way of doing it.
Besides that, the HEALS act also aims to shield businesses, doctors, and schools from lawsuits – The bill will also provide $105 billion towards helping schools reopen, and $30 billion of that would be allocated towards Colleges. It also includes another $16 billion to increase testing, and another $26 billion towards new developments and treatments.
It also allows for 100% deductibility of business meals…whereas, right now that deduction is worth 50%. Finally, the bill also includes some additional tax credits and deductions for upgrades to the workplace that allow for operates to run safely. This might include spacing out desks, putting up more protection between people, and so on. And there’s also employee retention credits for employers to keep staff on payroll.
But, as for the timeline on this – it’s a little unclear, exactly. We know that they’re PUSHING for a finalized bill to be put into effect by August 7th, because after that – they’re going on recess until September 7th. But assuming it gets passed before then, we’ll likely see new stimulus checks being dispersed in late August.
Everything else between now and then is all negotiation. The next step is that this is going to be re-negotiated and slightly modified, although what we see now is going to be the BASE from which more things are added on to this…it was even implied that it might be an option just to pass this now, and then see what else is needed in the future.
There’s going to be a LOT of new developments this week, but the GOOD news is that a new stimulus package looks pretty much guaranteed to happen, it’s almost confirmed that there will be a second round of stimulus checks the same as the last time, and that unemployment benefits WILL be extended – although it’s going to be a reduced rate.
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