NEW $6000 STIMULUS CHECK | What You MUST Know!

What's up guys, it's Graham here. So, these last 24 hours have been quite a whirlwind because, as of yesterday, a brand new finalized stimulus proposal has just been sent to the House to be voted on this upcoming Friday. And wow! I mean, this has been a doozy to try to read through because, yeah, it's 1,800 pages. Which means, in other words, it's the equivalent of reading through the entire Lord of the Rings trilogy except there are no hobbits. The Elliott Sauron is just going to be the Republicans' reaction when they get their hands on this. There was a joke, guys! That's a joke. Well, move on!

Anyway, I know we've been all hearing about these previous stimulus proposals in the past, like receiving $2,000 a month, $1,000 per month for everybody, minting two trillion dollar coins, no rent, and no mortgages. And even though those are not happening to such a large degree, we did end up getting a bit of a blend of everything in this new finalized proposal, which is largely believed to pass this upcoming Friday, to then be sent off to the Senate.

And the total cost of this new plan is, wait for it, three trillion dollars! This even includes a stimulus check of up to $6,000, student loan forgiveness, no rent and no mortgage payments, increased pay for frontline workers, and several other really important things that we should all be made aware of. So instead of going over every single bullet point and dragging out this video for hours, I'm going to be summarizing the main takeaways from all of this and how it applies to you watching.

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To start, here's the part that I think everyone wants to hear about first. So I'm just gonna cut to the chase and talk about this up front, and that would be the next stimulus check. Now, this stimulus being offered is fairly similar to the last stimulus check seen in the CARES Act, except this one has a few extra revisions.

So if you received the last stimulus check, then you're going to be getting this one too. And this is what it is: first, anyone making $75,000 a year or less is going to be receiving another $1,200 stimulus check. As usual, for every $100 you make above the $75,000 amount, your stimulus check is going to be decreased by five dollars. Meaning that if you make above $99,000 a year, you get nothing.

For married couples, that amount doubles, meaning you could get up to $2,400 for couples earning $150,000 a year or less. And of course, that amount is reduced by five dollars for every hundred dollars you make above that threshold. The difference with this new proposal, however, is that each dependent is eligible to receive an additional $1,200 stimulus check, up to three dependents. And this includes college-aged and adult dependents who were previously excluded from the last CARES Act.

This also applies retroactively, which means that if you did not receive the first $500 because you were ineligible because you’re an adult claimed as a dependent, well, now you would receive that plus an additional $1,200. That means a married family with three dependents could see a $6,000 stimulus check under this new proposal.

So it does not appear as though there are going to be any sort of recurring monthly payments like a lot of people were hoping for, but there are so many other aspects of this bill that should apply to you as well, in addition to another check. And where do we even begin? There's so many of them!

Let's start here, because with that, we need to move on to housing, and this is a big one because a few weeks ago, there was a proposal being thrown around there that would automatically cancel all rent and mortgage payments for an entire year. And then they would set up a fund for landlords that they could draw from if they agreed to a certain set of regulations. But with this, we get a bit of a watered-down version with a few new clauses, and this is what it says:

For renters, this proposes that there will be an eviction freeze for 12 months for non-payment of rent. This means that if you stop paying your rent, your landlord would not be able to evict you for 12 months, beginning from the date that this is enacted. After that, it's a bit unclear how it's written, but it seems implied that after the twelve months is up, the landlord must then give an additional 30 days for the tenant to vacate. So in total, that would give the tenant 13 months to live in the property before they could be asked to leave or evicted.

However, keep in mind that it's my understanding that even though you can't be evicted for non-payment of rent, it doesn't prevent the landlord from going after you for all the back rent owing what you would have otherwise. The landlord might also be able to put a judgment on your account as well for the non-payment of rent, so this rent is not forgiven by any means. But it does prevent tenants from being evicted from their properties for 12 months, and that sets up a bit of a safety net that people are not just going to be forced out onto the streets if they're unable to pay.

Now, for homeowners, you would be eligible to receive up to 12 months of mortgage forbearance that should apply to nearly any residential loan between one and four units. The benefit here is that this applies automatically if you fall behind in your payments, so this would not be something that you would have to call in and request. It would just be assumed that if you fall behind in your payments, you would automatically go into mortgage forbearance for sixty days, and then from there, you could request more forbearance if you need it.

This could be done for up to a maximum of three hundred and sixty days, and during that time, all fees are going to be waived. There's also restrictions in place that would prevent a lender from trying to foreclose on you for up to six months after this is enacted. Now, in terms of escrow accounts where a portion of your mortgage payment goes towards paying property taxes and insurance, if you're in mortgage forbearance, your lender would end up paying those things for you.

But what's even more surprising is that there's a clause here called loss mitigation for escrow payments, which says the lender will, at their discretion, either allow you to defer those payments or forgive all escrow advances. Which is really just another way of saying your lender will end up making your property tax payments and insurance payments for you, and then you don't have to pay it back.

Which, come on, I mean, someone has to say it. I think it's highly unlikely of that ever happening, but I think this would probably apply if the only other option for the lender was to foreclose and potentially lose money on the deal. And for them, it might be cheaper just to pay your property taxes and insurance for a little bit than try to go after you for those payments and not get anything back in return. But I think that's going to be the exception to the rule, and I just can't imagine lenders going and paying people's property taxes and insurance for them while they're in forbearance and then not expecting them to pay that back.

Anyway, after this mortgage forbearance period, they address another common problem that a lot of homeowners were finding. If a property owner falls behind in their payments and they request forbearance, what they found is that a lot of banks after that just expect you to come up with all the money upfront in one lump sum. Which, let's be real, if someone can't pay their mortgage for three months, there is no way at the end of those three months someone could come up with all that money at once and then just pay it. It's probably not gonna happen.

So this new provision would require lenders to give the option to add those missed payments on to the end of the loan, and that just means you'll keep your loan for a little bit longer, but really nothing else changes. Finally, with this, there will be no adverse impact on your credit score for mortgage forbearance. As it stands right now, lenders can make a note on your credit report that says you're in mortgage forbearance, and that might influence other creditors as to whether or not they lend you money.

So if this passes and you do mortgage forbearance, your credit is going to remain intact. Next, we're going to be getting into a few of the other really important details of this bill as well, and that includes unemployment benefits being extended. That is, the extra $600 a week all the way until the end of January of 2021. To me, it makes sense why this is added in because the current unemployment rates are sky high.

The current $600 a week extra benefit is set to expire at the end of July, and it's apparent that it might not be enough to keep people going until the economy could fully reopen again. Other benefits include pandemic premium paid for frontline workers, and $200 billion has been allocated for this that would give an extra $13 an hour of premium pay for the work that was done all the way back to January 27. And that would last until 60 days after the last day of the public health emergency.

This means if you're making $15 an hour and your job makes you eligible to be a qualified frontline worker, you would receive an additional $13 an hour on top of that. And this would be retroactive all the way back to January 27th of 2020. However, this does not mean you could just rack up as many hours as you want because this benefit is capped at $10,000 total, which works out to be 769 hours of work.

So if you work 40 hours a week, this would cover you for five months' worth of pay. It also limits the amount you could take on this if you're making above $200,000 a year. If that's the case, you could still get the extra $13 an hour pay, except the maximum you could get from this is $5,000. Next, we got a very exciting one for anyone who has a student loan, and this is going to be something you'll be happy to hear, and that would be student loan forgiveness.

As written, the Secretary of Treasury shall, for each borrower of a private education loan, pay the total amount due for each month on the loan based on the payment plan selected by the borrower or the borrower's loan status. The maximum amount of aggregate payments with respect to an individual is $10,000, meaning if this gets passed on July 1st, whatever student loan payments you have from then until September of 2021 will be paid off up to $10,000. That's totally free money paid for by the US Treasury!

Again, I have no idea if something like that is ever going to actually pass, but if it does, it's pretty big. Now, another I'm really surprised that no one is talking about is that in this bill, they eliminated what's known as the SALT deduction, which stands for state and local tax cuts. Now, for anyone who’s not aware, prior to 2018, you were able to deduct the state tax that you pay and the property tax that you pay against your income.

And for anyone who lives in a high property tax state like California and New York or New Jersey, these property tax deductions were insanely valuable. However, in 2019, this deduction was phased out and capped at $10,000, which means you're only able to deduct the first ten thousand dollars that you spend on state income tax and also on property taxes, which for a lot of people is not enough. So in this bill, they want to get rid of the ten thousand dollar cap and open it up to anybody for the next two years, until the end of 2021.

Now, obviously, this would be really good for me because I live in California and spend a lot of money on state income tax and property taxes. So obviously, like, I'm all in favor of this. I like it! So we have no idea if this is actually going to pass, but I find it very interesting that they just snuck this in there, and almost no one has mentioned it, probably because it's just buried within 1,800 pages, and not many people actually want to go through and read this word for word.

Finally, we have so many other provisions in here, including funding for state and local governments, more testing, hospitals, and $25 billion for the US Postal Service to continue running until September of 2020. But there's honestly just so much to cover with this and so many little tiny details that instead, I wanted to focus on the main takeaways that I feel most people would want to know about.

But keep in mind this whole package is worth three trillion dollars, and there are so many little nuances and details that would be impossible for me to ever cover in one single video. So again, if you want to do your own research, I'm gonna link the bill down below in the description. Now, still keep in mind that even though this is a very in-depth, polished, and finalized proposal, it is still just that: a proposal.

And if this passes on Friday, it's then going to go to the Senate, who will then pick this apart and dissect every little word and then do their thing with it. So I think we're still a little bit away from anything actually being finalized, but at the very least, progress is being made, even if it is moving at the pace of a snail going through the entire Sahara Desert.

So with that said, you guys, thank you so much for watching! I really appreciate it. As always, if you have not already stimulated that like button, make sure to make that turn blue. Also, feel free to subscribe and hit the notification bell, and feel free to add me on Instagram! I post there pretty much daily, so if you want to be a part of that, feel free to add me there as on my second channel, The Graham Stephan Show. I post there every single day I'm not posting here. So if you want to see a brand new video from me every single day, make sure to add yourself to that.

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