Alright everybody, the House JUST passed the Covid Relief / Second Stimulus Bill and we're pretty much waiting on the Senate to vote on it. It still needs a Senate vote and the President to sign the bill for this to go in effect. 

The FULL text has been released. The Covid Relief and second stimulus bill is actually part of a larger omnibus government spending bill. a total of ~5500 pages! The actual bill starts at Division M. 

Full Text is Released CORONAVIRUS RESPONSE AND RELIEF
SUPPLEMENTAL APPROPRIATIONS ACT, 2021 
https://rules.house.gov/sites/democrats.rules.house.gov/files/BILLS-116HR133SA-RCP-116-68.pdf

Starts at Page: 1823

Last night, the one-day stopgap measure has been passed - AKA a continuing resolution. 

What's Inside the Bill So Far:

1. $600 per adult and qualifying children. (Page 1966) Steve Mnuchin says that the checks can be sent out as early as next week!

2.  $300/ a week Unemployment Benefit up to 11 weeks. CARES Act was $600 a week, (Page 1934)

3.  Tax Credit to support employers offering paid sick leave which grants employees 2 weeks of sick leave related to COVID-19 at full pay. 

4. $25 Billion in emergency rental assistance and an extension of eviction moratorium. The current legislature extended this to Jan 31.

5. No mention of Student Loan Forbearance - but the latest legislature also shifted the forbearance expiration from Dec 31 to Jan 31 2021.

6. 15% boost in the SNAP Benefits program. 

7. No State & Local Government Funding

8.  $10Bil for Child Care and Development Block Grant (Page 1826)

9. Funding For Education: $81.8 Billion - Avaialble through September 30, 2022

10. Paycheck Protection Program & EIDL (Page 2009
 
 a. PPP Loans Which are Forgiven Will Be Deductible

(2) no deduction shall be denied or reduced, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph

 b. Also, PPP Loan recepients must show that they lost 30% of gross revenue during the same quarter in 2019.

c. EIDL Program has been updated to be stricter and targetted: ($20 Bil) (Page 2184)
   -  Mention of the free $1,000 to $10,000 EIDL grant but with changes  (Page 2191)
   - No more than 25 employees
   - Suffered an economic loss of not less than 30 percent unless you're an agricultural enterprise. 
   - located in a low-income community (IRS Code 45D(e) 1986 Code

10. Grants for Shuttered Venue Operators (Pg. 2124)

Funding for theatres, live venue operators, motion picture theatre. $2 Bil Grants made available. No more than 50 full time employees.

Source; https://www.usatoday.com/story/money/2020/12/20/stimulus-checks-unemployment-benefits-economy-covid-relief-package/3921356001/

https://www.forbes.com/sites/alangassman/2020/12/19/new-ppp-and-eidl-loan-advances-and-changes-under-proposed-act/?sh=60ce599ada96

😃 Thanks for Subscribing & Liking our Video!

📧 ⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software:
http://reisoftware.thekwakbrothers.com

📊  Pay Off Your Mortgage In 5-7 Years (On Average):
https://www.youtube.com/watch?v=eGVn9iq1e6c

💻 JOIN OUR FREE FACEBOOK GROUP FOR LANDLORDS & PASSIVE INCOME:
https://www.facebook.com/groups/bestreigroup

📡 PROTECT YOUR ONLINE DATA AND ACTIVITY WHILE CLOSING DEALS AND GENERATING NEW LEADS WITH NORDVPN:
https://go.nordvpn.net/aff_c?offer_id=15&aff_id=40858

🔊 Our Podcast:
🔹Spotify: https://open.spotify.com/show/7pnHJSNl7vPVFzq69IzC6B
🔹iTunes: https://podcasts.apple.com/us/podcast/first-deal-experience/id1282240923

📧 Hire the Kwak Brothers to Speak: info@thekwakbrothers.com

#realestateinvesting #thekwakbrothers #realestate
========================
---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.