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s going on guys welcome to todays second stimulus check update. And this update. Update.
We have really really good news. Because not only is this a second stimulus. Update.
Theres a possibility for a third yes. A third stimulus check. So we are going to address the proposal that was released today by the problem solvers caucus.
This is an incredible proposal it fits for both democrats and for republicans. I think this should pass. However there has been some talks there has been rumors so i want to address whats in this proposal.
So that you can see it were going to dive in right to the problem. Solvers caucus website. So you can see exactly whats in it.
The amounts and how much you could potentially get all right. So. Here.
We go. This is right from the problem. Solvers caucus website.
And im going to read it to you were gonna go through it line by line so first off you can see march to command march to common ground bipartisan covert relief framework says the overview this has taken about six weeks they spent listening to their constituents throughout the country. Its a mix of 25 house democrats. 25.
House republicans and it is endorsed by over 75 percent of the problem solvers caucus membership now here we go theres 100 billion dollars for testing and tracing heres what i really like about the way they they laid this all out. They address the problem right here. They first address.
The problem and then provide a solution well. Heres the problem. Heres the solution solution is 25 billion for testing and contact.
Tracing 30 billion for health care provider support and 45 billion for forgiveness of medicare loans right its pretty big next we have support for individuals and families this is the second stimulus check. Its 316 billion dollars. Its a 15 wick plus up through march 2021.
Okay. Thats a billion dollars for that theres 15 snap plus up through july 2021. So if you get wic or you get snap benefits you will have a 15 bonus on top of your current benefits.
Theres a 1200 stimulus check for filers and their spouse 500 per child. Plus dependent adults heres a cool thing retroactive. Most likely what this means is for all dependent adults.
Who did not get a stimulus check. The first time you will get a retroactive check. A retroactive stimulus check.
If this does pass so this is incredible. Okay. This is just one stimulus check.
And no this retroactive check is not what im referring to when. I said there could be a second and possibly third stimulus check also theres rental assistance for the most needy and other rent stabilization programs and this will be for 25 billion that should be good and then also extend eviction moratorium one additional month through january 2021 as opposed to december 2020 uh student loan forbearance through december 31st 2020. You can see it right there next thing weve got unemployment assistance 120 billion dollars.
Okay it talks about the problem. We know the problem. Whats the solution well the solution is 450 a week for eight weeks.
This is a transition period followed by up to okay up to 600 per week. This will not exceed 100 percent of previous wage. Thats key also 13 weeks from mid mid october 2020.
Through january 2021 thats pretty important the timeline all right so again if youre on unemployment. This could be a big boost for you 450 a week for eight weeks followed up by up to 600 a week. Except not to exceed your 100 percent wage now small business and non profits.
I do want to address one more thing this right here mention did i you know in the beginning of this video. I talked about how there were some talks. There were some rumors well there are some house democrats that did not put together this this proposal that are against these numbers.
Right here this number right here. Okay. 450.
A week and eight weeks theyre against that because they want this okay so they are willing to let this bill go and not pass because they want to address that 150 per week gap. So that is one of the issues now small businesses and non profits. Theres 290 billion dollars.
This includes 240 billion dollars for ppp funding a second loan. Okay full transparency simplified forgiveness. This was big okay thats 145 billion remaining from the ppp program to be re appropriated okay so theyre going to repurpose that money and then thats 95 billion in new money you see where its coming from 50 billion for targeted employee.
Retention tax credit. Okay and then rectify the main street lending program. Theres a lot of issues there i doubt theyre gonna rectify.
I doubt many people are gonna take them up on that offer schools and child care this morning. I i said or actually this afternoon. I said this was 130 billion dollars.
That is what the new york times was estimating its actually 145 billion. Its up 40 billion from what theyve already agreed to which is 105 you can see the problem needs to be more stuff there needs to be more protection for schools. It needs to be more funding 15 billion for child care providers.
Flexible and immediate 100 billion for k. Through 12 schools for virtual hybrid and or in person learning. This is huge right here because if you remember the 105 billion.
Before was only uh you only got one third of that money that fund. Until you became an in person learning school. Then you would receive the other two thirds of the funding and also 30 billion for higher education institutions heres a huge one however.
This is also where theres theres uh already been some pushback by democrats 5003 billion dollars. Thats huge thats almost to their 900 billion dollar mark that they wanted its obviously telling the problem. Whats the problem theyre theyre losing costs by loss of taxes and fee revenue.
Which is huge states are losing a lot of money now this is allowing 130 billion dollars remaining from the cares act for flexible use on on documented past state local coveted expenses 130 billion in new money for. Documented future. Local coveted.
Expenses 1203. Billion. In new money.
For document. Local. General revenue.
Shortfalls. Through 2021 250. Billion.
In new money. For document. State.
General. Revenue. Shortfalls.
Through 2021 and tribal territorial governments. Allocation. Now.
What i want to address. Here. Is some democrats are against this proposal.
Because it does not meet the needs of the american people and they specifically state this 500 billion dollars for state local governments will not do what its intended to do there will not be enough funds. I personally believe 500 billion dollars should be enough to give state and local governments their all their funding you see right here revenue shortfalls revenue shortfalls local state future expenses 130 billion that should be more than enough but well see what happens election aid 400 million dollars. Thats 400 million to states for incremental election costs this includes temporary staffing poli polling location ppe communication to voters and how and when to vote right all that great stuff just safety precautions.
We got broadband agriculture united states postal service and census 52 billion for that 12 billion for broadband hot spots for in underserved communities 25. Billion for agriculture and aquaculture producers and processors 15 billion for the united states postal service. I was pretty sure its gonna be anywhere from 10 to 20 billion.
It comes right in the middle modified statutes to allow extension of census and ensure an accurate account heres a big one this is worker and liability protections. This one is different because republicans they wanted just liability protections to the businesses. However this is for workers right here and the way that they solve this is enhanced protections for entities.
Which follow enhanced osha guidelines. So extreme or robust enforcement of worker safety. This is this is really important doesnt say how much money uh is gonna go here for maybe training and stuff like that.
But that is what is there there should be money for training because if you have enforcement of worker safety. They need to be additional training heres a big one these are the automatic boosters and this is what i was talking about these are boosters based on covid hospitalization metrics and vaccine progress. Its plus 400 billion.
This is how it would work okay let me show you the chart right down here. Okay. So you can see that so you can see right.
Here this is. The way it would work currently this proposal is for 15 to 37 trillion dollars. I put too many points.
But you get that you get the id you get the point okay so 15. Trillion dollars. Is what the new money is coming into this proposal.
Its taking 130 billion from the cares act money and thats what its going to do. Its a one point. Roughly one point uh was that one point six five trillion dollar.
Package so still a really good package and now okay 165. Trillion. If the economy does better than is is expected it will be reduced by 200 billion.
If it does worse than is expected theres more hospitalizations. There will be an additional 400 billion added on to that heres how it works an automatic three month unemployment enhancement in february 2021 okay so if they already want to push it through to january 2021. If warranted.
This would mean that that is where theyd get additional three months of enhancement. We do not know if that three months would be at 600 or 450 per week. Thats not what we know yet.
But we could probably figure that out very quickly based on metrics. This would be 120 billion also an automatic stimulus check in march 2021 again based on metrics. This is the not the second this is the third possible stimulus check that we could get and this is what democrats were were asking is if we were to accept a proposal would there be a possibility that we can come back to the table come january and renegotiate get more stimulus.
More funding for not only our states and our local governments. But for everybody the american people here is a big boost right this is huge absolutely huge and what i like about this okay about this this whole thing right here is that theyre taking into consideration what if things get worse. I personally believe things are not going to get better as quickly as people predict.
However do they get worse. I dont know but should there be some type of booster or reducer in there to you know kind of go in line with how the economy is doing yes. There should be hopefully.
Republicans look at this and like thats a good idea. I like that hopefully they vote for this these are the reducers okay this would reduce it by roughly 200 billion dollars. That means thered be less they take out 60 billion dollars to the ppp program.
Because the economy is doing better theyd also take out 130 billion to state and local governments. This right here is probably going to be a non starter for democrats just want to say that this is a really good proposal. I really like this however there are some things in this proposal that republicans are going to look at be like no we cant get behind that and there are going to be some things that already have been said where democrats are like no i cant get behind that this right here has not been said.
But to me. I would assume that democrats are going to say minus 130. Billion.
If things go a little bit better than planned no thats a non starter rental assistance again minus 10 billion theyre starting at 25 billion heres what i dont completely understand were already at 21 billion behind in rental assistance and so if things go better and they take away 10 billion that puts us at 15 billion. The problem is theres already gonna be a gap of six billion dollars in unpaid rents so im not sure really sure how this would work unless um. Theyre taking this money out of something else.
But again it doesnt say were still looking for more information here. But this is key okay new money and the boosters. These are key this right here.
This is what you need to be looking at okay. Because this is going to be a big thing if this passes. I know people do not want the economy to get worse.
However if it does there is going to be a rider already in here that allows for stimulus checks come. March 20. 21.
So keep on keep an eye out on that because this could be huge now. I know i already addressed a lot of this stuff. However.
I do want to get into a few more things what people are saying as of today as of the afternoon tuesday uh september 15th um eight house democrat committee chairs released a statement tuesday rejecting the proposal saying it falls short of what is needed to save lives and boost the economy. Okay another person says when it comes to bolstering the public health system supporting state and local governments and assisting struggling families. The problem.
Solvers proposal leaves. Too many needs unmet with the general election. Just 49 days away and the postal service sabotaged by the trump administration.
Their proposal also abandons our responsibility to protect the life of our democracy. Okay now theres a lot of people pointing at the problem solvers proposal. Saying it either doesnt do this or doesnt do that heres what it does do it does provide stimulus to struggling businesses to struggling families provides rental assistance.
It provides food assistance. It provides assistance currently congress is not providing anything so. What i can say right.
Now. Is people are very. Frustrated.
With congress. Nancy pelosi. Is doing absolutely nothing.
Mitch mcconnell. Is doing i think even less than nothing. Steve mnuchin.
Is pushing is urging congress to get together. Hes urging nancy pelosi to contact him lets negotiate president trump. He obviously is running his re election campaign.
Hes trying to get reelected. But hes not doing anything as far as adding more stimulus yet if this does not go through hopefully. It does i think this would be incredible for the american people.
If this does not go through. What i think is going to happen is you will see president trump do all that he can within his legal rights to try to get an additional round of executive orders through and this will most likely happen in october. If this proposal were to pass or to even be considered which we dont know yet we should know tomorrow morning or tomorrow afternoon.
Hopefully the the house has had enough time to look this over and really see is this something we can get behind some people say no. Theres no way we can get behind this other people say yes. This is a good start so well see what happens.
But if this were to pass this would most likely pass at the very end of september. So probably in about two weeks. If this does pass.
We should see the second stimulus check within about seven to ten days. So anywhere between october 7th and october 10th. So lets just hope and pray this does work sorry guys.
Thats all i got for you today. Hopefully. You enjoyed this stimulus check update second stimulus check update.
Possibly third stimulus check update. But if you have any questions. Let me know down in the comment section below.
Thank you again for watching this video. If you enjoyed it go ahead smash that thumbs up button subscribe if you havent done so already and ill see you guys on the next one .
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