What's up you guys, it's graham here, so it's that time again the next stimulus package is underway and now that time has come because we've just gotten an inside look into the new stimulus draft that was just released yesterday and now we could dive into a full Breakdown of exactly what's included the next round of stimulus checks for the people and what it's expected to go through. This is something we've been waiting on since april when the three trillion dollar cares act was proposed to the senate, and now that we've got this new side of the draft made public most likely details from this will begin to materialize within about a week or so After this video is posted, so no need to wait months anymore, to figure out what's going on, so let's go through everything currently on the table, we're going to be covering what got cut out and then we're going to be going over everything else. You care about like: will you be getting another 1200 stimulus check? Will they be continuing the unemployment benefit? What are they going to be doing for businesses and will they ask you to smash the like button for the youtube algorithm, which i checked by the way? It's in the draft. They say that if this video gets 69 000 likes, the youtube algorithm is going to be rewarding you with a picture of this puppy.

So with that said, thank you so much for the like, and we're going to begin here with the current stimulus outline known as the heels act. By the way, no, it's called the heels act, but not these seals like these heels. It stands for health, economic assistance, liability protections and schools, and you guessed it that's what it's going to cover. They could have also called it.

The like act for liability insurance, keynesian economics so watch out. If i ever get to the senate, i'm coming for the like. Anyway, let's talk about the one that i'm sure everyone is curious about, and that would be the next stimulus check that gets deposited to your bank account in the previous cares act. Twelve hundred dollars was sent to single tax filers, making under seventy five thousand dollars a year, and twenty four hundred dollars was sent to married tax filers, making under 150 000 a year with that amount decreasing five dollars for every 100.

You make above that threshold. So if you make more than 99 000 or 200 000 respectively, you get nothing which i guess is kind of a good problem to have. Anyway, it's been widely speculated whether or not this next stimulus package would include a stimulus check for the people, and now it's been pretty much confirmed that another stimulus check is going to be sent out with the heals act. The current outline would provide the same payments as previously.

So if you got a stimulus check last time, then most likely you would get another one this time now in order to be eligible for the full amount, like i just mentioned, you're going to have to be earning under 75 000 a year as a single tax. Filer or 150 000 a year as a married tax filer, and that stimulus check decreases by five dollars for every one hundred dollars you make above that amount, you're, also going to be receiving an extra 500 per dependent and good news in here is that it doesn't Appear that there are any age limits to the dependent in this new heels act see previously. Dependents between the ages of 17 and 24 were excluded, but this would change that which really is a good step in the right direction to make sure more people are included. So good news, in the sense that another 1200 to 2400 stimulus check is going to be going out, plus 500 per dependent and that'll cover way more people.

But it's still a lot less than some of the numbers that were thrown out previously, like receiving 2 000. A month until the illness ends or like a blanket thousand dollars a month for everybody, although still an extra 1200 to 2400 is going to help a lot of people out there, and because the government already has all of your information on file for the first one. Getting them out again to you is going to be a lot quicker and a lot easier. The last checks took about 13 days to go out, so it's presumed that this time around is going to be a lot more efficient plus it doesn't just end there.

Next, we're going to have to talk about arguably one of the most important and pressing matters of the current stimulus package, and that would be the extension of the unemployment benefit. This was the extra 600 a week, unemployment boost that was provided under the cares act in late march and meant to last until july 31st, after which point maybe our economy would be reopened and people would be returning back to work. Well that didn't happen, and now the senate is left scrambling to try to figure out what to do once the unemployment benefit ends. The concern is that if the unemployment benefit ends on july 31st and all of a sudden people begin receiving 600 a week less, that would lead to a negative ripple effect throughout our entire economy, pretty much tanking everything with it.

So it's become very apparent that continuing these unemployment benefits is vital to our economy and that's become a priority in this next stimulus package. So much so that it was reported that every dollar of unemployment insurance boost economy-wide spending by two dollars, because people then take that unemployment money spend it on other goods and services and that helps keep our entire economy running smoothly. But the biggest disagreement when it comes to the unemployment benefit is how much money is too much money. On the one hand, some people believe that 600 a week is too much money because more than half of its recipients were making more money from unemployment than they were from working their job.

On the other hand, though, other people believe that 600 a week is enough money to keep our economy running smoothly without interruption, but now, according to the heels act, the unemployment benefits will be continued. Although it's going to be reduced from 600 a week down to 200 a week through september after that, states planned to replace the unemployment maximum of 70 percent of a worker's previous pay. So after september they're going to be making about a third less than they were previously until they go back to work or find another job. To me, this seems like a somewhat middle ground between the two sides and it's a lot better than nothing.

But it's going to be interesting to see exactly what gets passed and how much changes from now. Until then, the good news is that this bill appears to be the base from which any unemployment benefits will be expanded on meaning right now. Anything else. That's added onto this is probably going to be more money than less so, in my opinion, almost consider this one like the worst case scenario.

At this point, the stimulus package is also going to closely examine the paycheck protection program and continue it, but just limit who could apply see in the past. The paycheck protection program was meant to be a forgivable loan, that businesses could take advantage of just to retain their employees and pay qualified business expenses, and that way they would be more likely to retain those same employees by the time they open back up. But, of course, as with everything, there are problems, the biggest was that since any business could get the forgivable ppp loan and essentially like i mentioned, just get free money to pay their rent, their mortgage or their overhead expenses. A lot of businesses ended up applying for this, even though they didn't need the money at all.

After all, if someone told you that you could pretty much get three months of all of your expenses paid for for free, a lot of people would just say: okay, fine i'll, take the money. So there was a lot of controversy like there were billionaires, getting paycheck protection money companies worth hundreds of millions of dollars using it to pay themselves a salary and pay their rent, and quite a few were called out and later returned the money like shake shack. So this time, they're going to be refunding the ppp program with another 190 billion dollars, but they're limiting who could apply by only opening this to companies with 300 or fewer employees, who have seen a quarterly revenue loss of more than 50 percent, which makes sense to Me they want this money to go to companies who need it the most, and this is one way of doing that. Besides that, the heels act also aims to shield businesses, doctors and schools from lawsuits, except, of course, for cases of gross negligence or willful misconduct, and that should hopefully allow businesses and schools to operate a little bit more freely without worries of lawsuits.

The bill is also going to be providing 105 billion dollars towards helping schools reopen and 30 billion dollars of that is going to be allocated towards colleges. It also includes another 16 billion dollars to increase testing and another 26 billion dollars towards vaccine developments and treatments. It's also going to be allowing for 100 deductibility for business meals, whereas right now that stands at 50 now for anyone who's unaware of how this works as it is right now, anytime, you go and pay for a business meal, you're able to deduct half that cost Against your gross income, so, for example, if you spend 100 on a business dinner, you would be able to use 50 of that as a write-off. But now, under the new plan, you would be able to deduct the full cost of the meal, and maybe that might encourage more people to go and spend money at restaurants.

And finally, this bill also includes some additional tax credits and deductions for upgrades to the workplace. That allow for operations to run smoothly. This might include the cost of spacing out desks, putting up more protection between people and so on, and there's also going to be employee retention credits for employers to keep more staff on payroll. There's also a few other options that were thrown around prior to this, and, even though this bill is still being negotiated, it's looking more and more dismal that any of these will actually be included.

The first one was very heavily pushed by our president, and that would be a payroll tax cut, which would reduce social security and medicare taxes and give you more money left over from every paycheck you get. It would basically be the equivalent of you getting a 7.65 raised on every paycheck you get when you exclude those taxes. However, it's been argued that tax cuts like this would defund social security and medicare, which is already severely underfunded as it is, and this type of tax cut would only benefit people who are currently working and do nothing for anyone who's currently unemployed. So this one looks like it's being put on the back burner for now, because it's not included.

It was also discussed to get a 450 a week back to work, bonus to get people off unemployment and then back to work. But none of that has ever come up in this bill, so that looks like it's out as well to me that one is not surprising. It was a long shot to begin with and that wouldn't have been fair for everyone who was working this entire time and making less money than they would have on unemployment, and they don't get a back-to-work bonus because they've just been working this entire time. The same thing also applies with the 4 000 travel america tax credit.

That idea was thrown around a few weeks ago. That would give a 50 reimbursement for your travel expenses up to a maximum of a 4 000 credit on money spent on travel. The goal was that this would incentivize people with money to begin spending it on travel and hospitality, which was an area that's been very hard hit. However, the real beneficiaries of this would just be the people who have the disposable income to spend on travel anyway.

So yeah that idea has also been thrown to the sidelines. But as far as the timeline on this it's a little unclear exactly. We know that they're pushing to get a finalized bill in effect by august 7th, because after that, they're going on a recess and won't be back until september, 7th. So august.

7Th is really our tentative date to have something pushed through by, but assuming it gets pushed by that then we'll likely see stimulus checks going out by late august. Then really everything else between now and then is just politics and negotiations. The next step is that this bill is going to be modified and negotiated slightly, although it's most likely going to be the base from which more is added. On to this from.

It was even implied that this could be something that we could push through now and then negotiate the rest of it later. However, it's been made very clear that they want to do their best to address everything and finalize it all in one bill addressing everything, because, let's be real, if it doesn't pass here, it's probably going to take many more months, if ever for anything else to pass. But once this deal is finalized and negotiated, it's then going to go to the president who can choose to sign off on it or if the president vetoes it. It goes back to the senate to vote on and if two-thirds of them agree on it, then it passes anyway and if the president does not sign off on it and it doesn't pass the senate by two-thirds vote then well, realistically, that's not going to happen.

So it's not worth talking about. I just have a feeling that what we see today is going to be a very close version of what's going to be passed, and i have a feeling, probably a little bit more - is going to be added onto this and not taken away. So, overall, there's going to be a lot of new developments happening this week and next week, but the good news is that the next stimulus package at this point is pretty much guaranteed to happen. It's pretty much confirmed that there's going to be another round of stimulus checks going out very soon, and unemployment benefits will be extended to a certain degree, although it's going to be less than it is right now.

So that's where we stand as of right now and once this bill is completely finalized and signed off on i'll, make another update video going over every single detail. What this is going to do to help our economy and how this impacts you. I would expect this one to be much smaller than the cares act and much more targeted in terms of who qualifies for it and in terms of who smashes the like button for the youtube algorithm. So with that said, you guys thank you so much for watching.

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