What does the $2.2 Trillion stimulus provide?
Besides comprising half the size of the US government’s annual budget, this titanic legislative spending bill includes 900 pages of economic assistance detail. Marco Rubio, our Floridian Senator, co-authored the small business section of the bill and likely the one that impacts the social fabric that weaves our neighborhoods together. Thankfully the economic package has passed with these key points which directly affect our communities the most in my opinion.
· Individuals will receive $1200; married couples to collect $2400; and each child under 17 is $500 additional.
· If you’re unemployed, self-employed, a gig worker, part-time, or Uber and/or Amazon worker, YOU QUALIFY FOR ASSISTANCE!
· Stimulus payments will be directly deposited to those which have a bank account number on file with the IRS. Those without bank accounts on file will need to wait for a physical check from IRS.
· Student loan payments are suspended until 9.30.2020 without any interest or penalties.
· Corporations accepting stimulus loans must retain 90% of employees and funds can’t be used to buy back stock.
· Federally backed mortgages have up to a 60-day forbearance which can be extended 4 periods up to 30 days each.
· Foreclosures can’t start until 60 days past 3.18.2020.
· Fishing industry set to receive funds within bill.
· Multifamily federally backed mortgages can also apply for the mortgage forbearance for up to 30 days with 2 additional extensions up to 30 days each.
· Emergency Food Assistance Programs will benefit for supplies and distribution.
· Small business owners can receive a loan for up to 2.5 times of payroll paid over the last year. Loans can be used for employee payroll and/or employee healthcare costs.
· Businesses with net operating losses between 2018-2020 may use those losses to reduce their taxable income for up to the last 5 years. This equates to greater tax refunds to offset losses.
We must appreciate the positive aspects of the bill and not depreciate what it lacks. This, by far, has been the quickest, largest, bill which directly assists consumers, corporations and our US economy as a whole. Let us not forget our local small businesses which need our help more than ever. Join us in uniting with these entrepreneurs which stand to lose everything they have worked for and hashtag #helpsmallbizchallenge to highlight your local café, bakery and/or restaurant. Tag @floridianfirstrealty for an extra shout out too. Order take out or delivery and support your neighborhood.
Even though quarantining is the new norm, let’s be thankful for those who comply and stop the spread. We really could be worse off as New Orleans is seeing the highest amount of coronavirus cases in the world due to last months Mardi Gras celebration. Doctors, nurses, families, friends, strangers can’t urge us enough to stay home…but please whatever you do, STAY HOME and be safe.