Chad Brown, Partner at The Tax Shelter, answers some of the most common questions on the most recent government stimulus package. He studied the 800-plus package from the government and is tirelessly preparing to help guide individuals and businesses over the next few weeks.
Chad explains how unemployment benefits will apply to those affected by the coronavirus at a state and federal level. Some common questions for most people that he answered today include:
When can I expect my government stimulus check?
How much will the government send me?
Should I take money from my IRA/401K?
Do I have to pay my mortgage?
Do I have to pay my student loan?
Chad further explains what is currently known and unknown for businesses that need assistance. For instance, the unemployment programs are designed to get people close to 100% full pay. Also, for the first time unemployment will cover independent contractors. The federal government is giving up to $600/week to those in need on top of state unemployment.
Chad educated us on the SBA programs including the Payroll Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL). He explains the difference between the two programs and their benefits. Both of the programs have ways to help business owners. The goal of the programs is to give businesses money to spend. The hope behind this is that quick spending, and making sure people have money, will lead to a quick recovery.
Our host, Chris Lazarus, gives an update of the real estate market by reviewing statistics off the MLS.