EXPLAINED: The NEW Stimulus Package

A deal has FINALLY been struck for the new stimulus package and it’s about time, folks! There are some golden nuggets in there, especially for the world of real estate and those who are self-employed. From rental assistance to an extension of unemployment benefits, tax extenders to improved tax credits, you’ll want to hear how this new stimulus package helps tenants, homeowners, and investors alike. Listen in as I simplify the most important bullet points of the stimulus—and learn how our political advocacy work has paid off to support our communities during this crazy time. 

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• A deal has (finally) been struck for the new stimulus package!
• Some bulleted key points:
• $600 of stimulus checks for those who qualify (including dependents)
• An extension of unemployment benefits until April 19th
• An extension of the PUA for an additional $300/week through March 14th
• The unemployment benefits are extended to the self-employed
• The PPP has an additional $284B and there’s $20B in the EIDL
• Deductibility of business expenses paid for with the PPP
• $25B provided to the state through September 30th, 2022 for rental and utility assistance, which allows landlords to apply for funds on behalf of tenants
• The supply chain allows banks to get the money they need to lend
• BIG NEWS: Tenants can apply and the funds will be directly sent to the landlord; landlords can also apply but must notify the tenant and get their consent
• This protects all sides of the supply chain
• There’s money for schools and vaccine distribution, too
• $7B in the states for broadband expansion, including $300M for rural broadband
• This is happening alongside a $1.4T spending bill to fund the government through September 2021 
• This includes tax extenders, an increase in Fair Housing founding, and a 2-year expansion of the business meals deduction
• It includes an extension/expansion of the employee retention tax credit and a permanent extension of the section 79D deduction for energy-efficient commercial buildings
• It includes mortgage debt forgiveness exclusion extended for 5 years
• The low-income housing tax credit is expanded and improved; which is great news for building affordable housing 

3 Key Points

1. The new stimulus has some great assistance programs for those who need it.
2. The new stimulus better protects the supply chain. 
3. The new tax extenders and tax credits are great!