Good News โ˜˜ Congress Reaches Deal on $2 Trillion Stimulus Package โ˜˜ Hoey Team โ˜˜ eXp Realty

Dated: March 26 2020

Views: 27

Lawmakers and the White House came to an agreement in the wee hours Wednesday morning on a nearly $2 trillion stimulus package intended to boost the economy and rush financial support to businesses and individuals during the COVID-19 outbreak. The package that leaders so far have agreed upon includes a direct, one-time payment of $1,200 to be sent to most adults. It also includes infusing $300 billion in relief toward small businesses, as well as a half-trillion-dollar fund to support companies that may be struggling from mass closures as the nation works to reduce the virus’ spread.

Realtor Magazine 2020 03 25 Congress Agrees to a Two Trillion Dollar Deal to boost economy amidst COVID-19 Coronavirus Hoey Team eXp Realty

The package includes one provision that the National Association of REALTORS® advocacy team has strongly worked alongside Congress to achieve—an inclusion of unemployment aid that also would apply to independent contractors, a category that traditionally is not included in unemployment laws but one that many real estate professionals fall into.

Under the current proposal, employment insurance will be available to individuals who are furloughed, gig workers, and freelancers. Payments will be increased by $600 per week for four months on top of what states already provide for unemployment compensation. The amount of compensation will vary based upon what the self-employed individual has earned in the past.

A Senate vote is expected by midday Wednesday, followed by a House vote, and then the measure will need to go before the President for a final signature.

“At last we have a deal,” Senate Majority Leader Mitch McConnell (R-Ky.) said at about 1 a.m. in Washington on Wednesday. This “will rush new resources onto the front lines of our nation’s health care fight. And it will inject trillions of dollars in cash into the economy as fast as possible to help American workers, families, small businesses, and industries make it through this disruption and emerge on the other side ready to soar.”

Under the current relief bill, small businesses could be eligible for a Small Business Administration 7(a) loan to use money to go toward mortgage interest, rents, utilities, and payroll costs. A portion of these loans would be forgivable, including payroll costs. NAR worked with the drafters of the legislation to ensure that independent contractors and commission-based income will be eligible for the loans as well as the forgiveness provision, according to NAR’s federal advocacy team. The bills provide a boost in funding to the SBA to help expedite these loans, require little in the way of up-front certification, and also give the administration the authority to temporarily bring additional lenders into the SBA loan program to increase the options for businesses, the advocacy team added.

The legislation also includes a delay in payment of employer payroll taxes. NAR’s advocacy team explains: “All of the payroll taxes of an employer and one-half of the self-employment taxes of a self-employed individual as well as one-half of the estimated taxes of the individual that arise between the effective date of the act and the end of 2020 would not be due to the Treasury Department until December 31, 2021 with the other half due by December 31, 2022, if passed.”

The bill also includes one-time payments of $1,200 to most American adults, which likely will be delivered by early April. It will be based on income reported on 2018 taxes. The amounts will decline based on how much individuals or married couples filing jointly earned (amounts will be gradually decreased beginning with individuals who earn $75,000 or married couples filing jointly who make $150,000). Households will also receive an additional $500 per child. However, individuals earning $99,000 or above and married couples earning $198,000 or more would receive no check.

“If we get this package, we’ll be setting the stage for a good rebound in the second half of the year,” said Larry Kudlow, the White House’s top economic adviser. “This package will undergird workers and families, Main Street, small businesses.”

This marks the third stimulus bill proposed by Congress to respond to the pandemic. Last week, Congress approved a package that mandated greater access to paid sick leave for workers. The legislation also created 100% refundable tax credits designed to provide an offset for small businesses and independent contractors to cover the cost of new paid sick and family leave benefits.  Lawmakers have also approved measures to provide free COVID-19 testing and allocate money toward developing a vaccine.

Article content from our National Association of REALTORS (NAR) Newsletter Magazine, and from other sources including Hoey Team โ˜˜.

NOTE for Buyers and Sellers: On our "VIRUS FREE" Hoey Team โ˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed 3D VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS without any Coronavirus; COVID-19 worries right HERE: ? www.SWFLVRE.com  ? ?

For more Real Estate related information as we go throught this COVID-19 experience, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

Click Here for our most recent Market update Report for Southwest Florida and beyond.

We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team โ˜˜ and what we do to help or visit HoeyTeam.Net anytime.

Here is our informational Southwest Florida Website โ˜˜

Barry is a CLHMS; Click Here to see how we help with higher end properties.

Please visit our Hoey Team โ˜˜ Luxury Home Market Page by Clicking Here

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  โ˜˜

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team โ˜˜ brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team โ˜˜ at:  (239)-360-5527 

“Please Share this and our informational website with anyone who you think the info will help. 

Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can. 

Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim โ˜˜

Blog author image

Barry & Kim, Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜

"Your Real Estate Concierge" If you are looking for a REALTORยฎ or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....

Latest Blog Posts

๐Ÿ“ฃ U.S. Annual Home Prices Gain a Record 18% in July ๐Ÿก Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

CoreLogic: That’s the biggest 12-month gain since the series began 45 years ago. On a month-over-month basis, home prices increased by 1.8% in July from June.NEW YORK – U.S. home

Read More

๐Ÿ”” Here Are the Most Popular U.S. Cities for Second Homes, with Florida the Most Popular State ๐Ÿก Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

Survey: Second homes account for 5.4M U.S. housing units. Miami ranks in the top 5 most popular big cities for second homes; Miami Beach is No. 1 for small cities.MIAMI – A recent AdvisorSmith

Read More

๐Ÿ“ข Who is ready to play flag football to honor Fallen Officers? ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

239RealEstateDeals.Com LLC are proud to announce, that in an effort to continue to pay it forward in our Southwest Florida community where we support many events in our communities, 

Read More

๐Ÿ“ฃ FAU Economist Says Homes โ€˜Less Overpricedโ€™ in July ๐Ÿก Hoey Team ๐Ÿ€ 239RealEstateDeals.Com LLC โ˜˜ Southwest Florida ๐ŸŒด

The overheated market may be slowly cooling.  Even if July numbers just reflect the usual summer slowdown, it could mean traditional patterns are starting to return.FORT LAUDERDALE, Fla. ;

Read More