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Key Financial News
1. Trumps valet tested positive and the Vice Presidents secretary tested positive. Trump administration, three top public health officials have begun partial or full self-quarantine for two weeks after coming into contact with someone who has tested positive for the coronavirus.
2. At least 25,600 residents and workers have died from the coronavirus at nursing homes and other long-term care facilities for older adults in the United States, according to a New York Times database.
3. By Monday, at least 31 states will have partially reopened after seven weeks of restrictions. The moves come as President Trump pushes for the country to get back to work despite public health experts warning that it's too soon.
4. Japan had locked down early and controlled the outbreak. Because of that success, many of the restrictions on the island were lifted. But cases and deaths surged in a second wave of infections. Twenty-six days later, the island was back on lockdown.
New Stimulus Check
1. The House Democrats are finalizing their next legislative response to the coronavirus pandemic, a package that will propose another massive round of aid
2. There was a plan put proposed yesterday called the Monthly Economic Crisis Support Act designed to give everyone $2,000 /mo retroactively by Bernie sander and other representatives
3. Senate Minority Leader Chuck Schumer, D-N.Y., told MSNBC Thursday the next stimulus package should be “very big and bold.” “
4. “I think I can speak for our conference by saying we're not ruling out another package, but we think we ought to take a pause here, do a good job of evaluating what we've already done," McConnell said earlier this week regarding a potential second relief bill.
PPP and EIDL
1. Over 9,000 Catholic Churches applied and received the PPP Loan
2. Lawmakers tell 5 public companies to "immediately" return Paycheck Protection loans (Energy Companies, Biopharmaceutical companies and more
3. Business owners who received loans through the Paycheck Protection Program and don’t need it have until May 14 to return the cash by extending the PPP “Safe Harbor”.
4. After 8 weeks you need to apply for loan forgiveness. And once you submit that you will hear from them within 60 days.
5. The PPP Loan is almost out of money so make sure to apply for it. Remember that 75% for payroll and 25% for other expenses. He explained how the law says that businesses use the money for payroll now or eventually and then the loan would be forgivable.
6. To qualify for forgiveness, businesses also must retain employees at pre-pandemic staffing levels and wages.
7. Over 175B of this money has been used
#Stimulus #StimulusCheck #StimulusUpdate
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⚠️⚠️⚠️⚠️DISCLAIMER⚠️⚠️⚠️⚠️
I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a Youtube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Michael Wrubel MAY have an ownership interest in them -- DO NOT make buying or selling decisions based on Michael Wrubel's videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. financial advisor, or the appropriate professional for the subject you would like help with. Linked items may create a financial benefit for Michael Wrubel. Any use of other media is by fair-use or license only.
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