Tuesday, March 28, 2023

Congress Stimulus Program For Middle Class

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The American Rescue Plan

How Congress can support middle-class Americans: A conversation with Senator Mark Warner

President Joe Biden formally announced his $1.9 trillion COVID-19 stimulus plan on Jan. 14, 2021. On March 11, 2021, he made it a reality. Biden signed the $1.9 trillion piece of legislation passed by Congress just days before, promising $1,400 stimulus checks, extended unemployment benefits, a vaccine rollout, and moreall as part of the promises he made in Wilmington, Delaware, in January 2021.

“There is real pain overwhelming the real economy. You wont see this pain if your scorecard is how things are going on Wall Street,” Biden said in his speech. He referred to what many economists are calling a K-shaped recovery, adding that “the wealth of the top 1% of the nation has grown roughly $1.5 trillion since the end of last yearfour times the amount for the entire bottom 50%.”

Funding the assault on the coronavirus, strengthening the social safety net for those pushed to the brink, and helping state and local governments are the main goals of the American Rescue Plan. In the first 100 days of his administration, his goal was to reopen most schools and have 100 million vaccine doses administered.

The American Rescue Plan didn’t mention tax increases, which means the federal government will pay for it with debt. The president has spoken strongly against deficit worries during the pandemic, earning praise from progressives in his party, such as Sen. Bernie Sanders.

We’ve highlighted some of the key elements of the American Rescue Plan below.

What Is A Heloc

Home equity lines of credit are a revolving source of funds that you can access as you choose. HELOCs usually feature variable interest rates, depending on the lender.

HELOCs have two phases: the draw period and the repayment period. The draw period is usually 10 years. This is when you can access your available funds as you choose, and as little or as much as you may need. During this time, youll most likely only be required to make small, interest-only payments against what you borrow.

If you dont ask for an extension after the draw period, then you will enter the repayment period. Once in repayment, you can no longer access additional funds, and you must make payments to the principle, plus interest. The length of the repayment period varies, but most lenders have a 20-year repayment period. Depending on your lender, you may be offered different types of repayment options.

The American Rescue Plan: Big Benefits To The Middle Class

Today, President Joe Biden signed the American Rescue Plan into law to immediately deliver relief to Americans. This comprehensive law takes bold action to defeat the COVID-19 pandemic while providing needed assistance to bolster the economy. The American Rescue Plan provides funding for vaccine distribution, direct stimulus payments to families, ensures schools have the resources to resume in-person learning safely, supports small businesses, and gives municipalities the funding they need to keep our law enforcement officers, teachers, firefighters, and other essential workers on the job. Learn more about how the American Rescue Plan will help working families build back better: New York Times: New Stimulus Package Brings Big Benefits to the Middle Classdirect stimulus payments, an array of tax benefits or an expansion of the Affordable Care Act, the bill will bring a big economic lift to middle-income familieswill see their after-tax income rise by 5.5 percentchild tax creditbolsters the tax credits that parents receive to subsidize the cost of child care this year. upper-middle-income Americans eligible for aid to buy plans on the government exchanges, and premiums for those plans will cost no more than 8.5 percent of an individuals modified adjusted gross income.makes it easier for newly unemployed workers to get insurance through a federal program called COBRAThe plans cover about 10.7 million active and retired workers, many of whom are middle class: CNN:

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Joe Biden Has Big Plans To Get Stimulus Money To Millions Of Americans

President Joe Bidens stimulus packages have not yet passed Congress and, in their current forms, they are expected to meet significant Republican opposition. However, if most of the language in the bills survives intact, it would indicate a sweeping stimulus program, including significant payments to most working- and middle-class Americans and a large expansion of the welfare state.

President Joe Bidens stimulus packages have not yet passed Congress and, in their current forms, they are expected to meet significant Republican opposition. However, if most of the language in the bills survives intact, it would indicate a sweeping stimulus program, including significant payments to most working- and middle-class Americans and a large expansion of the welfare state.

Bidens future strategy can be broadly broken down into two plans. The first, the American Families Plan, is a conventional expansion of the welfare state it offers significant advances in childcare, including free pre-K, increased ability to write off childcare-related expenses on ones taxes, and, perhaps most significantly, an expansion of the Child Tax Credit to around $3000 per child per year effectively amounting to another stimulus check for middle-class parents.

If it can be supposed that Bidens plans whether mostly intact or in some slightly different form are approved by Congress and signed into law, what would he do next?

Relief Refinance Program Benefits

What Is Congress Mortgage Stimulus For The Middle Class References ...

These programs are intended to helphomeowners who are currently paying above-market mortgage rates, but cantrefinance because they have too little home equity.

The biggest benefit is that qualifyingborrowers can refinance into a lower interest rate and monthly payment, helpingthem afford housing costs and avoid foreclosure.

But there are other advantages tousing HIRO or FMERR, too. For example:

  • No maximum LTV ratio If the home loan being refinanced is a fixed-rate mortgage, theres no maximum LTV for the new loan. That means if your mortgage is $150,000 and your home is only worth $130,000, you could refinance even though your loan-to-value is 115%
  • Private mortgage insurance not required If you have PMI on your existing loan, it must be transferred to the new loan. But if you dont currently have PMI, you wont pay it on the new mortgage
  • Streamlined application process Simplified documentation requirements mean you may not have to prove income, assets, or liability information. There is also no minimum credit score or maximum debt-to-income ratio
  • You dont have to use your current lender Both electronic and manual underwriting options are available to the same or a new servicer

These loans remove many of the eligibility requirements for a conventional refi. Theyre often a faster and more affordable way for borrowers to get a lower rate and housing payment.

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Mortgage Relief Programs For 2021

If youve had a temporary job loss or reduction in income, it can be hard to keep up with mortgage payments especially if you have an above-market mortgage rate thats keeping your payments artificially high.

The simple solution is to refinance into a lower interest rate and cheaper mortgage payment.

Thanks to rising home values, even homeowners who made a very small down payment or refinanced recently could be eligible for todays low-interest rates.

Even if you dont think youd qualify for a refinance, its worth talking to a lender. Many homeowners are eligible but dont know it yet.

Whats more, not everyone needs great credit or perfect finances to qualify for a refinance.

Select programs, like the government-backed Streamline Refinance, can help borrowers refinance with little, no, or negative home equity.

Even if you dont think youd qualify for a refinance, its worth talking to a lender.

Homeowners might be surprised at the amount of equity theyve gained in todays hot housing market. And with rates still near record lows, many borrowers can easily save hundreds every month.

Those savings could put some cushion back in your budget and seriously improve your personal finances.

Use Your Smartphone To Cash Your Stimulus Check

With your smartphones camera you have a number of services at your disposal to cash your stimulus check. Each service varies in the fee that they charge and the amount that you can cash. If you are willing to wait to have the check cashed most services waive the fee. However, always make sure you understand the fees and other requirements before you sign up.

This option can be useful for other transactions as well, giving you the ability to make purchases, withdraw money from ATMs or stores and cash other checks.

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Benefits: Theyre No Lie

The benefits of attending an APA-accredited school are many. Because the APA is recognized nationally, graduation from an accredited school satisfies certification and licensing requirements in most, if not all, states. In addition, only students who graduate from accredited programs are eligible for membership in the APA. Joining the APA is not mandatory for polygraph examiners, but the resources available to its members are vast. The APA, for example, offers seminars, career information, the Advanced and Specialized Training Certificate and more to its members.


Businesses Connected To Politicians And Political Donors

Gov. Newsom to Expand California Stimulus to Middle Income Families

Businesses owned by the president, senior government officials, and their immediate families are ineligible for funds distributed through the $500 billion Economic Stabilization Fund. A business falls into this category if it is at least 20% owned or controlled by a person in the restricted group. Such businesses may nonetheless still be eligible for funds distributed through the $669 billion Paycheck Protection Program or through the $15 billion change to the tax code.

Jared Kushner’s businesses may generally be eligible for relief under the Economic Stabilization Fund because, according to The New York Times, he usually owns less than 20% of his family’s real estate projects.

On April 21, the Trump Organization said it would not seek a Small Business Administration federal loan. ” rel=”nofollow”> federal building in Washington, D.C. Eric Trump said he hoped the General Services Administration would treat the Trump Organization “the same” as its other tenants.)

Clay Lacy Aviation, a California-based private jet charter company that serves business executives and celebrities, received a government grant of nearly $27 million that it does not have to repay. In 2016, the company’s founder, Clay Lacy, donated $47,000 to the Republican Party after it officially nominated Trump and also donated the maximum allowable $2,700 directly to the Trump campaign.

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Streamline Refinance Eligibility: Lower Your Interest Rate Quickly And Affordably

You may be eligible for a Streamline Refinance if:

  • You have an FHA, VA or USDA loan
  • You will benefit demonstrably from the refinance, such as by a lower mortgage rate or monthly payment
  • No missed payments in the last 6 months

If you meet these conditions you are very likely to have access to lower rates but you need to act now before rates go up. Speak with your mortgage lender about your personal finances and relief options.

Student Grants Student Loans And Work

  • Creates a 14-billion-dollar higher education emergency relief fund to provide cash grants to college students for costs such as course materials, technology, food, housing, and child care. Each college will determine which of its students receive cash grants. This was divided into three pieces: $12.5 billion in formula funds, at least half of which must be given directly to students, $1 billion for institutions serving minorities, and $350 million in supplemental funds for small institutions with unmet needs. Though the Department of Education issued guidance that international and undocumented students are ineligible for these funds, this was challenged in a lawsuit.
  • Payments of student loan principal and interest of by an employer to either an employee or a lender is not taxable to the employee if paid between March 27, 2020, and December 31, 2020. The maximum amount that is tax-free is $5,250 per employee.
  • For college students in a federal work-study program, allows a school to continue to pay a student if the student is unable to fulfill their work-study obligation due to the COVID-19 public health emergency.
  • Gives students and colleges flexibility regarding the requirements for federal student financial aid during the COVID-19 pandemic.
  • Suspends payments and accrual of interest on federal student loans through September 30, 2020. Suspends garnishments and tax refund interception related to federal student loans through September 30, 2020.

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Retirement Plans And Retirement Accounts

  • Waives the 10% tax penalty for early distributions from IRAs, 401 plans, 403 plans, and 457 plans if:
  • The individual, their spouse, or their dependent has been diagnosed with COVID-19
  • The individual experienced adverse financial consequences because they were quarantined, furloughed, or laid off, or because their employer reduced their working hours or
  • The individual experienced adverse financial consequences because the individual is unable to work due to lack of child care.
  • A plan administrator is allowed to rely on the participant’s assertion that one of these events occurred.
  • Distributions are still subject to income taxes, although the individual may choose to spread the payment of the income taxes over three years, rather than paying them all in one year. Alternatively, if the distributed amount is repaid into any , see ) IRA or employer-sponsored retirement plan within three years of receiving the early distribution, no income taxes will be due.
  • Increases the maximum amount of a 401 loan from an employer-sponsored 401 retirement plan. The limit used to be the lesser of $50,000 or 50% of the participant’s vested assets. It has been changed to the lesser of $100,000 or 100% of the participant’s vested assets.
  • All changes to the rules regarding loans and early distributions are at the option of the plan administrator and are not required to be adopted.
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    Congress Mortgage Stimulus Package For Middle Class

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    How To Refinance Second Mortgages

    Refinancing a second mortgage requires almost the same steps as refinancing the first mortgage. In most cases, youll have to wait at least 12 months from when you were approved for the second mortgage before refinancing it. Most lenders also require you to have at least 20% equity in your home. If you plan to refinance with a different lender, you may want to check with the lender who holds your second mortgage before pursuing refinancing.

    It may be slightly more difficult to find a lender, as refinancing second mortgages carries more risk for the lender. If for any reason your house is foreclosed, the second lender only gets whats leftover after the first lender is paid off. Nonetheless, if you have good credit, a stable income, and youve made your mortgage payments on time, you should be able to find a lender willing to help you refinance your second mortgage.

    Before considering refinancing any mortgage, you should do your research, speak with your financial advisor, and calculate whether youll benefit financially by refinancing. Depending on the fees, the cost of refinancing a second mortgage may outweigh the benefits.

    Once youve decided that refinancing your second mortgage is the right choice, figure out if you would qualify for favorable interest rates by checking your credit score and assessing your financial situation. Your lender may look at your other debts, so determine your debt-to-income ratio.

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    Q: Does A Homeowner Have Income As A Result Of The Government’s Having Paid Some Of The Homeowners Mortgage Loan By Making A Pra Investor Incentive Payment To The Holder Of The Loan

    A2: No. This payment by the government on behalf of the homeowner is excludible from the homeowners income under the general welfare exclusion. Excluding this amount from the homeowners gross income is consistent with the treatment of Pay-for-Performance Success Payments, which are addressed in Revenue Ruling 2009-19 PDF.

    Preparing Your Request For Forbearance

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    Before contacting the mortgage servicer, be prepared to answer a host of questions, such as:

    • What are your options to temporarily reduce or suspend your payments?
    • Is loan modification an option?
    • Will late fees be waived?
    • What do I do when my forbearance period ends?
    • What payment options do I have at the end of the forbearance period?
    • What restrictions and requirements will apply at the end of the forbearance period?
    • Will interest be charged on the as-yet-unpaid mortgage payments during forbearance?
    • Do I have any rights if I disagree with the mortgage relief determination?

    If you were up to date on your payments prior to the COVID crisis and your employment or income status has changed drastically since, you will probably be granted mortgage forbearance. Fannie Mae writes that your credit score will not be affected if you make consistent payments according to the agreed-upon plan.

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