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Stimulus Check and Package Update September 28, 2020

Stimulus Check Update

Stimulus Check and Package Update September 28, 2020

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Quick Overview

  • We’ll cover the current status of the new stimulus package from the Democrats.
  • It is currently known to include a second stimulus check, more unemployment benefits, small business aid, money for restaurants, and many more items.
  • The New York Times claims to have access to President Trump’s tax return information. President Trump says it is “fake news”.
  • The New York Times says that President Trump only paid $750 dollars in taxes in 2016 and paid no federal income taxes in 10 years since the year 2000. In comparison, Joe Biden paid $3.7 million dollars in taxes in 2017.
  • For the Supreme Court Justice Seat, President Trump has nominated Judge Amy Barrett.
  • The Senate is expected to confirm and approve Barrett by October 22nd, well before the elections.
  • The first Presidential Debate is tomorrow evening.
  • In the United States, Covid-19 cases are increasing in 21 states, holding steady in 19 states, and decreasing in 10 states, this is according to the John Hopkins University.
  • In anticipation of the second wave, grocery stores have already started stockpiling goods because they’re predicting more shortages on select products.

Stimulus Package News

For the stimulus package, we are waiting on two things, the details of the new stimulus package from the Democrats and what the politicians are going to do with the leftover money from the last stimulus package. There is still a significant amount of money left over from the previous stimulus package, the CARES Act.

Larry Kudlow, the White House Economic Advisor, says that $130 billon dollars is still available from just the PPP program alone. In total, the most recent estimate says that $300 billion dollars of unused funds is sitting idle from the last stimulus package. Kudlow is attempting to repurpose the leftover funds in order to provide more stimulus to the American People.

$300 billion dollars is a significant amount. To put that into perspective, President Trump’s executive order for more unemployment benefits through FEMA, was funded with only $44 billion dollars. The last stimulus check program cost $300 billon dollars.

These unused funds are expected to be repurposed and we just hope that they are put to good use for the American People.

Right now, we are waiting on the Democrats to reveal the details of their new stimulus package. Nancy Pelosi, is the leader of the Democrats in the House of Representatives. The Democrats in the House are now dropping their threat of forcibly removing Nancy Pelosi. The Democrats are saying that they do not believe a discharge petition against Nancy Pelosi is the best path forward.

Certain Democrats were willing to sign the discharge petition because Nancy Pelosi was not advancing the stimulus package negotiations, which was frustrating voters back in their home districts. Congresswoman Cindy Axne, sent the most recent letter to Pelosi, urging Pelosi to take action. Axne wants Pelosi to summon a vote on the new stimulus package this week.

Axne’s letter says

“Americans are counting on us, they cannot wait any longer”.

According to the Democrats drafting this new stimulus package, the plan is to vote on the stimulus package by this Friday. Until that happens, we are anxiously awaiting the details on what is inside this $2.4 trillion dollar stimulus package, which will be released any day now.

Political News

In political news, the New York Times claims to have obtained the “tax-return data” of President Trump and obviously, they’re trying to make him look bad. President Trump’s response is that all of this is fake news.

I’ll give you the facts and then you can form your own opinion. You will see the headlines and all these allegations of tax avoidance, audits, and massive losses. I was curious, especially as a CPA, when I saw these attention-grabbing headlines because I wanted to see if President Trump qualified for a stimulus check. Long story short, the New York Times article was disappointing for two reasons:

  1. The New York Times did not say that they had President Trump’s tax returns. They said that they had obtained President Trump’s “tax-return data”.

The New York Times article says things like someone “anonymously” sent them 3 pages of Donald Trump’s tax return.

  1. The New York Times says, and this is their quote,

“we are not making the records themselves public because we do not want to jeopardize our sources…”

President Trump refuses to release his returns and the New York times refuses to release their evidence. Please let me know your thoughts on this situation. If you could please comment below, I’d appreciate it.

Supreme Court News

Moving on to the Supreme Court. President Trump has nominated Amy Barrett to fill the vacant Supreme Court Justice Seat. The Senate is expected to have her confirmed and approved by October 22nd. With Barrett filling this empty seat, the Supreme Court will now have a conservative majority.

The Democrats are accusing the Republicans for stealing the opportunity for the next President to fill this empty Supreme Court Justice Seat. The Republicans are saying that it is their constitutional right and their duty to fill the seat.

Covid-19 News

  • The United States reported 36,919 cases and 266 fatalities, this is according to the Johns Hopkins University.
  • In the United States, we now stand at 7.1 million total cases and 205,000 fatalities.
  • Just as a warning, please be prepared for shortages of certain household goods with a second wave.
  • It is expected that there will be shortages of Clorox wipes, paper towels, and toilet paper.
  • The second wave is expected to begin in October, so please be prepared.

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