FINALLY! Second Stimulus Package Update: PASSED By The House Saturday, May 16th

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Key Financial News & Economic News
1. Department store chain J.C. Penney filed for bankruptcy protection on Friday and said it would permanently close some of its 850 locations
2. Facebook announced Friday that it has agreed to buy the popular GIF platform GIPHY, and facebook says that GIPHY will become part of Instagram. Facebook is paying about $400 million for the company.
3. Another acquisition begin debated right now is with Uber. Uber is looking to merge with Grubhub and the deal would value Grubhub at $6.9B. This deal would give Uber Eats 55% of the delivery market with an additional of 24 million active users.
4. Apple bought NextVR which is a virtual reality startup. Apple has been looking at VR and AR technology for years and is said to have built headset prototypes so it will be interesting to see what they do with this acquisition.

Rule Change In The House:
Now, a member can vote on behalf of 10 others who can't travel to Washington, D.C and who have authorized those votes by letter to the House clerk. Committees can also hold hearings and markups through video conference. House changes its rules during pandemic, allowing remote voting for the first time in its 231-year history

New Stimulus Check
1. House Democrats voted yesterday on new the stimulus package called the Heroes Act and it passed. The bill was approved with a vote of 208-199. Fourteen Democrats crossed party lines to vote against it and one Republican voted for it.

Whats in the package:
- More Stimulus Checks, Expanded Unemployment Benefits, Additional pay for essential workers, More for state and local governments, coronavirus testing, small businesses, vote by mail program.
- $1200 for each adult and for each dependent
- Same eligibility requirements
- Retroactively makes depends for the first stimulus check
- Married to someone with ITIN number
- Now you will get your stimulus check for this one and the other one
- Child support
- They won’t be able to take your payments
- The $3 trillion legislation would also include funding for: extending the $600 per week unemployment benefits in CARES 2 through January 31, 2021

Hazard pay: For essential workers
The so-called Heroes Fund would provide agencies and private employers with money to pay essential workers an extra $13 per hour, up to $10,000 in most cases, over the course of the COVID-19 pandemic, retroactive to Jan. 27.

How would they send out the stimulus checks?
This bill would provide stimulus checks in the same manner as the CARES Act. So if your direct deposit information is already on file, you would receive your payment via direct deposit. If not, you will receive a check by mail.

What did members of the senate and trump say about this package on Friday?
1. Trump said on Friday that “More help will eventually come” but “it’s going to happen in a much better way.”
2. Pelosi said during House floor debate on Friday that “Not to act now is not only irresponsible in a humanitarian way, it is irresponsible because it’s only going to cost more, more in terms of lives, livelihood, cost to the budget, cost to our democracy.”
3. “The bill is simply a Democratic agenda masquerading as a response to the coronavirus pandemic,” said Rep. Tom Cole (R-Okla.). “The bill will go nowhere and go there fast. … Why we’re going through this exercise rather than negotiating in a bipartisan manner is beyond my understanding

#StimulusChecks #StimulusUpdate #HereoesAct
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Видео FINALLY! Second Stimulus Package Update: PASSED By The House Saturday, May 16th канала Michael Wrubel