Should you invest new money during this crisis? Dr. Nitin Chhoda outlines the 3 things that must be in place to have your financial health in order BEFORE you invest new money during this crisis.
Many people are rushing to invest in the stock market during this crisis in the hopes of ‘making a quick buck’. Online stock trading platforms have seen a surge in demand in recent months as investors seek to take advantage of undervalued equities. However, the market is likely to trade sideways in the near term. A lot of people are at home and have got more time on their hands. And many individuals have lost their jobs and are looking for new opportunities.
The distribution of PPP funds along with increased unemployment claims and the “$600 Unemployment Booster Shot” (New York Times) has created an unusual economic event. Employers (now) have the money to cover payroll. Further, employers have to spend this money in the next 8 weeks to ‘maintain the size of their workforce’, otherwise they have to pay it back.
Thousands of small business owners may have had their personal information exposed recently due to a security flaw on the SBA website. The Small Business Administration said Tuesday that the personal information of over 7,000 business owners applying for economic injury disaster loans was potentially seen by other applicants on the SBA website on March 25.
Dr. Nitin Chhoda stacks up the differences between the ‘Emergency Money for the People Act’ and another proposed stimulus package called the ‘Rent and Mortgage Cancellation Act of 2020’. It seems like every single day, we get yet another proposal, yet another stimulus package. The emergency money for the people act was a proposed emergency stimulus and the free rent and free mortgage proposal, came along right after that.
The Automatic BOOST to Communities (ABC) Act is a proposal that could provide a $2,000 one-time payment to every person in America, including dependents, and would follow that up with an additional $1,000 per month for up to a year after the COVID-19 emergency ends. It proposes the payments be distributed via pre-paid U.S. Debit Cards managed by the U.S. Treasury.
In the past month, 26 million Americans — or about 16 percent of all workers — lost their jobs due to the pandemic and government-ordered business closures. President Trump just signed a $484 billion bill – the fourth large coronavirus deal. This revives the Small Business Administration’s Paycheck Protection Program, which ran out of funds in it’s first go-around.
Everyone’s asking “Where’s my stimulus check” and searching for information online. The problem is – so are scammers. They are trying to steal your information and your stimulus check. Scammers have set up more than 180,000 websites in an attempt to steal data or misinform consumers, according to data from Checkphish by Bolster.
On the heels of the proposed ‘Emergency Money for the People Act’ comes another proposed stimulus package called the ‘Rent and Mortgage Cancellation Act of 2020’. There’s no doubt that emergency stimulus is needed right now and this mortgage cancellation stimulus proposal goes a step beyond the $1200 / $2400 stimulus checks.
If you are wondering “When will I get my stimulus check”, you are not alone. Some have been getting their stimulus deposit via direct bank deposit, others have been getting their paper stimulus check in the mail. In this video, Dr. Nitin Chhoda answers the question “Where is my 2020 stimulus money?”
Everything you need to know about the pros and cons of the $2000 per month proposed stimulus plan.
If you support this and want to do something about it:
1.Check out this online petition
https://petitions.whitehouse.gov/petition/tell-congress-american-people-need-emergency-money-people-act-pass
The idea behind the $2000/month proposed stimulus plan is not new. Did you know that Alaska gives each resident a check every year? Where did the idea for the $2000 per month stimulus proposal come from? What is the extent of the wealth disparity in the United States? What does the future hold for a proposal like this?
