Posted by on May 15, 2020 in Blog, Uncategorized |

What is the HEROES act and will it pass?

A lot of people are wondering, ‘Will HEROES act pass’ and ‘What is the HEROES act?’ The HEROES act bill, if passed by the Senate, would give people a 1200 stim check – otherwise known as ‘economic impact checks’ – just like how the Cares act gave people a stim check.

More stimulus checks.

They basically work the same as last time. 

    • 75k in income to get the full 1200
    • Decrease $5 for every $100 over 75k
    • If you’re married or filing jointly then you get 2400
    • 1200 per dependent and it’s retroactive for anyone who didn’t get it last time…so that’s great for the college students claimed as a dependent because last time it only went to anyone 17 and under.
    • And This maxes out at $6000 per family.

Student loan forgiveness

    • Information found on Page 1046 of Bill.
    • Up to $10,000 of payments forgiven.
    • Applies from July 1 until September 2021.
    • Will get a $1200 check even if claimed as a dependent and will get the other $1200 retroactively.

Unemployment

  • $600 a week Extended to january 2021

Front Line:

  • $13 hr of premium pay all the way from jan 27 2020.
  • This applies until 60 days until disaster is no longer a disaster.
  • This caps at $10,000
  • So this applies to 769 total hours of work to reach the $10,000.
  • If you’re making above $200,000 then max is $5000 extra.
  • On top of this money you could get a tax break. A federal tax holiday for 4 months and the secretary of the treasury can make it 7 months.
    • This works just like soldiers who are deployed
  • As a side note hospitals will now be able to apply for PPP.

Rentals

  • Ban on evictions pushed to 12 months from passing and will extend to May 31st, 2021.
  • Applies to all tenants in any dwelling, 
  • 30 additional days on top of notice to vacate for non-payment will be needed in over to evict the tenant.

Page 127 tenant-based rental housing specs:

  • $4 billion is going to voucher programs, $2.5bn going specifically to things like Section 8.
  • 5bn to community development.
  • 11.5bn to homelessness
  • 100 billion to rental assistance

Forbearance

  • No longer just federally backed loans qualify, which really opens up how many people can apply for this.
  • Forbearance is now possible for 360 days just like the renters
  • Taxes and insurance paid by servicer as well in escrow accounts
  • Loan servicers even have to eat the extra tax and insurance.
  • Payments go onto the end of the loan…extends the time till pay off.

SALT deduction

State and local tax cuts

  • On the other end of the housing spectrum are the SALT deduction beneficiaries. 
  • State income tax and property tax could be deducted above $10,000.
  • Gets rid of the 10k max until jan 2022
Bob Collopy

Bob Collopy

Associate Broker, CEO

I grew up in the Real Estate industry. I started by ripping up carpet for turnovers in middle school and have been moving up the ladder ever since.

Now I am ranked in Arizona’s top 10 brokers for real estate sales volume and total asset value sold. I am the go-to broker for large funds, Family Trusts, and select high net-worth individuals.

For years I’ve bought 30 houses a month cash at market rate. I buy and sell apartment complexes between Phoenix and Tucson. I reposition and rehab large apartment complexes in Arizona.

I helped grow the family property management company from 350 properties to over 1000. This was achieved by creating superior software and marrying that tech with generations of real estate experience. 

Disclaimer

Robert (Bob) Collopy – am not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice.

IF stocks or companies are mentioned, Robert (Bob) Collopy MAY have an ownership interest in them — DO NOT make buying or selling decisions based on Robert (Bob) Collopy’s videos.

If you need ANY professional 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 Robert (Bob) Collopy. Any use of other media is by fair-use only.

Sole Property of Robert (Bob) Collopy Licensed With: Fort Lowell Realty and Property Management Inc. 3020 E. Camelback Road, Suite 255 Phoenix AZ 85016

www.flrphx.com