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.
- $600 a week Extended to january 2021
- $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.
- 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
- 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.
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
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.
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