First Coronavirus, Now Congress . . .
As we all know, last week, Congress laid out the highlights of a $900 billion Covid-relief fiscal stimulus package and a $1.4 trillion government funding deal that would provide support to unemployed New Yorkers experiencing food and housing issues. As we know, that bill is now in limbo. James Prendamano wasn’t having it for a variety of reasons as he reported on this special Casandra Properties Christmas Eve podcast, and now President Trump isn’t having it either.
Some Major Components of the Package. . .
- $166 Billion in Direct Payments, which says that individuals making up to $75,000 a year will receive a payment of $600, while couples making up to $150,000 will receive $1,200, in addition to $600 per child. The deal also makes the stimulus checks more accessible to immigrant families.
- $120 Billion in Extended Unemployment Help — Will get an extra $300 per week for 11 weeks until March 14. The legislation also extends employment benefits to self-employed individuals, gig workers and those who’ve exhausted their state benefits.
- $325 billion for Small Businesses
- $284 Billion in loans through the PPP; the program will be extended through March, 31, 2021.
- $20 Billion in EIDL Grant Program – Small businesses and not-for-profits in low-income communities are able to receive $10K in Grants. Those that previously received and EIDL advance are also eligible to receive the full $10,000 if their award was less during the first round of grants.
- $15 Billion in SBA Grants for Shuttered Venues – Grants of up to $10 Million to live venues, independent movie theaters, and cultural centers. Grants can be used to cover expenses such as payroll, rent, utilities, and PPE. A set-aside of $2 Billion is also reserved for entities with fewer than 50 employees.
- $45 Billion in Transportation Aid, including $15 Billion for Airlines; $14 Billion for Mass Transit.
- $7 Billion to Expand Broadband Access – students, families, unemployed workers, including $300 Million for rural broadband
- $250 Million for Telehealth.
- $69 Billion for Vaccines, Testing, and Tracing — $20 Billion for the vaccines; $9 Billion for distribution; $22 Billion to help states with testing, tracing, and Covid mitigation programs.
- $82 Billion for Schools and Child Care
- $13 Billion Food Stamps
- $25 Billion in Rental Aid and an Eviction Ban
- $1.3 Billion in forgiveness of federal loans to historically black colleges and universities; Pell grants to incarcerated students; simplify financial aid forms.
- $69 Billion for Vaccines, Testing, and Tracing — $20 Billion for the vaccines; $9 Billion for distribution; $22 Billion to help states with testing, tracing, and ‘Covid mitigation programs.’
- $82 Billion for Schools and Child Care
- $13 Billion Food Stamps
- $25 Billion in Rental Aid and an Eviction Ban
James Prendamano voices his major issues with the current bill on the table – and one that is now in limbo.
“This bill has more pork in it than “Faicco’s in Brooklyn,” James Prendamano proclaims. Namely, Prendamano is talking of the Omnibus package that includes exorbitant funding in foreign aid. You should hear what else James Prendamano had to say about the matter on the episode.
A Related Lesson in Real Estate, Business, Life . . .
“Folks,” James Prendamano asserts, “the lesson here is if you don’t know what you’re signing, it’s on you.” The Operating Agreement is the most important document you’re signing in a contract. It’s lengthy, but you must read it and understand it. Call your attorneys, call your tax accountants, the professionals – and they can make sure you understand what you’re signing, says James Prendamano.
It has been a rough year – and that’s a giant understatement.
Our well-informed and rightfully angry CEO and Podcast Host James Prendamano shortly calmed down and shifted gears. Nobody wants to see our usually even-tempered beloved CEO to breathe fire on the entire Christmas Eve episode.
Nonetheless, James Prendamano is optimistic – about the upcoming year, about real estate, about the pandemic, about Staten Island. The is a light at the end of the tunnel.
In addition, real estate is alive and well according to the National Association of Realtors, on which James Prendamano reports on a survey they had taken back in June 2020. Things were looking good then, and they’re looking even better now. Specifically on Staten Island, we look forward to the latest updates locally from SIBOR, as well.
James Reports on the Highlights of the NAR Survey Taken Back In June 2020
- 45% of members reported that their market is slowly entering recovery
- 28% stated that their market is booming than normal
- 9% recorded their market is back to normal
Casandra Properties Wishes You a Healthy and Happy New Year!
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