As you know, the coronavirus has
been wreaking havoc and the U S.
Not only on the health systems
but also on the economy.
Just on Friday it was reported that there
was 3.3 million that just signed up for
unemployment just in the previous week.
So that's a staggering number.
That's the highest since
the great depression.
So yeah, pretty significant fallout as a
result of the coronavirus and all of these
kind of stay home orders.
Today, I'm going to be breaking up the
video into byte sized pieces, but I'll
also record it in full.
So if you want to listen to all the
pieces, you can definitely do that.
Or you can hone in for your convenience
on the ones that are going to be most
relevant to your situation.
But why was the CARES Act passed?
So I mentioned the economy, but what it
makes me think of visually is if you've
ever seen Spiderman, and one of the common
things that happens is he has two things
going on at the same time.
There's a train that's
about to run off a bridge.
And so what he does, he goes, saves it,
shoots it with the spiderweb, and he kind
of suspends it.
That's what the CARES Act is trying to do.
So the.
The government stepped in, and obviously
it's not fixing everything immediately,
but what it did do it is it stopped a U
S economy for just kind of free falling.
And right now we're kind of being
suspended with the CARES Act and some of
these benefits that are being put forward.
Obviously there's still
other things going on.
So the Green Goblin is flying around, he's
the one that caused that train, kind of
set that trap for Spider-Mant
to have to deal with.
But theGreen Goblin is still
out there, Rican havoc.
And basically that's the equivalent
of what the coronavirus is.
So that hasn't been solved yet.
so with that, we can dive
into the financial topics.
So there's really three big pieces.
So it's going to be, whether or
not you're gonna get a check.
What's unemployment would look like
if you ended up needing to use that.
Then also student loan impact
and some of the features there.
So.
Again, you can watch these separately.
I do want to encourage you to make sure
you're following or subscribing, whether
it's on social media or my email
newsletter, cause these things are subject
to change.
speaking of the student loan aspect, that
has already changed a few times just in
the last few weeks.
and so you want to stay up to date on
this, make sure that nothing's changed or
tweaked as we move along.
And then also there's could be the
potential for new information to be coming
out.
So the next big thing, I think this
one's the most important by far, is the
unemployment on steroids.
So hopefully not everyone listening
to this video has to rely on this, but
there's a good chance
that some of you will.
a even greater chance that you're going
to at least know people that are in this
window where, yep, unemployment's are
a real thing that people are having to
struggle with and deal with.
That unique thing about this unemployment
on steroids, it actually is reflective of
what they're doing to unemployment.
In some cases, they're doubling the
payment that you'd receive, and so this is
what they're doing.
Normally when you file for unemployment,
you have to wait a week before you start
receiving a paycheck.
The government said, Nope, we're not going
to make people do that during this time
period.
So they're actually gonna cover that first
week that normally you wouldn't receive
anything.
They'll cover that in full.
Plus you'll get $600 a week on top of what
your normal unemployment would provide.
Unemployment is a state benefit, and
so every state varies a little bit.
For example, the Colorado weekly maximum
is $618 and so with that being the case,
with the $600 on top of that,
basically is how that breaks out.
So.
It's going to help tremendously
just because it is a big boost.
You wouldn't have had the $600 and you
would have that first full week with
nothing.
So that's great that this is going to
help those people and individuals pretty
quickly then provide at least
a reasonable amount of income.
If it, protects all of
your income, then that's.
A huge relief.
I know there's a lot of people sometimes
that have larger earnings per month, but
they're not able to build up the emergency
savings that they would prefer to before
running into this unique period,
but it's still going to help.
So there, there might be a gap for some of
the high earners listening to this that,
yeah.
Well, if you're used to making 6,000
There's going to be a gap there.
Definitely look at the numbers, make
sure that you are doing everything.
Kind of just be efficient until
you get back on your feet.
As far as employment goes.
One other huge benefit is they're actually
extending this an additional 13 weeks.
So traditionally unemployment lasts about
26 weeks as far as the maximum goes.
And so obviously if you get employee, then
you're turn it off, but it was limited to
26 weeks.
Now they're adding 13 weeks onto it.
So that's important to be aware of.
So, I know there's a lot of.
Interesting things to be
coming up in the future.
So definitely stay tuned.
I'm going to try to always dress myself
to make sure I'm making content that is
easily accessible and available to to
anyone, even if you're not a client,
because I truly believe that financial
confidence is a way to just kind of help
you live a better life.
And so reach out anytime if you think
I could add additional value for you.
