In an effort to revive the American dwindling economy and correct the financial and banking system, many bills has been introduced to the Congress. The most expensive bill, so far, is The American Recovery and Reinvestment Act of 2009. Now that the bill has been passed in the House and Senate. Obama has signed the bill into law. This law is designed to stimulate the American economy. It contains quite a few plans. Each plan will provide certain amount of employment and business opportunities. The whole stimulus package, they claim, will create around 3 millions position for both employer and employee in a few years.
The government itself, including the federal, state, county and city government will provide many jobs. Those who are interested should check with their local Employment Development Department.
The government is going to spend a lot of money on infrastructure modernization and construction such as road, bridge, public transit and high-speed rail. If you are interested in employment or business opportunities in construction material manufacturing and supply, basic resources supply and construction engineering service, there will be increased opportunities in those area. There will be jobs available for the related professionals such as electronic engineer, mechanical engineer, civil engineer, construction worker, and people with related job types under basic resources supply and construction material manufacturing. This plan get 29 billions of dollars.
Another 30 billions of dollars are directed to the construction of a new, national clean energy infrastructure including modernization of electric grid and advanced battery manufacturing. In my opinion, this 30 billions of dollars, by far, is not enough for this huge project. This 30 billions of dollars provide fund for just the first step to the Obama ambitious clean energy system plan in an effort to reduce the dependence on the usage of the non-renewable air-polluted imported oil. This plan can open up a new era of alternative green technology just like the previous era of internet and digital technology which can create many opportunities. Be prepared to suit yourself in this new era.
For the time being, the plan could help beginning jump-starting a new, multibillion-dollar industry in the United States for manufacturing advanced batteries for hybrids and electric vehicles and for storing energy from the electrical grid to enable the widespread use of renewable energy. Tens of billions of dollars in loans, grants, and tax incentives for advanced battery research and manufacturing, as well as incentives for plug-in hybrids and improvements to the electrical grid, which could help create a market for these batteries. Additionally, there are provisions that will help ensure a market for the batteries. Tax credits of up to $7,500 will go to people who buy hybrids with large batteries that can be recharged by plugging them in; there will also be smaller incentives for converting cars into such plug-in vehicles.
$4.5 billions is dedicated to modernizing the electrical grid with up to $11 billions more devoted to implementing “Smart Grid” throughout the US. Upgrading and expanding our transmission system and installing new, Smart Grid technologies, including “smart appliances” in homes and business, would increase the efficiency of the grid and enable grid operators to make smart, real-time decisions about how to generate, store and consume electricity - an essential step if we are to a) modernize our failing electrical grid and b) incorporate the widespread generation of renewable energy into the grid (wind, solar, wave, bio fuel, nuclear, and more). Of course, the effort to upgrade and modernize our national electrical system will take many years, and the cost of building a nation-wide smart grid may well cost hundreds of billions when all is said and done. Can you see the opportunities here?
The law call for payments to hospitals and physicians who is going to have a new computerization of medical information system. This will create certain amount of jobs for computer professionals. A 19 billions of dollars is available.
The law appropriate 8.5 billions of dollars for bio-medical research for drug and cure for disease such as Alzheimer’s, Parkinson’s, cancer and heart disease. Those people who has skills in biotechnology and life science should not have difficulties in finding a job now and in the near future. Those fields are still demanding even in this time of recession.
A 6.3 billions of dollars is appropriated for energy efficiency upgrade to federally-supported and public housing, including new insulation, window and frame. Another business and employment opportunities in providing building material, energy equipment supply and service, and related fields.
For those who want to go into business in providing service for water infrastructure construction, flood prevention and environmental cleanup should consider this opportunity. 18 billions of dollars is available for grant and business loan.
The healthcare-related professionals and businessperson will get the biggest piece of pie because the federal, under this law, will give 87 billions of dollars to states for funding Medicaid program. If you are physician, nurse, pharmacist, healthcare provider, drug manufacturer and seller, healthcare equipment manufacturer and supplier, or healthcare-related worker, you will find employment and business opportunities.
8 billions of dollars will also go to states in aiding for providing public safety. I do not know how the state, county and city are going to use the money. I don’t think they will cut back the workforce of law-enforcement officers.
40.6 billion of dollars are going to be spent to aid local school district to modernize school and prevent staff and program cutback. This will bring hope to the primary and high school staff. Now they do not need to worry about unemployment and changing occupation.
Good news for those who want to expand or start a business. The package will provide $730 million to beef up the loan guarantee programs of the U.S. Small Business Administration. It increase the guarantee amount up to 90% of the loan amount. Part of that sum is used to pay for the fees that business borrowers pay for SBA-backed loans, making them more attractive for bankers. These measures are designed to help thaw the current credit freeze. The business loan is not limited to be used for the type of business mentioned above. It could be used for any kind of legitimate business.
90% loan guarantee is available for the loan approved before September of 2010 or until the appropriated amount of 375 millions is used up whichever the sooner. Effective February 17 of 2009, borrower can temporarily waive or reduce the loan fee they pay to the bank for SBA-backed loan. This can really help the small business borrower because the loan fee can go as high as 3.75% of the loan amount. If you have already paid the loan fee, you will get a refund check from Small Business Administration starting May of 2009.
Seeking to ease the credit freeze for small businesses, the package will inject $15 billion into the industry, buying up securities that are linked to small-business loans so that you should get a business loan more easily.
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Showing posts with label Opportunity and Benefit. Show all posts
Showing posts with label Opportunity and Benefit. Show all posts
Benefit from the Recovery and Reinvestment Act
In an effort to revive the American dwindling economy, many bills has been introduced to the Congress. The most expensive bill, so far, is The American Recovery and Reinvestment Act of 2009. Now that the bill has been passed in both the House and Senate. Obama has signed the bill to become a law. Obama is a typical Democrat and a demandsider. This law mainly benefit the consumers and the general public, especially the low-income and middle-income people. Now let us take a look at what the consumers and the general public can benefit from this program.
The law provides a tax-rebate of $400 for each individual who has a yearly income of $75,000 or less, $800 per dual-earner couple making $150,000 yearly or less. A partial amount of $800 would be paid to those making more than $150,000 but less than $200,000. ($100,000 for those who file separate tax return) The rebate will be paid overtime at roughly $15 per period of about 26 pay period in a year through reduction of withholding tax. But the retiree, disabled and the unemployed individual can get a check in a lump sum of $250. This credit will be refundable. That means those who do not make enough to owe any income tax can also claim the rebate.
Couple who make more than $200,000 ($100,000 for individual) will not be qualified for this tax rebate. But an one-year provision of exempting from paying alternative minimum tax of $46,700 for an individual and $70,950 for a married couple is provided.
Now the price of properties has dropped tremendously. Maybe you are thinking about buying a home. This law provides incentive to individual who make $75,000 or less a year ($150,000 for a couple). It increases for the first-time homebuyer the tax credit by the amount of 10% of the purchase price or $8,000 whichever the less, up from $7,500 provided in the Housing and Economic Recovery Act of 2008. Unlike the Housing and Economic Recovery Act of 2008, this tax credit amount need not to be paid back. But the credit amount must be paid back if the buyer stay in the new home for less than three years. First-time homebuyers are those who do not own a house in the last three years. The new home could be a house, townhouse, condominium, mobile home or houseboat. Those who are eligible for this credit must buy a home before December 1,2009 in order to claim for this credit.
If you’ve been thinking of adding new windows, an outer door, insulation, or other energy-efficient improvements around your house, this might be a smart year to do so. Additional purchases include energy efficient appliances such as air conditioners and water heaters. The law will pay home weatherization grant to low and middle-income home-owner family. For any energy-saving repair or upgrade of your home, you can get tax credit equal to the amount of 30% of the repair or upgrade expense. The maximum amount allowed is $1,500. The upgrade or repair must be done between January 1, 2009 and December 31, 2010. Before making any purchase, make sure the product or project is eligible for the credit.
This law provides funding to create a contingency fund through 2010 for the welfare program called Temporary Assistance for Needy Families, which provide cash assistance to the needy families. Go to the Department of Social Service in your area directly to find out about this program.
Food stamp recipient will get a raise of 13.6% increase in food stamp payment. A family of four, for example, would get an additional $80 on top of the $588 per month they receive currently.
350 million dollars will be given to food bank and local groups providing food and homeless shelter and elderly nutrition service. So homeless people, do not give up. Help is on the way.
If you are newly graduated or have graduated but cannot find a job since then, it is a good time now to go back to school to upgrade yourself. This law has appropriated 31.4 billion dollars to increase student financial aid in grant and scholarship for higher education, fund college’s work-study programs and provide refundable tax credit of $2,500 for tuition and book expense.
The law allow those who buy a new car, or motor-cycle to deduct state, and local sales tax as well as any excise tax charged in the purchase. This deduction is available for those who make less than $125,000 a year for each individual , or $250,000 for each married couple. The purchase must be made between February 17 and December 31 of 2009.
Unemployment claim benefit are extended to a total of additional 20 weeks, and 13 weeks on top of 20 weeks if they live in what is deemed a high unemployment state, in addition to the regular unemployment compensation. The regular unemployment compensation of roughly $300 will temporarily be increased by $25. The first $2,400 of unemployment benefit in 2009 will also be exempted from federal income tax.
The law includes provisions to help eligible jobless workers pay for health insurance under Cobra. Cobra coverage allows newly unemployed workers to keep health insurance provided by their former employers for a period of time. For workers who have been laid off between Sept. 1, 2008, and Dec. 31, 2009, the government will subsidize 65% of their premiums under Cobra for up to 9 months. Those people laid off between Sept. 1, 2008, and the day the stimulus law goes into effect, and who did not sign up for Cobra, will get an additional 60 days to do so and receive the subsidy. The subsidy will be limited to those whose income for the year is $125,000 or less ($250,000 for couples filing jointly).
Another provision provides states funding to help pay for expanded Medicaid rolls for workers who’ve lost their jobs and can’t afford health care on their own or can’t get Cobra coverage because their former employer doesn’t offer a health care plan.
The law provides a tax-rebate of $400 for each individual who has a yearly income of $75,000 or less, $800 per dual-earner couple making $150,000 yearly or less. A partial amount of $800 would be paid to those making more than $150,000 but less than $200,000. ($100,000 for those who file separate tax return) The rebate will be paid overtime at roughly $15 per period of about 26 pay period in a year through reduction of withholding tax. But the retiree, disabled and the unemployed individual can get a check in a lump sum of $250. This credit will be refundable. That means those who do not make enough to owe any income tax can also claim the rebate.
Couple who make more than $200,000 ($100,000 for individual) will not be qualified for this tax rebate. But an one-year provision of exempting from paying alternative minimum tax of $46,700 for an individual and $70,950 for a married couple is provided.
Now the price of properties has dropped tremendously. Maybe you are thinking about buying a home. This law provides incentive to individual who make $75,000 or less a year ($150,000 for a couple). It increases for the first-time homebuyer the tax credit by the amount of 10% of the purchase price or $8,000 whichever the less, up from $7,500 provided in the Housing and Economic Recovery Act of 2008. Unlike the Housing and Economic Recovery Act of 2008, this tax credit amount need not to be paid back. But the credit amount must be paid back if the buyer stay in the new home for less than three years. First-time homebuyers are those who do not own a house in the last three years. The new home could be a house, townhouse, condominium, mobile home or houseboat. Those who are eligible for this credit must buy a home before December 1,2009 in order to claim for this credit.
If you’ve been thinking of adding new windows, an outer door, insulation, or other energy-efficient improvements around your house, this might be a smart year to do so. Additional purchases include energy efficient appliances such as air conditioners and water heaters. The law will pay home weatherization grant to low and middle-income home-owner family. For any energy-saving repair or upgrade of your home, you can get tax credit equal to the amount of 30% of the repair or upgrade expense. The maximum amount allowed is $1,500. The upgrade or repair must be done between January 1, 2009 and December 31, 2010. Before making any purchase, make sure the product or project is eligible for the credit.
This law provides funding to create a contingency fund through 2010 for the welfare program called Temporary Assistance for Needy Families, which provide cash assistance to the needy families. Go to the Department of Social Service in your area directly to find out about this program.
Food stamp recipient will get a raise of 13.6% increase in food stamp payment. A family of four, for example, would get an additional $80 on top of the $588 per month they receive currently.
350 million dollars will be given to food bank and local groups providing food and homeless shelter and elderly nutrition service. So homeless people, do not give up. Help is on the way.
If you are newly graduated or have graduated but cannot find a job since then, it is a good time now to go back to school to upgrade yourself. This law has appropriated 31.4 billion dollars to increase student financial aid in grant and scholarship for higher education, fund college’s work-study programs and provide refundable tax credit of $2,500 for tuition and book expense.
The law allow those who buy a new car, or motor-cycle to deduct state, and local sales tax as well as any excise tax charged in the purchase. This deduction is available for those who make less than $125,000 a year for each individual , or $250,000 for each married couple. The purchase must be made between February 17 and December 31 of 2009.
Unemployment claim benefit are extended to a total of additional 20 weeks, and 13 weeks on top of 20 weeks if they live in what is deemed a high unemployment state, in addition to the regular unemployment compensation. The regular unemployment compensation of roughly $300 will temporarily be increased by $25. The first $2,400 of unemployment benefit in 2009 will also be exempted from federal income tax.
The law includes provisions to help eligible jobless workers pay for health insurance under Cobra. Cobra coverage allows newly unemployed workers to keep health insurance provided by their former employers for a period of time. For workers who have been laid off between Sept. 1, 2008, and Dec. 31, 2009, the government will subsidize 65% of their premiums under Cobra for up to 9 months. Those people laid off between Sept. 1, 2008, and the day the stimulus law goes into effect, and who did not sign up for Cobra, will get an additional 60 days to do so and receive the subsidy. The subsidy will be limited to those whose income for the year is $125,000 or less ($250,000 for couples filing jointly).
Another provision provides states funding to help pay for expanded Medicaid rolls for workers who’ve lost their jobs and can’t afford health care on their own or can’t get Cobra coverage because their former employer doesn’t offer a health care plan.
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