Now that the $789 billion economic stimulus package has finally made its way out of Congress I want you to know the few key areas that can help you.

I  have to say I am only mildly enthusiastic about this massive new spending bill. I believe the only way we will seriously be able to stimulate the economy is if we address the fact that millions of Americans have lost their homes to foreclosure, many more are in the process of losing their homes to foreclosure, and millions more live in fear that in a few months they will join the ranks of the foreclosed, if nothing is done to help borrowers who would be able to stay current with a reasonable amount of loan modification.

As I write this the Obama administration has just announced it plans to unveil a substantive housing plan this week. I am hopeful we will indeed hear the administration is serious about helping qualified homeowners stay in their homes whenever possible.

In the meantime I want to highlight a few of the lesser known parts of the stimulus package that has been approved by Congress and is scheduled to be signed into law by President Obama on Tuesday Feb. 17th.  Of course the big focus with this legislation is to spur job growth, but Congress also hit on a few other issues that can help you out this year:

More Assistance for the Unemployed: Extended unemployment benefits will be available for a maximum of 33 weeks in states with high unemployment. The weekly benefit will also rise by $25 in 2009, and the first $2,400 in unemployment benefits will not be subjected to federal taxation.

The new legislation also provides a big assist for laid off employees who can’t find affordable health insurance. Companies with more than 20 employees are required to offer laid-off workers 18 months of health insurance coverage, but the employee is 100% responsible for paying the entire premium (not just the regular employee contribution.) That’s a tall order any time, let alone when you have just lost your job. Under the new legislation your employer will cover 65% of the cost for the first nine months of coverage (it then will get the money back through federal tax credits). That’s great news; if you were laid off you will now have access to your company’s plan at just 35% of the cost. To be eligible your company must be covered by COBRA—unfortunately that typically excludes small businesses with fewer than 20 employees. Anyone laid off between Sept 1, 2008 and December 31, 2009 is eligible for this health insurance subsidy. If you previously turned down your employer’s COBRA offer you now have 60 days to go back and ask to be put back on the plan. You will automatically be given the subsidized premium rate; it’s up to your employer to cover the other 65% and get reimbursed from the government.

Income Credit: Individuals with income below $75,000 are eligible for a maximum $400 tax credit this year and in 2010; married couples filing a joint tax return with less than $150,000 in income will receive a maximum $800 credit. The credit will show up in your paycheck—payroll taxes will be adjusted-and it works out to about $8 per person per week. Individuals with income between $75,000-$90,000 and married couples with income between $150,000-$190,000 are eligible for a reduced credit. Above those levels you’re ineligible for this tax break.

Retirees will see some money too: a one-time $250 payout for Social Security recipients, and veterans receiving benefits from the Veterans Affairs department.

Homebuyer Credit Modified: Last year Congress enacted a first-time home buyer tax credit of up to $7,500 for individuals with modified adjusted gross income below $75,000 and married couples with joint income below $150,000. The catch was that it wasn’t an outright credit, but rather a no-interest loan that had to be repaid to the IRS over 15 years. The stimulus package raises the maximum to $8,000 and it’s a bona fide credit. You no longer need to repay any of it to the IRS. One catch: if you indeed bought your first home in 2008 you will still need to treat the credit as a no-interest loan. Only homes bought in 2009 are eligible for the $8,000 credit.

Auto Assistance: You may be able to claim a federal tax deduction for any state sales tax owed on the purchase of a new car, light truck, motorcycle or mobile home bought for less than  $49,500 this year—but only if the purchase is made after the new law was signed by President Obama. You can claim the deduction if you are single and your adjusted gross income is below $125,000; married couples filing a joint tax return can claim the full deduction if their AGI is below $250,000. The deduction phases out between $125,000 and $135,000 and for married couples with oncome between $250,000 and $260,000.

Before you start car shopping I want you to slow down a minute. This tax break is only on new cars. If you are having a tough time of it financially I have to say the smarter move for you may be to purchase a less costly used car. Tax breaks are nice, but it makes no sense to pay $40,000 for a new car for a tax break when you would be financially better off paying $20,000 for a reliable used car.

College Aid: The American Recovery and Rehabilitation Act of 2009 also provides some help for college students; the Pell Grant maximum increases by $500 and the college tax credit rises to a maximum of $2,500 for individuals with income below $80,000 and married couples filing a joint tax return with modified adjusted gross income below $160,000.

All of this is of course welcome news. But as I have been saying all along, what is really going to get the economy into recovery and rehabilitation is addressing the mortgage crisis that is sweeping across the nation. If we can’t figure out a way to keep more people in their homes, we are going to find it hard-if not impossible-to get our economy jumpstarted. Check back soon to get my Scoop when the administration unveils its housing plan.