Hi Harris @Yeehawcowboyletsgo , Merry Christmas!
The Velvet Shader has been removed in 4.0 and been replaced by the Sheen BSDF, that is not the same as the Sheen in the new Principled BSDF. It is an improvement over the Velvet Shader, not just a re-named version, although, if you set the Method to Ashikhmin, it seems to be the same, or close to the Velvet Shader!
Also the Sheen in the Principled BSDF is different (and better!) than the Sheen in the Principled, before 4.0.
