I have a budaschnozzle 2.0 and the hobbed looks like it it is set up properly against the plastic but whenever i try to extrude only the gears move and nothing comes out.
Any help?

Well try cutting a piece out of it, in a angle, this does help most of the time quiet a bit with inserting it.
Also use a pencil to mark a few places on your fillement so you can clearly see it moving,

If it doesnt move maybe try rotating the screws a bit more for more pressure, remember that putting way to much pressure isnt good either.

That should work most of the time if i didnt forget a step

I cut the plastic and loosend and tightened the screws but it still wouldnt extrude and now the gears are moving at a sluggish pace!

Well try putting your motors off with prontrface for example and do it with your hand,
If it goes nicely, well check it it rly doesnt go down, and isnt sawing in your fillement to much.