As with the first package, the aim of a second relief law would be to address the consequences of thepandemic . The Senate chair said if Congress approved another coronavirus stimulus review, it will be the "last", CNBC reported last week.
Congress leaders are already trying to figure out what another financial package would look like. The House of Representatives led by the Democrats passed the Heroes Act on May 15. Worth a total of $ 3 trillion – 50% more than the first $ 2 trillion package – the relief bill is now before the Republican-dominated Senate.
So what's in the current bill and what's happening now? We'll outline general arguments for and against the bill, how much money the Heroes Act proposes, and what to expect in the coming weeks. This story is often updated with new information and is intended to provide an overview of the situation. If you are waiting for your money, you cansee some possible reasons why and use a free USPS service for .
What does the White House say about the economic proposal?
According to the Wall Street Journal, President Donald Trump and his economic advisers plan to focus the next stimulus package on stimulating the US economy with incentives for workers to find work.and even go on vacation, for example.
According to the Journal, the White House is considering lowering unemployment benefits to $ 250-300 a week in the second half of the year, which Republicans believe will be an incentive to return to work. Payments under the CARES law passed in March are currently $ 600 per week. The extended benefits expire on July 31.
The White House is also considering tax breaks for those vacationing in the United States this year to encourage spending, the journal said. Japan takes a similar approach to encourage people to travel.
The White House has so far been reluctant to push for a second stimulus package. The president's advisors predict that the conditions for the next package will not be completed until July, according to the journal. And although the final dollar number has not yet been determined, the Republicans said it could reach up to $ 1 trillion. For comparison, the CARES Act is a $ 2 trillion package, and the proposed Heroes Act, which is itself the next bailout package, is worth $ 3 trillion.
A second stimulus check and the economy
The firstfor up to USD 1,200 each was originally intended as a one-time payment to the people and companies affected by the coronavirus to help outbreak. This includes people who could not work because they got sick, were given limited hours, or lost their jobs when companies were closed to slow the spread of COVID-19.
Now that unemployment is rising and asome are wondering whether the first check for individuals, families, businesses and has done enough
The US Bureau of Labor Statistics reported that nearly 31 million Americans applied for unemployment benefits (PDF) by May 9 through the week. The country's unemployment rate is said to have reached 20%. However, reports and calculations vary. It appears that Nevada, Hawaii and Michigan reached or exceeded 20%. The Bureau of Labor Statistics reported that April saw "the highest rate and the greatest monthly increase" since seasonal activity began in 1948. This month, too, the permanent loss of jobs rose from 544,000 to 2 million.
During a hearing in the Senate, Federal Reserve Chairman Jerome Powell called for additional economic relief. In May, the International Monetary Fund predicted a deep global recession that could be the worst since the Great Depression.
It is also possible that the Senate or President could lift a second bailout package, despite the CNBC's announcement that the White House has announced that it will support a second stimulus test despite Trump calling the Heroes Act "DOA". Read on for what the Heroes Act proposes and argues for and against the bill.
Has the IRS finished sending the first wave of stimulus checks?
The IRS has distributed most of the relief checks with the past several million. If you haven't received your money yet,. If you are concerned that you should receive your check and not, .
Heroes Act proposal: Who could receive a check for $ 1,200?
When Legally Signed According to a House Appropriations Committee fact sheet (PDF), the Heroes Act could include a wide range of benefits, including a second direct payment to individuals and households of up to $ 1,200 per family member. As it is still a proposal, the details of the stimulus package are still undecided, but here are the outlines of today's draft law.
Individuals : Under the proposed law, an eligible person would receive $ 1,200 if your adjusted gross income (AGI) from filing federal tax in 2019 or filing in 2018 (if you did not submit taxes) was less than $ 75,000. As with the current stimulus package payments would gradually decrease with increasing AGI. A graphic by the Congressional Research Service shows the proposed payments by income (PDF).
Children and dependent people : Each dependent person would qualify for a $ 1,200 payment. These include students, children over the age of 17, disabled relatives and parents of a taxpayer. This detail differs from the previous CARES law, which provided a $ 500 payment only for children under 16 years of age. According to the bill (PDF), relatives would receive retroactive payments to compensate for the handover in the first stimulus package.
Families : Households would be entitled to a maximum total payment of $ 6,000, limited to five family members at $ 1,200 each. Your payment allowance would gradually decrease if you exceeded an AGI of $ 150,000 for married couples or $ 112,500 for household directors.
Non-Citizens: To qualify for a current CARES payment According to the law, US citizens must have a social security number. With the Heroes Act, those without a social security number could instead use an individual tax identification number that enables non-citizens to qualify for a payment. As with the dependent person provision, people who qualify for this category would receive retroactive payments from the first stimulus package.
What other benefits does the Heroes Act propose?
The Heroes Act, officially the Omnibus Emergency Solutions Act for Health and Economic Recovery, contains a handful of additional measures to support individuals and businesses.
Unemployment benefit: The law would transfer the law. Currently, unemployment benefit is increased from USD 600 a week (in addition to the typical unemployment benefits of the states) until January 2021.
Protection of wages Payroll: The Heroes Act would expand employee retention tax credit to help employers keep workers on the payroll.
Funds for Key Workers: According to the law, state and local governments would receive $ 1 trillion to threaten salaries for first responders, healthcare workers, teachers, and other key workers pay to lose their jobs. The bill would also fund hazard payments for workers with high-risk jobs.
Coronavirus testing, tracing and treatment: The bill would include $ 75 billion to provideand
Business Support: The bill would strengthen the wage and salary protection plan, which provides small business support with payroll and additional funds for the US Postal Service.
Arguments for and against a second economic stimulus program
With the draft law put up for debate by the House of Representatives to the Senate, here are some arguments on both sides of the discussion.
What supporters of the Heroes Act say: Since mid-March, more than 38 million US workers who have lost their jobs have reported unemployment. The actual number of unemployed could be millions more, according to the Economic Policy Institute, since many eligible people were unable to apply for unemployment. With the loss of jobs, the country's unemployment rate reached 17.2%, according to the US Department of Labor (PDF). Newly unemployed people and others who are economically affected by the pandemic would benefit if they could now spend more money.
What Opponents of the Heroes Act Say: Some in Washington, including McConnell, are asking whether previous relief efforts have achieved their goals and want to focus on short-term economic measures. McConnell and others were also concerned about how additional stimulus packages will increase the historic federal deficit. Because this payment is available in addition to regular unemployment benefits and the increased weekly unemployment benefit of $ 600, some critics fear that it will be harder to reduce unemployment if people have no incentive to return to work.
What does it take to carry out a second stimulus test?
It is clear that a second stimulus test will not take place immediately. If the Senate makes no decision for a month, it can take weeks for a law to come into force.
It is widely believed that Republicans will reject the Heroes Act in whole or in part and earlier, and reports suggest that the Senate could work with the White House on its own stimulus package. McConnell said that more help may be needed, but it can take a different form than the proposed bill – and one that is worth less than a third of the proposal. Congress is also working to make it easier to lend to small businesses that are part of the CARES law passed in March.
To receive a second stimulus check, any new coronavirus bailout package that would pass both the house and the Senate would need President Trump's signature before it could take effect. The IRS now has a system for organizing and distributing these checks.
We will continue to update this story with new information as it arises. While the future of a second stimulus package is still pending, we'd like to share the resources available onand should know and how you .