If Washington approves another coronavirus stimulus check, it could be the last. Senate majority leader Mitch McConnell said last Friday that if Congress started another round of stimulus payments, it would be the "last", CNBC reported. The Senate chairman also said that according to the CNBC, the senators could decide in "about a month" whether to do a second aid check.
Congress leaders are already working out what another financial package would look like. A draft law, the Heroes Act, was passed by the democratically led House of Representatives. It's worth $ 3 trillion in total, 50% more than the first $ 2 trillion package. The relief law is now before the Republican-dominated Senate, which has not yet taken up the proposed legislation.
So what is in the current bill and what is 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 .
The Purpose of a Second Stimulus Check
The firstfor up to $ 1,200 each was originally intended as a one-time payment to help people and businesses affected by the coronavirus 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.
Given rising unemployment and a potential global recessionsome are wondering whether the first review for individuals, families, businesses, and has done enough
The US Bureau of Labor Statistics reported in its monthly estimate that 38.6 million Americans have applied for unemployment benefits (PDF) in the past 10 weeks. That number reached 42 million people, CBS News reported last week.
Earlier this month, White House economic advisor Kevin Hassett predicted unemployment could reach 20% "by June". This already seems to be the case for Nevada, Hawaii, and Michigan. During a Senate hearing, Federal Reserve Chairman Jerome Powell called for additional economic relief. And earlier this month, the International Monetary Fund predicted a deep global recession that could be the worst since the Great Depression.
Is a second stimulus test a safe bet?
A second stimulus payment cannot be taken for granted. Senate President McConnell said that his arm of Congress has not yet decided whether there will be another package at all. If so, he suggested that it be smaller than the previous CARES law and not larger than the Heroes law suggests.
"It will be close to help us where we are in a month, not where we were three months ago," McConnell said Friday, CNBC reported.
Will the Senate likely pass the Heroes Act?
The recoil to the Heroes Act is already strong among members of the Republican-controlled Senate. In May, Senate majority leader Mitch McConnell said the House bill would not be passed that way, but he is open to a second package.
Possible results are that the Heroes Act changes into a different aid package through non-partisan negotiation. It could also fail if a new proposal takes its place. Or it could dissolve completely until a future proposal appears and the process starts again.
It is also possible that the Senate or President could lift a second bailout package, despite the fact that the White House has announced that it will support a second stimulus test, despite the fact that Trump called 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 Heres 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 increase unemployment benefits currently $ 600 per week (in addition to the typical unemployment benefits of the states) until January 2021.
Protect Wage and Payroll: The Heroes Act would expand the 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-aiders, 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
Support for businesses: The bill would strengthen the wage and salary protection plan, which provides small businesses with payroll support and additional funding for the U.S. postal service.
Arguments for and against a second economic law
With the draft law, which passes from the House of Representatives to the Senate for debate, here are some arguments on both sides of the discussion.
Which proponents of the Heroes Act say: Since mid-March, more than 38 million US workers who have lost their jobs have registered 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, question 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 .
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