According to Senator Majority Leader Mitch McConnell on Friday, senators were able to decide within "about a month" whether to continue with the second exemption, CNBC reported. The Senate leader also said that if Congress takes another round of stimulus payments, it's the "last" to be sent to the Americans, according to CNBC.
Congress leaders are already drawing up a different financial package. One law, the Heroes Act, has been passed by the Democratic-led House of Representatives. It's worth $ 3 trillion in total, 50% more than the first $ 2 trillion package. The exemption law now lies with the Republican-dominated Senate, which has not yet adopted the proposed legislation.
A second stimulus payment is not given. The firstfor up to $ 1,200 each were initially intended as a one-time payment to stimulate a faltering US economy that was repelled by . Now, with rising unemployment and a possible global recession some wonder if the first check has done enough for individuals, families, businesses and .
So what is in the current invoice and what is happening now? We outline how much money the Heroes Act proposes, common arguments for and against the bill, and what you can expect in the coming weeks. This story is regularly 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 you yet, and use a free USPS service to .
Has the IRS finished sending the first wave of stimulus checks?
The IRS has split the majority of relief checks, with the last few million going. If you haven't received your money yet,. If you are concerned you should receive your check and not, .
The purpose of a second stimulus check
The purpose of a second stimulus round is the same as the first: To prevent afrom sinking further. And the pressure is increasing. Last week, the U.S. Bureau of Labor Statistics reported in its monthly review that 38.6 million Americans have claimed unemployment benefits (PDF) in the past 10 weeks. That number has now risen to 42 million people, CBS News reported.
Earlier this month, White House economic adviser Kevin Hassett predicted that unemployment could reach 20% by June. That already seems to be the case for Nevada, Hawaii and Michigan. At a recent 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 become the worst since the Great Depression.
Is the Senate likely to pass the Heroes Act?
The Senate is said to be currently in recess without putting the Heroes Act on the agenda, so it is not certain what will happen (more on this below). However, among the members of the Republican-controlled Senate, the backlash to the Heroes Act was already strong.
Senate President Mitch McConnell had said that the House bill would not be passed as it is, but he is open to a second package.
"It will be painstakingly made, designed to help us where we are in a month, not where we were three months ago," McConnell said Friday, CNBC reported.
Possible results include the Heroes Act, which is transformed into another aid package through bipartisan negotiations. It can also fail and a new proposal will replace it. Or it can disappear completely until a future proposal appears and the process starts again.
It is also possible that the Senate or the president could destroy a second bailout package, although the White House has indicated it would support a second type of stimulus control, CNBC said, although Trump called the Heroes Act "DOA." Read on for what the Heroes Act proposes and arguments for and against the bill.
Heroes Act Stimulus Control: How Much Money Could You Get?
The Heroes Act includes a wide variety of benefits, such as a second direct payment to individuals and households of up to $ 1,200 per family member, according to a fact sheet from the Home Loans Committee (PDF). Here are some breakdowns.
Individuals : Under the proposed law, an eligible person would receive $ 1,200 as their adjusted gross income, or AGI, from their 2019 or 2018 federal tax return (if you) was less than $ 75,000. As with the current incentive package payments would gradually decrease as your AGI increases. A graph from the Congressional Research Service shows proposed payments by income (pdf)
Children and Dependents : Any dependent would be eligible for a $ 1,200 benefit. That includes students, children over 17, disabled family members, and a taxpayer parent. This detail deviates from the previous CARES law, which raised a $ 500 payment for children ages 16 and under. Under the bill (PDF), family members would receive retroactive payments to compensate for passing the first incentive package.
Families : Households would be eligible for a maximum amount of $ 6,000 in total, with a maximum of five families members at $ 1,200 each. Your scale of your payment allowance would start to drop if you exceed an AGI of $ 150,000 for married couples filing jointly, or $ 112,500 for householders.
Non-Citizens: To be eligible for payment under current CARES Law, US residents must have a Social Security number. The Heroes Act allows those without a Social Security number to use an individual tax identification number instead, which allows non-nationals to qualify for payment. As with the dependents provision, people eligible in this category would receive retroactive payments from the first incentive package.
What other benefits does the Heroes Act propose?
The Heroes Act, officially the Omnibus Emergency Solutions Act for Health and Economic Recovery, includes a handful of additional measures in support of individuals and businesses.
Unemployment Benefits: The bill would increase the current unemployment benefit of $ 600 per week (on top of the typical state unemployment payout) until January 2021.
Pay Protection:  The Heroes Act would extend the tax relief for employee retention to help employers keep employees on the payroll
Funds for Essential Workers: By Law, Local and Local Authorities Would Receive $ 1 Trillion to Pay Salaries for first responders, health workers, teachers and other essential workers at risk of losing their jobs. The bill would also fund risk payments for workers with high-risk jobs.
Coronavirus testing, tracking and handling: The bill would include $ 75 billion to provide forand .
Business Support: The bill would strengthen the Payroll Protection Plan, which provides pay support to small businesses, and additional funding for the US Postal Service.
Arguments for and against a second incentive bill
As the bill moves from the House of Representatives to the Senate for debate, here are some of the arguments on both sides of the discussion.
What Proponents of the Heroes Act Say: Since mid-March, more than 38 million American workers who have lost their jobs have claimed unemployment. The actual number of unemployed could be millions higher, according to the Economic Policy Institute, because many eligible people were unable to file an unemployed claim. With the job losses, the nation's unemployment rate reached 17.2% (PDF), according to the United States Department of Labor. New unemployed and others who are hit economically by the pandemic would benefit if they now have more money to spend.
What Opponents of the Heroes Act Say: Some in Washington, including McConnell, wonder if the previous emergency measures have achieved their goals and want to focus on short-term economic measures. McConnell and others have also expressed concerns about how additional stimulus packages will increase the historic federal deficit. Because that payment is available in addition to regular unemployment benefits and the increased unemployment benefits of $ 600 per week, some critics fear that if people do not have an incentive to return to work, it will become more difficult to reduce unemployment.
What is needed for a second stimulus check to take place?
It is clear that a second stimulus check will not take place immediately. If the Senate doesn't make a decision for a month, it may take weeks for a law to come before a check-up.
It is widely believed that Republicans will partially or completely reject the Heroes Act, and reports previously indicated that the Senate may work with the White House on their own stimulus package. McConnell has said more help may be needed, but it can take a different form than the House bill – and one that's worth less than a third of the bill. Congress is also working to make it easier to forgive small business loans that are part of the CARES Act passed in March.
To receive a second stimulus check, any new coronavirus rescue package that passes both the House and the Senate must still require a signature from President Trump before it can take effect. After that, the IRS now has a system to organize and distribute those controls.
We will continue to update this story with new information as it occurs. Although the future of a second incentive bill is still inconclusive, we would like to share the available resources onand and how you .
Coronavirus reopenings: what it looks like when locks around the world get easier