Support for the new legislation – called the HEROES Act (see bill here) – is fueled by mounting economic fears, such as 3 million new unemployment claims last week, for a total ofof more than 36 million people since mid-March. The US saw an unemployment rate of 14.7% in April and economists warn of that the International Monetary Fund and other models suggest could be the worst since the Great Depression.
The additional proposed relief package is because the IRS still sendsfrom up to $ 1,200 per person to tens of millions of Americans as part of the first COVID-19 stimulation laws worth . If you're waiting for your money, you can track the status of your stimulus check with the IRS and even use a free USPS service
Here's what we know about a second round of stimulus payments in 2020 for individuals. This story is regularly updated in the light of new information and is intended to provide an overview of the situation.
Summary: The First Coronavirus Stimulation Package
In an effort to mitigate the financial implications of the coronavirus outbreak, President Donald Trump signed a $ 2 trillion economic stimulus package in March
How much would the proposed stimulus bill for coronavirus give? to individuals, if adopted?
The bill passed by the House on Friday evening – that the speaker Nancy Pelosi and the House Democrats call the HEROES Act (pdf), according to an information sheet from the House Appropriations Committee – includes a wide range of benefits, including a second direct payment to individuals and households. It is suggested that the second bill, if passed by the Senate and then signed into law by President Trump, would generate a cash injection of up to $ 1,200 per family member, with a ceiling of $ 6,000 per household.
In addition, it would carry the current increased unemployment benefit of $ 600 per week (on top of the typical unemployment benefit) to January 2021.
The argument for a new round of stimulus checks
The proposed legislation is a self-proclaimed "courageous response to the coronavirus pandemic and the economic collapse, "said the factsheet of the House. The financial support is intended to "[cushion] the economic blow of the coronavirus crisis".
The goal of a second IRS stimulus check is, in part, "to put much-needed money into the pockets of the American people," said speaker Pelosi in a recorded statement. You can see her talking about the legislation here.
Since mid-March, more than 36 million American workers who have lost their jobs have filed for unemployment. The actual number of unemployed since governors and mayors locked up their states and cities to stop the spread of the coronavirus is likely to be higher – perhaps millions higher – because many eligible have not made an unemployed claim. With the job losses, the nation's unemployment rate reached 14.7%. The newly unemployed, and others who are hit economically by the pandemic, could benefit from spending more money now.
The Argument Against a Second Wave of Aid Payments
Some in Washington, including Senate leader Mitch McConnell, question whether aid measures have reached their goals and want to curb before approving more federal spending to impact the effects. to evaluate. of the already approved aid packages. McConnell and others are also concerned with how additional stimulus packages will widen the historic federal deficit.
"So let me say the obvious," tweeted John Barasso, a Republican Senator from Wyoming, Tuesday . "What Nancy Pelosi proposes, the Senate will never pass."
Since that benefit is available in addition to regular unemployment benefits and increased unemployment benefits of $ 600 per week, some critics have said that it will be more difficult to reduce future unemployment if people don't feel stimulated to return to work. The original aid measure also provides a 15% increase in federal food aid under the supplementary nutritional assistance program.
What Happens Next
The House voted well on Friday night and the package is now going to the Senate, where "negotiations with Senate Republicans are expected to begin later this month," said The Wall Street Journal.
It is widely believed that Republicans will withdraw against the law and possibly work with the White House on their own stimulus package. If the House Democrats' HEROES law passes the Senate, President Trump would still have to sign the law to take effect.
While the future of a second incentive bill remains undecided, we'd like to share resources onand and how you .