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Home / Tips and Tricks / Second stimulus check? What happens to the government proposal now

Second stimulus check? What happens to the government proposal now



  money-bills-wallet-coins-dollars-0939

Washington is already discussing a second round of incentive payments for US taxpayers.


Angela Lang / CNET

Visit the WHO website for the latest news and information on the coronavirus pandemic.

The United States House of Representatives would vote on Friday for a second $ 3 trillion coronavirus bill, which, if legally signed, would include a new round of incentive payments to individual Americans, along with aid for businesses and the unemployed, the US Postal Service Service, states and coronavirus test fees (you can check the bill here). The proposed relief package is because the IRS is still sending stimulus checks of up to $ 1,200 per person to tens of millions of Americans for the first COVID-19 economic stimulus laws, which amounted to $ 2 trillion [[19659006] These economic impact payments being issued by the IRS through direct deposit to banks and through checks by mail were entered as part of a one-off payment, intended to curb the financial blow caused by the outbreak of COVID-19 .

Now, the new incentive bill to send a second tranche of stimulus controls in 2020 – the so-called HEROES Act – is being driven by 3 million new unemployment claims last week, which claims the total of first unemployment since mid-March to over 36 million people and an unemployment rate of 14.7% in April, putting the country into a recession that economists predict could be the worst worldwide since the Great Depression.

In recent days, the idea of ​​this bill has changed from a handful of forward-looking talks to bills that have been put to the vote in Parliament. 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.

  http://www.cnet.com/ "height =" 110 "width =" 196


Now playing:
Watch this:

Where's my stimulus check?



2:46

Summary: The First Coronavirus Stimulation Package

In an effort to mitigate the financial impact of the coronavirus outbreak, President Donald Trump signed a $ 2 trillion economic stimulus package in March (technically speaking) a relief). package) including payments of up to $ 1,200 to eligible U.S. taxpayers and $ 500 for each child aged 16 or under. The IRS began sending checks in mid-April and made more than 130 million payments in early May. Implementation was bumpy, with some recipients struggling with the tools provided by the IRS to assist with signing up for and tracking their checks.

How much would the proposed stimulus bill for coronavirus give? to individuals, if adopted?

The bill for the House right now – which speaker Nancy Pelosi and House Democrats refer to as the HEROES Act (PDF), according to a factsheet from the House Appropriations Committee – includes a wide variety of benefits, including a second direct payment to individuals and households. It is suggested that the second bill, if legally signed, would generate a cash injection of up to $ 1,200 per family member, with a maximum 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 in 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 33 million American workers who 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 have suffered an economic blow from 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 the increased unemployment benefits of $ 600 per week, some critics have said that it will become more difficult to reduce unemployment in the coming years if people don't feel stimulated to return to work. to go. The original aid measure also provides a 15% increase in federal food aid under the supplementary nutritional assistance program.

What the earlier proposals for a second round of economic stimulus payments included

Some in Washington had argued that a more effective way to help struggling US taxpayers and stimulate the economy could be through wage tax cuts, which could help workers retain more of their money per paycheck.

President Trump had supported this approach to get more dollars into the taxpayer's hands. "I want to see a payroll tax cut," he said at a virtual city council meeting earlier this month. & # 39; We do nothing unless we get a reduction in payroll tax. & # 39;

A wage tax cut could help people with a job, but would not benefit anyone who is already unemployed and without a salary, economists say.

  07-bag-of-groceries-home-whole-food-paper "data-original =" https://cnet2.cbsistatic.com/img/s4nLxd8NcD1OarrgL8Jx90YEsHA=/2020/03/30/ac1de784-ee0f-4260 -b490-02f88fa12050 / 07-bag-of-groceries-at-home-whole -foods-paper.jpg

For many, the stimulus check help to pay the rent and groceries.


Sarah Tew / CNET

Others in Washington looked at broader, long-term approaches to help those who were baffled by the economic crisis of the corona virus. For example, Congressmen Ro Khanna and Tim Ryan suggested giving many US residents at least $ 2,000 a month for at least six months to help their household through the crisis. Senator Mitt Romney proposed a similar plan for $ 1,000 a month, and Senator Josh Hawley supported monthly payments to families with children.

Sens. Kamala Harris, Ed Markey and Bernie Sanders looked longer and introduced legislation that would bring in a $ 2,000 monthly check up to three months after the pandemic ended. Reps. Rashida Tlaib and Pramila Jayapal proposed to extend payments a year after the end of the crisis.

What Happens Next

The House is expected to vote on the bill today, May 15, although "negotiations with Senate Republicans" will not begin until later this month at the earliest, " The Wall Street Journal. It is widely believed that Republicans will oppose the bill and may work with President Donald Trump on their own stimulus package.

While the future of a second incentive bill remains undecided, we would like to share the available resources around unemployment insurance what you can do if you lose your job what you need to know about evictions and late car payments and how you ] control your budget .


Source link

Home / Tips and Tricks / Second stimulus check? What happens to the government proposal now

Second stimulus check? What happens to the government proposal now



  money-bills-wallet-coins-dollars-0939

Washington is already discussing a second round of incentive payments for US taxpayers.


Angela Lang / CNET

Visit the WHO website for the latest news and information on the coronavirus pandemic.

The United States House of Representatives would vote on Friday for a second $ 3 trillion coronavirus bill, which, if legally signed, would include a new round of incentive payments to individual Americans, along with aid for businesses and the unemployed, the US Postal Service Service, states and coronavirus test fees (you can check the bill here). The proposed relief package is because the IRS is still sending stimulus checks of up to $ 1,200 per person to tens of millions of Americans for the first COVID-19 economic stimulus laws, which amounted to $ 2 trillion [[19659006] These economic impact payments being issued by the IRS through direct deposit to banks and through checks by mail were entered as part of a one-off payment, intended to curb the financial blow caused by the outbreak of COVID-19 .

Now, the new incentive bill to send a second tranche of stimulus controls in 2020 – the so-called HEROES Act – is being driven by 3 million new unemployment claims last week, which claims the total of first unemployment since mid-March to over 36 million people and an unemployment rate of 14.7% in April, putting the country into a recession that economists predict could be the worst worldwide since the Great Depression.

In recent days, the idea of ​​this bill has changed from a handful of forward-looking talks to bills that have been put to the vote in Parliament. 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.

  http://www.cnet.com/ "height =" 110 "width =" 196


Now playing:
Watch this:

Where's my stimulus check?



2:46

Summary: The First Coronavirus Stimulation Package

In an effort to mitigate the financial impact of the coronavirus outbreak, President Donald Trump signed a $ 2 trillion economic stimulus package in March (technically speaking) a relief). package) including payments of up to $ 1,200 to eligible U.S. taxpayers and $ 500 for each child aged 16 or under. The IRS began sending checks in mid-April and made more than 130 million payments in early May. Implementation was bumpy, with some recipients struggling with the tools provided by the IRS to assist with signing up for and tracking their checks.

How much would the proposed stimulus bill for coronavirus give? to individuals, if adopted?

The bill for the House right now – which speaker Nancy Pelosi and House Democrats refer to as the HEROES Act (PDF), according to a factsheet from the House Appropriations Committee – includes a wide variety of benefits, including a second direct payment to individuals and households. It is suggested that the second bill, if legally signed, would generate a cash injection of up to $ 1,200 per family member, with a maximum 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 in 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 33 million American workers who 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 have suffered an economic blow from 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 the increased unemployment benefits of $ 600 per week, some critics have said that it will become more difficult to reduce unemployment in the coming years if people don't feel stimulated to return to work. to go. The original aid measure also provides a 15% increase in federal food aid under the supplementary nutritional assistance program.

What the earlier proposals for a second round of economic stimulus payments included

Some in Washington had argued that a more effective way to help struggling US taxpayers and stimulate the economy could be through wage tax cuts, which could help workers retain more of their money per paycheck.

President Trump had supported this approach to get more dollars into the taxpayer's hands. "I want to see a payroll tax cut," he said at a virtual city council meeting earlier this month. & # 39; We do nothing unless we get a reduction in payroll tax. & # 39;

A wage tax cut could help people with a job, but would not benefit anyone who is already unemployed and without a salary, economists say.

  07-bag-of-groceries-home-whole-food-paper "data-original =" https://cnet2.cbsistatic.com/img/s4nLxd8NcD1OarrgL8Jx90YEsHA=/2020/03/30/ac1de784-ee0f-4260 -b490-02f88fa12050 / 07-bag-of-groceries-at-home-whole -foods-paper.jpg

For many, the stimulus check help to pay the rent and groceries.


Sarah Tew / CNET

Others in Washington looked at broader, long-term approaches to help those who were baffled by the economic crisis of the corona virus. For example, Congressmen Ro Khanna and Tim Ryan suggested giving many US residents at least $ 2,000 a month for at least six months to help their household through the crisis. Senator Mitt Romney proposed a similar plan for $ 1,000 a month, and Senator Josh Hawley supported monthly payments to families with children.

Sens. Kamala Harris, Ed Markey and Bernie Sanders looked longer and introduced legislation that would bring in a $ 2,000 monthly check up to three months after the pandemic ended. Reps. Rashida Tlaib and Pramila Jayapal proposed to extend payments a year after the end of the crisis.

What Happens Next

The House is expected to vote on the bill today, May 15, although "negotiations with Senate Republicans" will not begin until later this month at the earliest, " The Wall Street Journal. It is widely believed that Republicans will oppose the bill and may work with President Donald Trump on their own stimulus package.

While the future of a second incentive bill remains undecided, we would like to share the available resources around unemployment insurance what you can do if you lose your job what you need to know about evictions and late car payments and how you ] control your budget .


Source link