Support for the new bill is fueled by mounting concerns about the economy and people's ability to pay for basic needs. The US saw 3 million new unemployment claims in the first full week of May, for a total of more than 36 million people who filed a first unemployment claim since mid-March . The US Bureau of Labor Statistics also reported an unemployment rate of 14.7% in April, and economists warn ofthat could become the worst since the Great Depression, according to the International Monetary Fund and other organizations.
We outline the most important things you need to know about a second round of incentive payments for individuals, including how much money you would expect to receive if the current bill is successful, common arguments for and against the proposed action, and what happens next.
This story is regularly updated in the light of new information and is intended to provide an overview of the situation. 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.
What is the name of the bill and how much do I get?
The new proposed law is called the HEROES Act (view the bill here). On Friday, May 15, the United States House of Representatives passed the $ 3 trillion bill. It includes a wide variety of benefits, such as a second direct payment to individuals and households up to $ 1,200 per family member, with a ceiling of $ 6,000 per household, according to a House Appropriations Committee information sheet (PDF).
In addition, it would carry the current increased unemployment benefit of $ 600 per week (on top of typical unemployment benefit) to January 2021. The HEROES Act would also reserve money for troubled companies, the US Postal Service, and.
Passing the House of Representatives, which is controlled by a democratic majority, is a step from bill to law, but does not guarantee that the second bill will pass the next stage: approval by Republican-controlled Senate.
The argument for a new round of stimulus checks
The proposed legislation is a self-proclaimed "bold response to the coronavirus pandemic and economic collapse," the House factsheet said. The financial support is intended to "[cushion] the economic blow of the coronavirus crisis".
The purpose of a second IRS stimulus check is in part "to put much needed money in the pockets of the American people," said home speaker Nancy 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 Majority Leader Mitch McConnell, question whether the prior emergency measures have achieved their goals and are looking to curb it before approving more federal spending to address the effects of already approved relief 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 Barrasso, a Republican Senator from Wyoming, last Tuesday . & # 39; What Nancy Pelosi proposes, the Senate will never pass. & # 39;
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 make unemployment harder in the future if people don't feel stimulated to return to work. The original emergency measure also provides a 15% increase in federal food aid under the supplementary nutritional assistance program.
What will happen next
It is not clear when the Senate will commence deliberations on the HEROES Act, although negotiations on the content of the bill are expected, Fox News reported. "Negotiations with Senate Republicans are expected to begin at the earliest 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 will still have to sign it into law before it takes effect.
We will update this story with new information as soon as it occurs. Although the future of a second promotional act is still inconclusive, we would like to share the available resources onand and how you .