- House of Representatives passed HEROES Act two months ago as its proposed stimulus package
- Senate to present its new stimulus package this week
- Look to some of these proposals listed below
With the COVID-19 pandemic resurging in the majority of the country’s states, more than 1M people filing new claims for unemployment benefits for 19 consecutive weeks, the unemployment rate being maintaining double digits since April and the economy continuing to limp along save the stock market, Congress MAY be considering a new stimulus package for people continue to hurt badly.
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Two months ago, the House of Representatives passed the HEROES Act to extend many of the relief aids going to those negatively impacted by the COVID pandemic plus additional ones.
This week, Senate Republicans with input from the White House will present its stimulus proposal. Knowing all the while that all aspect of any new proposals will be negotiated, here are some probable inclusions in a new stimulus package as there is bipartisan support for all of these concept BUT not the specifics:
- Second Stimulus Check or some sort of direct payment from the federal government. The first stimulus check that went to ALL Americans regardless of their yearly earnings was in the amount of $1,200. The amount of and eligibility for a second stimulus check are currently up in the air. Some want the amount to be the same as the first, one time only stimulus check, $1,200 while others want a second stimulus check in the amount of $2,000. Some want that check to be a recurring check sent every month that people continue to be negatively impacted by the pandemic. Republicans want the second stimulus check to be, like the first time, a one-time only, not monthly check. Republicans are floating around an eligibility specification that a stimulus check might be reserved for only those earning less than $40,000/year, a lesser amount for those earning up to $75,000. At this point in time, NO amount an NO eligibility have been clarified.
- State and Local Aid – State and local coffers are hurting. They need federal financial support to conduct business, provide educational services, protective services, all services that state and local governments provide. No dollar amount has yet to be agreed upon. Republicans are putting forth the figure of $30B to open schools while Democrats are targeting $430B for schools.
- Unemployment Benefits – On top of state unemployment benefits, jobless workers have been receiving $600/week benefits. These enhanced benefits run out this week. Democrats want to continue that benefit at that same amount due to the COVID resurgence, the COVID economy and jobless rates. Republicans are floating an alternative return-to-work bonus proposed at $450/week. Amounts and extensions have yet to be decided.
- Liability Protections for Businesses – Republicans are floating liability protection for businesses, hospitals and schools in the event employees are COVID infected at these workplaces. A retroactive protection plan from 2019 to 2024 goes hand in hand with this proposal.
Here are some other discussion points that will likely NOT be included in a second stimulus plan:
- Payroll tax cut – This is a component of Trump’s pro-growth plan to help stimulate the economy. No one else is discussing this concept.
- Student loan forgiveness – Democrats included a provision of $10,000 of student loan forgiveness for “struggling” borrowers in its HEROES Act. This is NOT a priority for Republicans.
- Infrastructure plan – Trump and Senate Democrats agree on the need BUT given the cost of a comprehensive infrastructure plan, this proposal is unlikely to be included.
- $4,000 travel bonus – This proposal would give individuals a $4,000 tax credit to take a vacation at least 50 miles from home. Don’t count on this one.
Republicans are floating $1.3T in total spending while Democrats are floating $3T in total spending for a new stimulus package. Both of these numbers will likely change. Fortune estimates a range of $1.5T – $2T.
A new stimulus package could be finalized late July or early August.
Thanks to Fortune.