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On Friday evening, the United States House of Representatives voted to pass a second $ 3 trillion coronavirus rescue bill. The bill aims to inject more money into the US economy and would include another round of stimulus payments to Americans, as well as financial assistance to the unemployed, struggling businesses, the US Postal Service and. The release of the House of Representatives – which is controlled by a Democratic majority – is a step and does not guarantee that the bill will become law. (More information below on what will happen next.)
Support for the new legislation – called the HEROES law (see bill here) – is fueled by growing concerns about the economic fallout from the. For example, the United States saw 3 million new jobless claims last week, for a total of more than 36 million people filing since mid-March. The US Bureau of Labor Statistics also reported an unemployment rate of 14.7% in April, and economists warn against that the International Monetary Fund and other agencies suggest could become the worst since the Great Depression.
The proposed new legislation comes as the IRS continues toup to $ 1,200 per person for tens of millions of Americans under the first COVID-19 rescue program, worth . If you wait for your money, you can and can 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 frequently updated in the light of new information and is intended to provide an overview of the situation.
Recap: the first stimulus package against coronaviruses
In an effort to mitigate the financial effects of the coronavirus epidemic, President Donald Trump signed legislation in March(technically a relief program) which included payments of up to $ 1,200 to eligible US taxpayers and $ 500 for each child 16 and under. The IRS started sending checks in mid-April and by the beginning of May the agency had made more than 130 million payments. The deployment was bumpy, with to help you register and their checks.
How much would the Coronavirus Stimulation Bill give individuals if it were passed?
The bill passed by the House on Friday evening – which Speaker Nancy Pelosi and the Democrats in the House call the HEROES Act (PDF), according to a House Supply Committee fact sheet – covers a wide range benefits, such as a second payment to individuals and households. It is suggested that the second bill, if passed by the Senate and then promulgated by President Trump, would provide a cash payment of up to $ 1,200 per family member, with a cap of $ 6,000 per housework.
In addition, it would postpone the current enhanced unemployment benefit by $ 600 per week (in addition to the typical unemployment benefit) until January 2021.
The argument for a new round of stimulus checks
The bill is “a bold response to the coronavirus pandemic and the economic collapse,” according to the House’s fact sheet. The financial support aims to ” [cushion] the economic blow of the coronavirus crisis. “
Part of the objective of a second stimulus check by the IRS is to “put much-needed money in the pockets of the American people,” President Pelosi said in a 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 real number of unemployed since governors and mayors have locked their states and cities to stop the spread of coronavirus is probably higher – perhaps millions more – because many of those eligible have not filed of unemployment request. With job losses, the country’s unemployment rate reached 14.7%. Newly unemployed workers, as well as others who have suffered an economic blow from the pandemic, could benefit from having more money to spend now.
The argument against a second wave of relief payments
Some in Washington, including the majority in the Senate, Mitch McConnell, are wondering if previous relief measures have met their goals and want to pull the brakes before approving more federal spending to assess the effects of existing relief programs approved. McConnell and others are also concerned about how additional stimulus packages will increase the historic federal deficit.
“So let me say the obvious,” John Barrasso, a Republican senator from Wyoming, tweeted Tuesday. “What Nancy Pelosi proposes will never be adopted by the Senate. “
Because this payment is available in addition to regular unemployment benefits and improved unemployment benefits of $ 600 per week, some critics have said that it would be more difficult to reduce unemployment in advance if people did not feel encouraged to return to work. The initial relief measure also provides a 15% increase in federal food aid under the Supplementary Nutrition Assistance Program.
What will happen next
The House voted to pass the bill on Friday evening, and the file is now being transferred to the Senate, where “negotiations with Senate Republicans should not begin before the end of the month at the latest,” according to the Wall Street Journal. .
It is widely believed that Republicans will reject the bill and could work with the White House on their own stimulus package. If the House of Democrats’ HEROES law passes the Senate, President Trump will still have to sign it for it to take effect.
While the future of a second stimulus bill remains unclear, we would like to share the resources available on, , and and how .
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