Bad news: new incentive package likely won’t include checks

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When the coronavirus As the pandemic struck earlier this year, the federal government rushed to provide much needed financial assistance to individuals and business owners. The $ 2 trillion CARES Law – the largest stimulus package in US history – was signed in March. The various relief measures included direct payments of $ 1,200 to eligible individuals.

Now that talks about another stimulus plan are underway, Americans are anxiously wondering if they will receive another round of checks. Unfortunately, the latest legislation does not include direct payments, and this is unlikely to change in the final invoice. But that doesn’t mean there is no hope of additional checks in the future.

Here’s a closer look at the latest coronavirus relief proposals on the table, what’s included and when you might expect to receive another stimulus check from Uncle Sam.

What is the latest information on a new stimulation program?

The CARES (Coronavirus Aid, Relief, and Economic Security) law provided for a number of emergency economic measures, including expanded unemployment benefits, a moratorium on evictions, forbearance from federal student loans, and some tax breaks, which will expire. all at the end. of the year unless Congress intervenes.

However, lawmakers have been at an impasse for months as Democrats and Republicans argue over what types of relief – and how much – should be included in the next stimulus package.

After several bills were not approved by the House and Senate, a new bipartisan proposal worth $ 908 billion was presented on Tuesday as a stopgap measure to bring some relief to Americans before the end of the campaign. the year. The plan represents the two parts last attempt at compromise Before the holidays.

No stimulation controls are on the table yet

The current bipartisan stimulus package mirrors the original CARES law in many ways, including expanded unemployment benefits and another round of paycheck protection program funds for small businesses. But one element of the first stimulus package that is sorely lacking in the current proposals is direct payments to individuals. Americans are highly unlikely to see a second stimulus check in 2020.

The new bipartisan proposal also lacks a plan to deal with those programs that expire at the end of the year, including moratoriums on evictions and unemployment benefits for concert workers and independent contractors.

Biden is expected to push for a more robust stimulus package after his inauguration on January 20. “Any package adopted during a lame duck session is lucky to be just a start at best”, he said tuesday while presenting its proposed economic team. however, Biden’s plan does not specify how much these checks might be worth or whether the qualifications to receive one will change. And he’ll still need congressional backing to get another round of personal stimulus checks, which means the prospect is still very much up in the air.

Still, there is hope for future checks. Republicans and Democrats expressed the need for additional payments.

A closer look at the $ 908 billion proposal

While you probably can’t count on another stimulus check until 2021, the bipartisan proposal promises another valuable relief, especially for the unemployed and small business owners.

In the current state of things, the plan allocates $ 288 billion to support small businesses, including a second round of Paycheque Protection Program. It also promises $ 180 billion in expanded unemployment insurance benefits (an additional $ 300 per week for four months).

Other relief efforts outlined in the plan include $ 160 billion in state, local and tribal government assistance; 82 billion dollars for aid to education; $ 45 billion for airlines and other transportation; $ 35 billion for a health care provider assistance fund; $ 26 billion for nutrition and agriculture programs; $ 25 billion in rent assistance; $ 16 billion for vaccine development, procurement, testing and financing; $ 12 billion to support lenders for the development of communities and minorities; $ 10 billion to the US Postal Service; $ 10 billion for child care; 10 billion dollars for broadband; and $ 5 billion for opioid treatment.

The bipartisan group of senators behind the bill includes Mitt Romney (R-Utah), a self-proclaimed “deficit hawk”. who said tuesday that even he recognized the need to help Americans struggling with this pandemic. “COVID has created a crisis, and in a crisis people expect Congress to act,” he said at a press briefing.

In addition to Romney, lawmakers involved in negotiating the latest bipartisan deal include Sens. Joe Manchin (DW.Va.), Susan Collins (R-Maine), Mark Warner (D-Va.), Bill Cassidy (R-La.), Jeanne Shaheen (DN.H.), Lisa Murkowski (R-Alaska ), Angus King (I-Maine) and Maggie Hassan (DN.H.).

House Speaker Nancy Pelosi (D-Calif.) And Senate Minority Leader Chuck Schumer (DN.Y.) have both announced their support for the proposal.

On Wednesday, however, Senate Majority Leader Mitch McConnell (R-Ky.) Indicated he would not be supporting the bill and instead circulated his own greatly scaled down plan. McConnell’s stimulus proposal includes about $ 500 billion in relief – but no checks. It also offers minimal help to the unemployed, which could be a major obstacle to finding a compromise with the bipartisan group.

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About Nereida Nystrom

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