A second coronavirus stimulus check may be coming. Here's how much money you could get
Earlier this week, Treasury Secretary Steven Mnuchin proposed that the Trump administration consider sending another round of stimulus checks to the Americans to offset the financial problems caused by the coronavirus pandemic and the economic blockade associated with it.
"I think we will seriously consider whether we want to use more direct money to boost the economy," said Mnuchin on Wednesday when he testified before the Senate Committee on Small Business and Entrepreneurship.
It is unclear what specific guidelines the White House is examining, but there are several proposals on the table - by Democrats and Republicans alike - that would put money directly into the hands of a significant number of Americans.
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Such a package, the $ 3 trillion HEROES bill passed by House Democrats in May, would send another round of $ 1,200 checks to American adults and children, increasing the number of people eligible for state aid . One criticism of the CARES law, which brought in up to $ 1,200 to Americans who earned less than $ 75,000, was that older teenagers and students were not taken into account.
But the HEROES law extends the amount of money to these people. Payments would be limited to $ 6,000 per household.
To see how much money you would get from the HEROES law, you can use this online calculator provided by Omni.
Some Democrats have proposed a more aggressive approach to stimulus measures. In early May, Sens. Kamala Harris, D-Calif., Bernie Sanders, I-Vt., And Ed Markey, D-Mass., Unveiled a bill that gave most Americans a monthly payment of $ 2,000 until the virus started would allow to fade - an allusion to the universal basic income for which the former democratic presidential candidate Andrew Yang campaigned.
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Similar to a bill proposed in mid-April, senators demanded $ 2,000 in cash for every American who earned less than $ 120,000. It would expand to $ 4,000 for married couples and provide an additional $ 2,000 for each child up to three years old. That means families with three children could theoretically receive $ 10,000 a month.
The Republicans have now given a return to work bonus to unemployed Americans who return to work.
More than 44 million Americans have lost their jobs due to the economic shutdown caused by the corona virus, a rate that has not been seen since the Great Depression. However, Republicans have raised concerns that additional unemployment benefits of $ 600 a week actually prevent some workers from returning to work. The sweetened benefits expire at the end of June.
Texas MEP Kevin Brady, the top Republican on the House Ways and Means Committee, proposed a bill to grant unemployment benefit recipients who return to work a one-time lump sum payment of $ 1,200 or two weekly payments of $ 600.
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Another proposal from Senator Rob Portman, R-Ohio, would provide redundant Americans returning to work with $ 450 a week in addition to their wages. In both cases, the money would last until July 31, the same date that the additional unemployment benefit of $ 600 per week expires.
The idea of a back-to-work bonus has also caught on with some White House officials who have spoken out in the next aid package for unemployment benefit reform.
"We have to reward individuals for working again," said White House economic advisor Larry Kudlow in a recent interview about Fox & Friends. "There will be some kind of reemployment bonus. We won't go to the $ 600, which is a daunting incentive to work."
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However, Americans who want a second cash check may have to wait a while.
White House officials have stated that they have no plans to take further relief efforts until at least early July. The Senate is expected to return from its two-week summer break on July 20, so it is unlikely that a fourth round of aid will be passed by then.
So far, Congress has passed three massive stimulus packages totaling nearly $ 3 trillion to alleviate the economic pain from the virus outbreak, raising concerns about increasing deficits among some Republicans.
The $ 2.2 trillion in CARES law that came into effect at the end of March is still flowing through the economy.
The Paycheck Protection Program, a fund that provides small businesses with loans up to $ 10 million, remains at $ 130 billion. According to recent data released by the House Ways and Means Committee, an estimated 35 million people are waiting to receive their up to $ 1,200 payment from the Internal Revenue Service.
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