Trump hints at 'generous' second coronavirus stimulus check. Here's how much you could get
President Trump signaled on Monday that he is open to a second stimulus check for Americans still financially affected by the coronavirus pandemic and the related economic blockade.
During an interview with Scripps reporter Joe St. George, asking if he was going to make another cash payment to some Americans, Trump said, "Yes, we are. We are."
"We will implement another stimulus package," he added. "It will be very good, it will be very generous."
Trump declined to say how much money the Americans could see. "You'll find out," he said. "You will find out."
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The White House has not officially commented on a second incentive payment. While Treasury Secretary Steven Mnuchin testified before the Senate Small Business and Entrepreneurship Committee, he suggested that the government consider whether to send another check to some Americans.
"I think we will seriously consider whether we want to use more direct money to boost the economy," he said at the time.
However, some Trump economic advisors such as Art Laffer and Stephen Moore have questioned the need for additional spending and raised the alarm, which is likely to be the highest deficit in the country's history. Instead, they have called for deregulation efforts, including a reduction in payroll taxes.
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It is unclear what specific guidelines the White House is examining, but there are several proposals on the table - both by Democrats and Republicans - that would put money directly into the hands of a significant number of Americans.
Such a package, the House's $ 3 trillion HEROES bill passed 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 for 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.
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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.
Similar to a bill proposed in mid-April, the 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.
Almost 46 million Americans have lost their jobs as a result of the economic stagnation caused by corona viruses, 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 July.
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Texas MEP Kevin Brady, the top Republican on the House Ways and Means Committee, proposed a bill to provide unemployment benefit recipients who return to work with a one-time lump sum payment of $ 1,200 or two weekly payments of $ 600.
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 bonus for resuming work has also caught on with some White House officials who have spoken out in the next aid package for unemployment benefit reform.
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"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."
However, Americans who want a second check may have to wait a while.
White House officials have stated that they do not plan to take any 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.
"I think it will be bipartisan, I think it will likely be in the next few weeks," Trump said.
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