What’s going on today, everybody welcome! With this article today, we’re going to be talking about and going over why it looks like there’s going to be another round of stimulus payment soon, what those payments will look like. And when you can expect them.
And if you have any questions about anything stimulus related, just drop me a comment down below and I’ll do my best to help you out. That’s why we are making these articles.
What the President Said
The president recently has said, he’ll ask Congress to pass more economic stimulus, including a payroll tax cut. Even after the unemployment report on Friday.
Some of you may have seen that unemployment numbers for may were released on June 5th and they were better than expected as the U S added over 2 million jobs and unemployment dropped month over month. Now the court, the president, he says, quote, will be going for a payroll tax cut.
We think that that’ll be incredible in terms of what we’re doing, because again, we’re going to be bigger, stronger, better than we ever were. We’ll be asking for additional stimulus money because once we get this going, it’ll be far bigger and far better than we’ve ever seen in this country. So this is good news. If you’re somebody who’s holding out hope for another round of stimulus payments.
What Will the New Stimulus Be Like?
Now we’ve seen multiple different proposals for a second round of stimulus payments over the last month or so. And one in particular that pastor the house is called the heroes act. Now I have talked about the heroes act previously, but just as a refresher, like I said, it was passed in the house. So it’s currently in the Senate, and it includes number one, another round of stimulus checks of up to $6,000 per household. This would be structured similarly to the first round.
So individuals earning up to $75,000 per year would get a onetime $1,200 check and couples earning up to $150,000 per year would be eligible for $2,400.
Number two, there there’s a, there’s a few differences, a few key differences from the first, for one, a maximum of three dependents regardless of age would also get $1,200. And if you remember the first round of stimulus checks excluded adult dependents, including many college students. So that would change if that if this bill was passed.
And then for Americans who filed unemployment claims over the past two months, the heroes act would extend the measures from the first stimulus package, including extending the extra $600 weekly federal unemployment benefits through January, 2021. So that would be a huge extension gig workers, independent contractors, part time workers self-employed would also be able to take advantage of unemployment benefits all the way through March of 2021.
What else is included?
And this doesn’t include a host of other things. The bill actually totals $3 trillion in its current form. Now I’ve said before, and we know this to be a fact that this bill in its current form will not pass through the Senate. It’s too expensive. However, that doesn’t mean that a form of this bill will not passed right. White house officials have said that they expect to spend up to $1 trillion on the next round of relief. Would you said to have the backing of the Senate? So for this bill to ultimately be passed, there’s going to have to be negotiations that take place. Now also on Monday, June 1st, a member of the house ways and means committee, unveiled the reopening America by supporting workers and businesses act of 2020.
Under that plan stimulus money, wouldn’t simply be sent out to, you know, Americans based on yearly income, but rather it would involve paying a $1,200 hiring bonus to currently unemployed people who reenter the workforce.
So the idea behind it is to create incentive for people to go out and reenter the workforce. Of course, there are some issues with this bill mainly, it provides for those who’ve lost their jobs and are currently receiving unemployment benefits, but it doesn’t do anything for the millions of Americans out there who still have a job, but have been struggling financially.
Other Stimulus Package
It also does nothing for those who lost their jobs and filed for unemployment benefits, but were never approved. And unfortunately, I know many people in this situation. So in its current form, it’s unlikely to pass through the house unless some of these issues are addressed with that being said, considering we’ve seen well over half a dozen proposals, white house officials expecting and supporting another stimulus package in both sides of the aisle, seem to be on board up to a certain point.
This leads me to believe that there will be another stimulus package. And I’m confident in that the question becomes, when will it happen? Will the us national economic council director actually suggested that a second payment may still be some time off with negotiations, possibly not restarting until after July 4th and members of the Senate have been pretty clear about wanting to take time to see what sort of impact the stimulus money from the cares act or the first stimulus package has on the overall us economy.
Unemployment Benefits
But with that being said, remember that unemployment extended benefits and on July 31st. So knowing that I’m expecting Association’s to take place in July and for Congress to come up with something that helps those that are most in need either before the extended benefits and on July 31st or sometime shortly after what that entails obviously is going to remain a question, but it sounds like the heroes act could be groundwork for some negotiations moving forward. I do expect that a another round of stimulus will be the final round of stimulus.
But as I said at this current time, I am fully expecting it to happen. You know, that could change over the next couple of weeks next couple of months. But at this current time I’m expecting it to happen and I would expect it to be the final stimulus package. So just a quick update for you.
These are the most important things to pay attention to, in my opinion, hopefully this provides you with some insight into the potential of second into the potential of the second round of payments. I am going to go ahead and wrap up the article here. If you have any questions that were not answered in this article, make sure, drop me a comment down below and I’ll do my best to help you out again. That’s why I’m making these articles just to help people out. Also, if you found this article helpful, I would greatly appreciate it.
If you could smash the lifeline to let me know you liked it. Not only does it help my blog, but it lets me know that these articles, you know, are being are helpful to people. And it lets me know that I should maybe make more of these artículos. So I hope everybody’s healthy. I hope everybody is safe. And I’m looking forward to talking with you in the next one.