As millions of Americans remain unemployed due to the coronavirus outbreak, talks of stimulus checks remain at the forefront. Upon doing some research, I found some updates. The following information comes from Forbes.
Treasury Secretary Steven Mnuchin confirmed that the second wave of stimulus checks are on the way and it will be a one-time payment of $1,200; the requirements will be the same as the first stimulus check under the CARES Act.
- $1,200 for each individuals
- $2,400 for married/joint filers
- $500 for dependents under the age of 17
- If you earn less than $75,000 (individuals) or $150,000 (married/joint filers) annually, you can receive $1,200.
Senate Republicans have proposed extending the weekly unemployment benefits, but it would be less than $600 a week. Many Republicans feel that $600 a week creates a disincentive for recipients to return to work since two-thirds of Americans are collecting more in unemployment than they did working.
Payroll tax cuts aren’t included in the stimulus package. A payroll tax cut would make paychecks larger, but it would reduce or eliminate government programs like Medicare and Social Security. President Donald Trump wants to make sure direct payments are sent out quickly so that people can receive their money in August.
Republicans plan to propose $105 billion to reopen schools.
- $70 billion for K-12 schools
- $30 billion for colleges and universities
- $5 billion for governors to spend at their discretion
Democrats are suggesting $1 trillion for State and Local aid and $430 billion to reopen schools.
Businesses, hospitals, and schools are expected to receive liability protection, retroactive to 2019; student loan forgiveness will NOT be included in the new stimulus package; the Paycheck Protection Program (PPP) is expected to extend past August 8; Senate Republicans are expected to propose $25 billion for coronavirus testing.
To check out the full breakdown, click here. If you have any additional information, feel free to comment below.
Until Next Time…