With the release of the first coronavirus aid in US, many are wondering when will be the second release of the stimulus check.
The COVID-19 pandemic has cost the US economy so much money, especially those losing income like the loss of a job or anything that brought money, before the lockdown, reported in AS News.
Back in May, President Donald Trump was asked if there is a good chance that a new bill for another round of stimulus payment could be given to those suffering economic hardships. His answer to the question was yes to the second round of payments, according to CNBC.
Trump said that the second payment will help more Americans to move forward. He said that the disbursement will be at the outbreak's end, mentioning government plans to open the US economy again, which is what other nations are doing to restart their economic engines from hibernation with reasonable limits.
Most Democrats are gunning for the HEROES Act, for senate approval as well, though the Republicans are still on the fence about the act or just mulling it over. One of the ensuing concerns is how much will it cost to spend on these checks? It seems that Trump is considering the proposal which is good news to those hoping for it passing.
But for the record, the second stimulus check payment depends on the two parties.
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The CARES Act
For many, the CARES Act will be an amount of $1,200 that was approved on the end of March. Many who lost jobs received it in the middle of April, during the time when COVID-19 has ravaged many livelihoods already. It is meant to benefit those with money during the outbreak, but most of the $1,200 are gone and spent, confirmed by Forbes.
Governors in states are moving to kickstart and reopen with a four-part plan too.
For now, the Republicans and Democrats are sorting how to get to approve the bill, and other schemes to buoy up struggling Americans in the soonest time. A warning by the Federal Reserve speculates that as many as 30% will lose their jobs which is not good news for many.
Changes in the HEROES Act
There will be changes in the HEROES Act, courtesy of the Republicans and President Trump who called the bill, "dead on arrival". A new version will suspend a second payment, but introduce a cut in payroll taxes which has several advantages for employees. These are more substantial paychecks, but some said that will not work for the hard-hit sectors of America. In short, everyone will benefit from getting a stimulus check payment, compared to the alternative suggested by the Republicans, reported in Daily Mail UK.
Democrats keep on sending the stimulus checks in a second set, and more unemployment benefits will help in the pandemic. Americans get an amount of $600 for unemployment, but this will cease on the last day of July.
Both parties in the US legislature are going to assess a new proposed bill this month. For now, the second stimulus check payment is under consideration and with a slim chance in the election year. By the end of Trump's term, the second set will be forthcoming.
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