The first stimulus checks that the government released to help the unemployed citizens was a relief to most who had basic necessities to pay. It also came, however, a little short for others who are in much more need for financial aid. And a second stimulus check distribution will significantly ease the troubles that these citizens are facing.
Second stimulus package
According to CNET, Washington officials are beginning to set their sights on creating an outline for the potential to release the second round of stimulus checks to American citizens.
The White House, Senate, along with the Hosue of Representatives are sharing their interest regarding the next set of stimulus check distribution. If it passes, it could provide further benefits to those who were greatly affected by the coronavirus pandemic.
The rapid changes in information regarding financial aid make it hard for people to keep with the latest news and decisions. The first thing to note is the Heroes Act, which the House of Representatives passed last May 15.
The act aims to distribute more stimulus money and is not a package that has become law and is currently before the Senate.
Secondly, President Donald Trump is set to discuss policy options for the next coronavirus relief package with his senior advisers this week. The president's team has put together several proposals that urge the public to go back to work to revive the economy that has been hampered by the global pandemic, as reported by the Wall Street Journal.
Also Read: Coronavirus Stimulus Check: Is the Second Round of Financial Aid Still Amounting to $1200?
The senior administration official announced that the country had already gone through the rescue phase and is currently in the transitional phase. He hopes to move forward into a growth-incentive phase to strengthen the future economy.
Hoping for a second set of stimulus checks, the Senate has not made any concrete action to support the claim, as reported by Forbes. Mitch McConnell, the Senate Majority Leader, said that the next stimulus bill would be the last one and will distribute fewer funds than the CARES Act.
How much would it be?
The White House is discussing reducing the amount of the unemployment payment to $250 to $300 per week from $600 per week in the second half of the year, which officials believe will urge citizens to go back to work.
The government is also looking to give tax breaks to those who are vacationing in the US, which they hope would give them a reason to start spending to jumpstart the economy.
Previously, the White House has delayed the release of a second stimulus package. Several presidential aides, however, expect the conditions of the package will not be complete until July. Republicans have said that the expected value would total about one trillion dollars. For comparison, the CARES Act was worth two trillion dollars, and the Heroes Act, which has not been passed yet, offers three trillion dollars.
One possible way a second stimulus package could come into play is by the Heroes Act, turning into something different through negotiations. It is also possible that a new proposal would take the act's place to support the unemployed financially. Or it could all just be wiped clean and forgotten until a new plan becomes an idea in the future.
