As the economy is slowly picking up after it was shut down three months ago, a lot of Americans who are still looking for jobs are hoping for another round of stimulus payments from the government.
Delayed checks
Unfortunately, if Congress can't pass their proposals and make them into a bill, the stimulus checks will not be hitting the banks anytime soon and there will be little chance to get to the millions of Americans that need them. The now target month of another round of stimulus payments has been pushed to September.
Both Democrats and Republicans on Capital Hill continue to argue over the latest proposed stimulus bill that will give checks to all American taxpayers who are in need. The Democrats and Republicans have not come to an agreement yet about assisting the unemployed.
Republicans in Congress want to cut the $600-per week pandemic jobless benefit that is now expired and wanted to reduce it to $200 or less. Meanwhile, Democrats in Congress want to extend the help until the end of 2020, as reported by CNBC.
Also Read: Stimulus Check: Differences from First Round of $1200 Relief, Expanded Dependent Eligibility
Other points regarding the checks include the funding for states and cities, funding for the Postal Service, and eviction protections for homeowners and renters.
According to a report by News 10, Senate Minority Leader Chuck Schumer, a Democrat from New York, said that there are a lot of issues that are still outstanding. But he thinks that there is a desire to get something done as soon as possible.
Meanwhile, Treasury Secretary Steven Mnuchin, a Republican, also said that there are some areas that the two sides can agree on, but on other issues, Democrats and Republicans are fighting over them.
There may be a desire to get something done, however, time is of the essence. Lawmakers only have at least a week before they leave on a month-long recess in Congress. If a deal about a second stimulus payment does not strike soon, Americans will have to wait until the Congress gets back on from their month off.
That means that Congress will have to start negotiations once again after putting it off for a month. If that happens, the stimulus checks will be pushed to the holiday season, as reported by Q105.7
One thing looks pretty certain though is that the second round of stimulus checks would copy the first round of stimulus checks given, with the possibility of increased payment for dependents.
American taxpayers who are earning a gross adjusted income of up to $75,000 per year will get a stimulus check of $1,200. Couples who are earning a gross adjusted income of up to $150,000 per year will get a stimulus check of $2,400.
The stimulus checks will be reduced by $5 for every $100 in income, phasing out completely at $99,000 for individuals and $198,000 for couples.
Those with no income and individuals who rely on benefits like Social Security are eligible for the $1,2000 check payment. One plan from the Congress calls for the $500 dependent payments to include any dependent.
So that means it would include older children who are living at their parent's home and college students that might not have been included in the last round of stimulus checks.
Related Article: $1,000 Stimulus Check: When Will It Be Given and Who Are Qualified
