You have no other option but to wait for your check! at least until the election results are out because the outcome of the election has everything to do with the stimulus check 2 status.
Earlier negotiations that took place before between Democrats and Republics were agreed on a $1200 stimulus check plus increased benefits in federal employment, but a lot of Republican senators protested against it even when the senate had not adjourned.
According to a chief strategist from Stifel’s Washington policy, Brian Gardner, if Joe Biden wins the elections as the president, he will have a very hard time to get the stimulus bill sail through the legislation without the Democratic support in the senate. He also stated that there is a possibility of the amount of the stimulus package to be reduced by a considerable amount although it will still be there. It is likely to fall under $2 trillion which is bad news for the investors.
Stimulus Check 2 Status and Figures
Amid disagreements between the two political parties, it was stated by McConnell that the size of the stimulus check was brought down to $500 billion and that there were other employee benefit funds, a second round of Paycheck Protection Program, and schemes that would financially aid schools. However, he did not mention anything about the stimulus check 2 status.
The $1.8 trillion proposals of the White House was rejected by Pelosi. She argued that the proposal did not have any have enough measures for child care funds and testing and tracing. According to Mnuchin, the priority of the administration was to use the leftover Coronavirus funds and some other funds for funding the Paycheck Protection Program and to American Airlines.
Stimulus Check 2 Status And Economic Downfall
With the huge companies and the airline industries constantly cutting down on their workers, the job growth is almost negligible. According to economists, during these times, the national economic recovery is highly susceptible to become stagnant if the government does not provide a fiscal stimulus. The most affected in this kind of situation will be the people at the local and state levels including households and businesses, as told by an economist from Oxford economics, Gregory Daco.
Need for a Proper Economic Boost
The Center on Budget and Policy Priorities stated that the worst hit by the pandemic and the economic downfall happens to be the households and businessmen who are struggling to meet even the most basic expenses.
It is said that the $1200 stimulus check would only prove to be a short-sighted help that would only last for a month. Other relief policies like the $600 pay for the weekly unemployment, are said to help sustainably as said by economists.
Whatever the case, since there’s some time for the final stimulus check 2 status to be decided, that gives a good time to think about what could be the best amount, keeping the most vulnerable ones in mind.