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Monday, November 23, 2020

Here’s What We Know About The Second Stimulus Checks

The first round of stimulus package is running out and millions are awaiting the approval of the second stimulus checks. While the White House, Democrats, and Republicans agree that a second stimulus bill needs to be passed, they can’t seem to agree on the price tag of the bill. 

For months now, the fate of a second stimulus package has been in a limbo. 

The Last Stimulus Checks

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In March, Congress had passed the first stimulus bill, known as the CARES Act. It also included $1,200 stimulus checks for all eligible Americans. Dependents were alloyed $500. 

Over 160 million stimulus aid has been distributed via paper stimulus checks and direct deposits since then. Is the second stimulus package possible anytime soon?

The HEROES Act

The House passed the HEROES Act last in May. The stimulus bill came with a price tag of $3 trillion. Along with stimulus checks of $1,200, the bill also proposed to change the eligibility criteria to include more people. 

Is $40,000 The Eligibility Cap?

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On 9th july, Sen. Mitch McConnell said that he is willing to consider $40,000 as the eligibility cap. However, Treasury Secretary Mnuchin said that things are still in the discussion level. 

Republican Propose The Second Stimulus Checks Worth $1,200

The HEALs Act was introduced by the Republican Party on 27th July. Among other things, it included a direct payment to all eligible Americans. 

President Trump told media sources that he believed the checks should be over $1,200 under the second stimulus package. 

GOP Proposes $1000 Direct Payment Under New Stimulus Bill

On 30th July, the GOP senators proposed a new stimulus bill that would distribute stimulus checks worth $1000 to all adults and dependents. 

Congress Goes Into Recess Without Approving The Second Stimulus Checks

On 13th August, Congress went into a break without approving the second stimulus bill. While everyone seems to agree that a second stimulus package is needed, the fall out is mainly due to the proposed price tag of stimulus bills. 

Meanwhile, the President tweeted that the Democratic Party is delaying the approval of the second stimulus package. 

GOP Senators Failed To Pass Aid Bill

A new aid bill of around $500 billion failed to garner enough votes on 10th September. The proposed stimulus package included aid to independent businesses and unemployment benefits. 

Democrats Approve Second Stimulus Package On 1st October 

The HEROES Act, initially struck down, has been updated to cost around $1 trillion. 

Stimulus checks are included along with dependents aid. 

Stand-Alone Second Stimulus Checks Of $1,200

On 7th October, things spiralled out and Trump tweeted that he is stopping the stimulus bill negotiations. Hours later he tweeted that he is ready to sign a stand-alone second stimulus check. However, the proposal has been rejected by the Democratic Party. 

The stimulus package negotiations are still ongoing.

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