Stimulus Package Updates: Everything Coming and Going in the New COVID-19 Relief Bill
The new stimulus package may bring luck to Americans in the coming weeks after reports said Senate Majority Leader Mitch McConnell plans to present a draft of COVID-19 relief legislation next week.
The new coronavirus relief package would likely help families, workers, and businesses recover from financial losses. Here is everything that would most likely be included and removed on the upcoming bill.
Included: A Second Stimulus Check
Senate Democrats, Republicans, and President Donald Trump have voiced their support for another round of stimulus checks or direct payment. The aid aims to help families bounce back after the COVID-19 pandemic caused a wave of job losses and furloughs.
How much will Americans get? No one knows yet. Numerous reports claimed the amount and the eligibility criteria would likely make the new package cater to Americans earning less than $40,000 a year.
Other reports said the administration is leaning towards distributing $1,200 to $2,000 a month during the second round of payments.
McConnell previously suggested that Americans who earn less than $40,000 a year benefit the most from the payments. According to USA Today, nearly forty percent of Americans belonging in the group lost their jobs during the lockdowns in March.
Excluded: Student Loan Forgiveness
House Democrats proposed the Heroes Act that initially proposed a weakened student loan forgiveness plan. If the Senate does take up the draft, then the new stimulus bill would target those who are "struggling financially" to receive the $10,000 student loan forgiveness.
While the Heroes Act included an extension for the benefit, both parties in the Senate have yet to make student loans one of its priorities. Part of the reason might be the total amount of money it would cause the federal government if student loan debts of $10,000 were canceled.
Included: State and Local Aid
Cities and states are likely to receive federal support in the next COVID relief bill to prevent dire financial circumstances and potential bankruptcy.
While the amount has yet to be disclosed, the aid would likely give financial support to har-hit establishments such as schools, colleges, and universities. Senate Republicans have said they want $30 billion to help schools reopen this fall.
Excluded: Infrastructure Plan
A new infrastructure plan is unlikely to be included in the second stimulus package, given the cost and other financial initiatives. If it does get added, it is unlikely to be a large-scale and comprehensive plan.
Infrastructure plays a significant part in fueling economic growth. According to EY.com, investing in new infrastructure projects like hospitals, schools, and renewable energy will create jobs for the United States people. It will also develop tangible assets to help boost the economy.
Included: Unemployment Benefits
Democrats want to extend the weekly $600 unemployment benefits to help Americans who were removed from their jobs or had less time.
On the other hand, Republicans want to give incentives to the people who return to work amid the rising number of coronavirus cases, Forbes reports.
Both options provide financial benefits to people who lost their jobs or had been laid off in recent months. The White House has backed Senator Rob Portman's proposal of a $450 a week return-to-work bonus. If Congress agrees to extend unemployment benefits, it may reduce the amount from $600 to $450 or lower.
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