The proposed new stimulus bill of Problem Solvers Caucus, a bipartisan group, offers $1,200 stimulus checks for eligible recipients across the country.

Stimulus Check
Reutersconnect

Millions of Americans are still hoping that a new stimulus package will arrive before the election. Millions are also hoping that part of the new stimulus package is the $1,200 stimulus checks.

Amid the global pandemic, many Americans depend on the government's financial aid to support the expenses of their daily needs.

The first round of the CARES Act has expired in July and a series of negotiations were done after it. However, the top negotiators failed to reach a deal due to disagreements on the total amount of the next package. The White House and the Republican lawmakers never stop to introduce a new bill.

Earlier this month, Republican Senate Majority leader Mitch McConnell introduced a targeted bill, but it fell short to get into the Congress.

The rejection of Democratic Senators in the targeted bill has led to frustrations on several Democratic Representatives in the House as they returned to the Capitol this week.

The Problem Solvers Caucus, composed of 50 members from both Republican and Democratic parties, drafted a new stimulus bill worth roughly $2 trillion. It includes stimulus checks, PPP Loans for businesses, funding for vaccines, and more.

The new bill also offers more benefits to qualified Americans in the country. According to a published article in the USA Today, the proposal addresses several key points, including boosted unemployment benefits, state and local aid, and assistance for small businesses that have struggled immensely during the pandemic and now risk closing permanently.

The most interesting part of their proposed stimulus is their plan to offer not just once but two times of $1,200 direct stimulus checks.

The first round of stimulus checks will be released as soon as the bill is signed into law, and the second round will be in March 2021 if economic circumstances warrant it.

The White House supports the new bill. In fact, White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin said the bipartisan group, who are taking action for a new relief aid, is a good sign.

President Donald Trump wants to make sure that Americans' financial aid will be delivered to them as soon as possible and before the government shuts down.

Congress, on the other hand, promised not to have a recess until a deal is reached.

Federal Reserve officials, who rarely give suggestions and recommendations about this matter to avoid political interference within their rank, also said there is a need for another $1,200 direct stimulus. They emphasized that financial aid is vital to the nation's economic recovery.

They said the relief aid or money goes back to the country, and the PPP loans help employees retain their jobs.

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