Lawmakers were tasked to make a draft of the new stimulus payment that they will deliberate and discuss next week. What are the benefits you can avail of?

Stimulus Payment
Reutersconnect

Drafting the new stimulus payment is now the top priority of House lawmakers. This is after House Speaker Nancy Pelosi felt the mounting pressure from her party who is in a tight race. They do not want to go home and have a campaign without bringing the stimulus payment to their voters.

According to a published article in Market Watch, there are two amounts that are projected to be proposed. The first one is worth $2.4 trillion but a House leadership aide aid said that the stimulus payment is $2.2 trillion during the early process.

The new bill is expected to fund major financial aides that have bipartisan support. These are: $1,200 direct stimulus payment while $2,400 for those who jointly filed their taxes, Paycheck Protection Program for businesses, a revival of a federal add-on to state unemployment benefits, and a renewal of aid to airlines and money to help restaurants stay open.

These are just a few of the benefits that millions of Americans would receive once this is signed into law. Moreover, it is not clear if the new stimulus payment will have a second round of direct stimulus payment. It can be remembered that it is one of the provisions in a bipartisan proposed stimulus payment last week.

The most possible week that the new stimulus payment will be discussed in the House and Senate will be next week. After Pres. Trump sign it on Oct.2, the stimulus payment will be sent to over 160 million individuals in the week end of Oct. 12.

Both the Republicans and Democrats want to strike the stimulus payment deal and want to make sure that the financial aids will be approved before the election. More Democrats are now asking Pelosi to act on the stimulus package.

Even though the amount to be proposed seems not to be supported by the Republicans, Pres. Trump already said that he will convince members of his party to embrace a larger amount. He also said that he is open for a larger amount.

Additionally, well-known economists and the chairman of the Federal Reserve Jerome Powell supported that statement of Pres. Trump. They all concluded that the money will help the economy and alleviate the lives of millions of people in the country.

Pres. Trump said that embracing a larger amount will after all help the economy and more businesses in the country. After all, the money goes back to the country and will help the economy bounce back again. Moreover, the new stimulus payment is said to support the provisions under the HEROES Act.

House Republican Leader Kevin McCarthy said "It shows again she's not serious about getting a COVID relief bill, and she's just playing politics. And what's really sad about this is it's really hurting the American public, those who are unemployed, the small businesses."

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