Both parties still continue to talk and strike another stimulus before the presidential election which is two weeks from now. These are the important things you need to know if the new stimulus will be approved.

Progress has been steady but slow in the new round of stimulus package as both Republican and Democrats continue to discuss the relief aid. There is a possibility that another stimulus package or a skinny bill will be approved and signed into law before the election.

The majority already knew that the second stimulus includes direct stimulus checks, PPP loans, state and local funding, and more. However, what we do not know until now is how the new stimulus bill will come together and who are the first and the last to receive. 

Here are some of the important information that you need to know about the second round of stimulus if ever that it will be signed into law:

1. Stimulus Negotiations are Becoming More Urgent

The U.S. Congress and Senate are now receiving pressures not only from millions of Americans but also from their colleagues in their respective parties.

As the election draws near, lawmakers are anxious to vote for another relief aid because it might affect their candidacy. 

There is a mounting pressure that a deal must be sealed. This is because of the increasing number of unemployment, swelling cases of COVID-19, and the increase of people living in poverty due to the pandemic. 

Recently, the White House proposed a new stimulus worth $1.8 trillion. It just fell short or $400 billion that Pelosi demanded. The amount covered what millions of Americans need amid the pandemic. But Pelosi again rejected the offer. 

Meanwhile, Pres. Trump said that he is willing to give a stimulus package more than the amount that Republicans and Democrats can offer.

On the other hand, it seems that Pelosi is not serious about it because she did not give any comments after Trump said that he is willing to go to a larger bill. 

2. Stimulus Payment

There are some changes to the amount that you will receive if the White House proposal will be approved.

You can still get a $1,200 direct stimulus payment while $2,400 for those who jointly filed their taxes. Moreover, the dependent payment could go high as $1,000 for the qualified dependent. 

However, McConnell's skinny bill does not include a direct stimulus check but offers a Paycheck Protection Program for businesses across the country.

This will help businesses to open up and put their employees back to work. McConnell aims to give what is truly needed amid the pandemic.

3. How People Spend their Stimulus Money?

The Federal Reserve Bank of New York released the result of their new survey which was participated by 1,300 households. The survey aims to determine how the participants spend their first stimulus checks between June and August. The following are the results from the survey:

  • 29% spent their money on essential, non-essential, and donations
  • 34% used it to pay their debts
  • 36.4% saved their money

    • Meanwhile, when the participants were asked what will they do in their second stimulus check, almost half or 45% said that they will save the money. Meanwhile, 30.9% answered that they will use it to pay their debts while 24.2% said will spend it in some way.  

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