With 159 million stimulus payments already sent out from the CARES act, the first stimulus package, Congress and the White House are working on yet another stimulus bill. It appears that it will come but what you will get out of this one?
What Would You Get in the Next Stimulus Bill?
What the Bill Currently Looks Like
So far, the House has passed their Heroes Act which would amount to a whopping $3 trillion! This post here outlines what the bill contained in it but here are some bullet points:
- $200 billion for essential workers to get hazard pay (this would include frontline medical workers)
- $1 trillion for state, local, and tribal governments to help pay “vital workers like first responders, health workers, and teachers” who could lose their jobs.
- A second stimulus check for Americans in the amount of $1,200 (this would be a one-time payment as with the first stimulus check). However, instead of $500 for children, families would get $1,200 for each household member up to a max of $6,000.
- $175 billion in housing assistance to help renters and homeowners with rent, mortgage and utility payments.
- $75 billion for coronavirus testing, tracing and isolation efforts.
- An extension of the COVID-19 unemployment program providing that the extra $600 per week benefit would last until January 2021 instead of expiring in July 2020 as it currently stands
- $25 billion for the US Postal Service
This was passed by the Democrat-led House and the Republican-led Senate and the White House have made it clear that many parts of the bill will not pass as is – including the $600 per week extension on unemployment (White House wants a max $300 per week) and the total (the White House wants it no more than $1 trillion).
So far, the Senate has not put forth their form of a bill and, according to reports, it may not come from them until July. But, there are some things that have already been talked about by the White House that they would be looking for in this future bill.
What the Bill Could Look Like and What Americans Would Get
For starters, since any bill would require passage in both the House and the Senate with a signature by President Trump, it would have to be a bill that was to the Republicans liking.
Here is what the White House and Senate is said to want out of a bill:
- Statement in the bill that this will be the final stimulus package related to the coronavirus
- $250-$300 in unemployment assistance per week after the current payouts expire July 31
- Assistance for small businesses and healthcare industry
- Tax breaks for people that take domestic vacations in 2020 (this is similar to something that Japan is doing for their tourism economy)
- Incentives for people to go back to work/find work
- Incentives/money for people to spend locally
To that last point, I have some friends who own small businesses with several employees and they are having problems getting some of the younger employees back to work. Those workers would rather stay at home and collect the check they are getting now than go back and work 40 hours a week to get a little more than that. This is likely one of the things that this point would seek to help fix.
So, What Would You Get?
At this point, it is too early to say what you would get from this stimulus bill. Since it would require a compromise from both Republicans and Democrats, it will likely include something like the following, at least what individual Americans would get:
- Individual checks capped per family (possibly a lower amount, like $600 per person)
- Incentive money for those out of work to help them find a new job or go back to their old job, if it is available
- Tax breaks for money spent locally and/or spent on domestic tourism
- $300 per week in unemployment through the end of the year
As you can see, based on a compromise situation with the information that is out already, it would likely not be what you got before. But, it would be more targeted at restoring the economy than the last bill was.
When Would This Stimulus Money Go Out, if it Passed?
Lawmakers are saying that it may not be taken up and passed until July. My guess would be that they would try and get something passed before July 31 to make sure that the unemployment money continues for those that need it.
The good news is that the IRS now has a system in place where they can get the checks/direct deposits out even quicker. In fact, there has been some talk that they may even do more debit cards than checks (they sent 4 million debit cards out for this past bill).
So, should the next stimulus bill pass, count on it being the last one due to the coronavirus (especially with the general election coming up this year). Also, do not count on seeing any money before the end of July and do not expect it to be as much as the last stimulus checks.
Of course, this will all depend on the unemployment numbers for June, which is another thing that lawmakers may wait on.
Information About the Last Stimulus Checks
You may want to check out some of the other articles I have written about the stimulus payments as well. Hopefully, they (or the comments and answers) may give you some help so you won’t have to wait on hold.
- Stimulus Money for SSI Recipients: What You Need to Know
- What Happens if You Didn’t Get Your Stimulus Money Yet?
- Here is When You Will Get Your Stimulus Check
- Stimulus Money Problems? Here is Why You May Not Have Received Your Money
- Is the IRS “Get My Payment” Tool Not Working? This May Help