Will There Be a Second Stimulus?
Updated: Sep 8, 2020
Still Waiting: Everything You Need to Know About the Next Government Stimulus Check
Unless you've been living an extremely minimalist life, you probably know that there is significant debate surrounding the next government stimulus package. The news seems to be changing by the minute, and it can be extremely difficult to keep up. Although nobody knows whether another covid assistance check is coming, we have broken everything down for you below so that you can plan your life accordingly.
Two Different Stimulus Bills Have Been Proposed
The most important thing to know about the ongoing relief package debate is that Democrats and Republicans have each proposed a separate bill addressing an economic stimulus package. The Republican proposed bill is called the HEALS Act. The Democrats' bill is called the HEROES Act. The Parties are Far Apart on More Than Just Policy If you've been watching the news, then you know that politicians on both sides of the aisle are talking quite a bit about philosophical policy differences between the parties and the role that those differences are playing in the current deadlock. But perhaps the bigger issue is that the parties differ significantly in terms of the size of the bill.
Right now, there is a $2 trillion difference between the proposed covid relief bills. The Republican HEALS Act calls for $1 trillion in spending, while the Democratic HEROES Act calls for $3 trillion. On August 7, several outlets reported that congressional Democrats offered to lower their bill's spending to $2 trillion in an attempt to compromise. The White House and congressional Republicans, however, rejected the offer according to House Speaker Nancy Pelosi (D-Calif.) and Senate Minority Leader Charles Schumer (D-N.Y.). The HEROES Act Provides More Assistance to More People At first glance, the assistance offered by each bill seems similar; however, the Democratic HEROES Act would expand the classes of people that would be eligible to receive a check, and raises the amount of money given for dependents. Under both bills, individuals earning up to $75,000 would receive a $1200 covid relief check, and couples earning up to $150,000 would be eligible for a $2400 payment. Under the HEALS Act, eligible individuals would receive an additional $500 for each dependent that they claim; under the HEROES Act, however, those same individuals would receive $1,200 per dependent. Moreover, under the HEROES Act immigrants with taxpayer identification numbers would qualify for a payment. Under the HEROES Act, only immigrants with a valid social security number would qualify. What's Next? As of now, it is entirely uncertain whether a second round of coronavirus relief checks will be distributed. Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows will need to meet with Speaker Pelosi and Senate Minority Leader Schumer and reach a compromise to ensure any hope of a second round of economic relief. However, with the information above, you will be able to closely follow the ongoing debates and quickly determine whether you and your family will be eligible for relief.