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The ““Be at banks and were introduced as a one-time payment to contain the financial shock caused by the outbreak .
There is no indication that a second stimulus package for individuals – which some call the “CARES 2 Act” – will be adopted immediately. A handful of ideas from members of Congress are currently discussing the opportunity. Here’s what we know about a second round of stimulus payments in 2020 for individuals.
Review: the first coronavirus stimulus package
To mitigate the financial impact of the coronavirus outbreak, President Donald Trump signed a law in March(technically, an aid package) that included payments of up to $ 1,200 to eligible US taxpayers and $ 500 for each child under 16 years of age. The IRS began sending checks in mid-April and had made more than 122 million payments by the end of the month. The rollout was bumpy with to help sign up for and their checks.
The argument for another round of stimulus tests
Since mid-March, more than 33 million US workers who have lost their jobs have registered unemployment. The actual number of unemployed since governors and mayors blocked their states and cities to stop the spread of the corona virus is likely to be higher – perhaps millions more – because many beneficiaries have not applied for unemployment. With the loss of jobs, the country’s unemployment rate reached 14.7%. The new unemployed and others affected by the pandemic could benefit from being able to spend more money now.
The argument against a second wave of aid payments
Some in Washington, including Senate majority leader Mitch McConnell, are asking whether the relief efforts have achieved their goals and want to apply the brakes before further federal spending is approved to assess the impact of the aid packages that have already been approved. McConnell and others are also concerned about how additional stimulus packages will increase the historic federal deficit.
What are suggestions for a second round of stimulus packages?
Instead of a one-time payment, some in Washington argue that a more effective way to support struggling US taxpayers and boost the economy is through tax cuts that allow workers to keep more of their money with every paycheck.
President Trump has thrown his support behind this approach to get more dollars into the hands of taxpayers. “I want a cut in income tax,” he said earlier this month at a virutical town hall meeting. “We don’t do anything unless we get a tax cut.”
A cut in wages tax could help workers, but would not benefit anyone who is already unemployed and without a paycheck, some economists say.
Others in Washington are looking for broader, long-term approaches to help those affected by the Corona Virus economic crisis. Congresswoman Ro Khanna and Tim RyanFor example, suggest giving many US citizens $ 2,000 a month for at least six months to help their households get through the crisis. Senator Mitt Romney proposed a similar plan for $ 1,000 a month, and Senator Josh Hawley supports monthly payments to families with children.
In the longer term, Senators Kamala Harris, Ed Markey and Bernie Sanders have introduced laws that require a monthly check for $ 2,000 until three months after the pandemic ends. Representatives Rashida Tlaib and Pramila Jayapal propose to extend payments one year after the end of the crisis.
What will happen next
Although some MPs are working to collect support for additional aid, neither the House nor the Senate have yet passed a law for a second round of aid payments to individuals. We are monitoring developments and will update this article regularly.
In the meantime, find out about the financial resources that are available to you. Here’s something to know, , and and how .