The $ 2.2 trillion Hero Act will provide a second round of incentive checks

House Democrats’ Revised incentive bill The coronavirus will restore some popular programs designed to help with the epidemic season. Chief among them: $ 1200 per adult incentive check targeted to middle and low-income families.

Democratic lawmakers introduced the measure ahead of talks with Treasury Secretary Steven Menuchin. In a statement, House Speaker Nancy Pelosi said the bill was $ 1.2 trillion lower than the Democrats’ original HERO Act in May, which failed to advance amid opposition from Republicans. The new bill is called the updated HEROES Act, which is for the Health and Economic Reform Omnibus Emergency Resolution Act.

The new bill would also reinstate $ 600 in additional weekly unemployed benefits, which by the time it ended in July provided a lifeline to tens of adults who lost their jobs when the economy was crippled in March.

However, according to an estimate by the Economic Policy Institute, the unemployment rate in the country has dropped from a high of 14.7% in August to 8.4% in August, while more than 21 million workers are unemployed due to the epidemic.

Rebecca Dixon, executive director of the National Employment Benefit Project, said restoring the supplementary $ 600 in weekly federal unemployed benefits would increase significant incomes, “especially in states where unemployment is at sub-poverty-levels.” .

Nevertheless, the possibility of passing the bill lasts longer. House Speaker Nancy Pelosi told reporters Thursday that Democrats and the Trump administration Still away On issues including funding for state and local governments. “Not only the dollar, but also the price difference,” he said.

A push to send the bill to a vote this week would have little chance of success, with Haight Securities analysts giving it only a small chance to provide stimulus relief before the November 3 presidential election. Analysts say the ongoing dialogue between Democrats and Menuchins may suggest that the bill is flawed.

The House on Thursday expressed the possibility of voting on the Relief Bill, hinting that a compromise between Democrats and the White House could be lost. Even if the bill fails to progress, however, the legislation could form the basis of another stimulus round if Democratic presidential candidate Joe Biden wins the White House and Democrats regain control of the Senate.

Who will receive a stimulus check?

A second stimulus would reflect the initial round of payment checks, which were authorized in March by the Coronavirus Aid, Relief and Economic Security Act or CARES Act.

  • Individual taxpayers with an income of $ 75,000 will receive $ 1,200.
  • Married taxpayers with incomes up to $ 150,000 will receive $ 2,400.
  • An additional $ 500 for each dependent.

Like the first round, taxpayers will see their payments reduced if they earn above those thresholds, fully phased in at $ 99,000 for single taxpayers and $ 198,000 for married couples.

A significant change is in how the updated incentive bill treats dependents. In the first round, only children under 17 received a $ 500 payment, and adult dependents – more than 17 people – were excluded. This meant that older high school students and college students, who are claimed as dependents on their parents’ tax returns, were not eligible for the $ 500 check.

The updated act specified that any dependent, regardless of age, would qualify for $ 500.

$ 600 in unemployment benefits

The bill would also reinstate the $ 600 in additional weekly unemployment benefits that were originally directed by the CARES Act through July, when they expired.

The additional payment will be retrospective from September 6 and will continue until January 31, providing millions of families with additional unemployed assistance of more than four months.

Currently, many states are providing an additional $ 300 in unemployed aid directed by President Donald Trump through an August executive order. Government agency oversees those benefits Six week guarantee of payment. According to tracking the program, eight states have already eliminated that benefit.

The average weekly unemployed benefit is $ 333, or about $ 1,300 per month. Experts say that in most areas it is not enough to pay for basic things like rent, groceries and utilities.

Childcare, food stamp benefits

The law includes spending on other programs designed to help families, such as the proposal to spend $ 225 billion for education, including $ 182 billion for schools with kindergarten through 12th grade and 57 on childcare Includes billion dollars.

The updated HEROES bill would increase the maximum hunger benefit by 15%, a measure supported by anti-hunger advocates.

New census figures show that “23 million adults reported their home seldom or often didn’t get enough to eat, a significant increase from a similar survey in 2019,” a liberal-leaning on budget Center President Robert Greenstein said and policy priorities in a statement. “Children are being hit particularly hard. Families with children are preferred to report difficulty with food and rent, which subject children to severe difficulties that research shows last longer. , May adversely affect. “