Waiting for another stimulus check? Here are 5 things you should know

For the millions of American families whose first COVID-19 stimulus payment has already been spent, the wait is waiting for a second check.

But if you have your eyes on Washington, DC, and expect lawmakers to help you provide the funds you need to help you cope with the 2020 recession, there are five key things you should know that affect the likelihood that you will ‘get more. cash.

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1. The HEROES Law approved the Chamber but cannot be approved by the Senate

On May 15, a bill called the Omnibus Emergency Recovery and Health Recovery Solutions, or HEROES Act for short, passed to the United States House of Representatives.

The Act would provide another $ 1,200 stimulus payment for each eligible adult, just as the Coronavirus Economic Relief and Relief Act (CARES) did. It also maintains the same income limits as the CARES Act, so you would see any stimulus money on its way reduced by $ 5 for every $ 100 of income over the $ 75,000 in the adjusted income limit for single taxpayers, $ 112,500 for heads of household or $ 150,000 for joint filers.

However, the HEROES Act also has some important differences. On the one hand, it provides $ 1,200 per dependent, up to a maximum of three dependents, instead of the $ 500 per dependent offered by the CARES Act. It also expanded the definition of dependents to include many who were excluded from the CARES Act, such as university students and older dependents.

However, Senate Republicans opposed the cost, as well as other provisions of the Act related to state aid and expanded unemployment benefits. Because there are strong objections to the HEROES Act, it cannot pass the Senate, where Republicans have a majority, so it will not become law.

2. There are many other stimulus proposals under consideration

The HEROES Act is the only one that has been approved by any of the branches of Congress, but it is far from being the only proposal on the table. There are many others, including:

Unfortunately, none of the many competing proposals appears to be receiving majority support, although some, such as the Explore America Tax Credit, have captured the attention of the Trump Administration.

3. The recent jobs report may have stalled the momentum

A second stimulus check seemed almost certain when economists forecast an additional 8 million jobs would be lost in May, in addition to the 20.5 million lost in April. That would have meant that Americans were looking for a 20% unemployment rate.

Instead, unemployment fell to 13.3%, down from 14.7% the previous month. While this was good news for workers who returned to work or kept their jobs, it was bad news for those who expected more stimulus money. In fact, senior administration officials specifically commented that the good numbers of jobs removed much of the urgency behind the push for another stimulus bill.

4. A Fight Over Unemployment Benefits Could Hinder A Compromise Bill

Lawmakers are divided on many issues regarding the upcoming coronavirus-related payment. One of the most important is whether to continue expanded unemployment benefits.

As previously mentioned, the CARES Act provided workers with an additional $ 600 in weekly unemployment income through the end of July. Democrats want to extend this until January 2021, while Republicans have strong objections to doing so, citing the fact that these fringe benefits could delay economic recovery as workers earning more money from unemployment will not want to return to their jobs.

If lawmakers continue to dig in their heels and are unable to reach consensus on this issue, it could prevent any additional stimulus packages from passing to both houses of Congress.

5. There is probably a deadline of August 8 for the approval of another stimulus bill.

On August 8, the Senate will go into recess and will not return until September. Unless there’s a second wave of coronaviruses and more economic chaos, lawmakers are highly unlikely to consider more stimulus money so long after the first outbreak and so close to the 2020 election.

Because the timeline is very limited, you must act now if you expect another control. Contact your representative, let them know which stimulus proposal you support, and explain why you feel money is more important. There is still no guarantee that more money will come from COVID-19, but making your voice heard could help encourage lawmakers to act.

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