Senate Majority Leader Mitch McConnell says debate on ‘one last’ economic relief package is coming. In fact, he expects debate to begin next week, and another stimulus boost could mean more cash in the pockets of struggling Americans as the Coronavirus Pandemic continues to cause economic chaos.
The next round of stimulus funds would likely be aimed at lower-income workers. However, that detail – or how much individual Americans would receive is totally unclear.
The CARES Act brought $1,200 per adult, and $500 per child for anyone making less than $75,000. The HEREOS Act, which was passed by the House in May would have spent another $3 trillion issuing additional funds and stimulus payments to Americans.
McConnell indicated that movement could happen on the next round of stimulus payments in three weeks. House Speaker Nancy Pelosi said earlier this week that she’s willing to cancel or postpone the recess that would last through August to reach an agreement.
There’s some expectation that even though the first round of stimulus payments took a while to be released through the IRS – the second round could come more quickly. McConnell suggested that the next round of funds would likely target people who make less than $40,000 a year.
“I think the people who have been hit the hardest are people who make about $40,000 a year or less. Many of them work in the hospitality industry. So that could well be a part of it,” McConnell said this week. The expectation is that the bill would include an emphasis on children, jobs, healthcare, and schools.
How much? It’s not entirely clear. But state and local governments need funds. New York is facing a multi-billion dollar shortfall amid the pandemic.