A second stimulus package is likely coming. The relief package, which now has widespread support among lawmakers, does not have final details sorted out. However, it’s expected that members of Senate and Congress will get behind a bill that includes additional stimulus payments, and enhanced unemployment benefits.
Here’s how it shakes out:
– A stimulus check is expected to make its way to residents. However, it’s unclear if the income cutoff will be $75,00 for individuals, or $150,000 for married couples.
– Unemployment benefits are likely to get another boost. However, this one won’t be like the $600 per week increase that the federal government provided states across the U.S. It’s expected to be closer to $200 additional per week. Some lawmakers believe that the $600 bonus is too much, and creates a disincentive for those receiving it to go back to work. The additional $200 bonus would continue through this year.
– There’s also been discussion about a ‘return to work’ bonus, which could be as high as $450 per week.
– President Donald Trump has been calling for a cut to the payroll tax. And if a new stimulus package doesn’t include something along those lines, there’s a chance he could veto it. The payroll tax cut could be structured as a payroll tax deferral, but it’s unclear how far down the road it would be deferred.
– Republicans say they will include $105 billion in funding to help reopen schools, and another $15 billion to assist with child care centers. However, that will likely be a flashpoint for both parties as they battle over whether schools should reopen in the fall at all.
– Businesses, hospitals, and schools would receive five years of liability protection, retroactive to 2019 through the new bill.
– However, student loan forgiveness would not come along with it. Republicans have not included anything pertaining to student loans, despite Democrats having passed the Heroes Act to provide $10,000 of student loan forgiveness for borrowers who are struggling financially.
– The Payroll Protection Program will be extended in the next bill, according to Republicans, who say there is still more than $134 billion in unspent funds.
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