Second Stimulus Check Confirmed!

The $1,200 Stimulus Check as part of Cares Act 2 is officially confirmed! Payments will most likely be sent out in August

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Let’s begin with the stimulus package news. We are now 18 weeks in a row where jobless claims have totaled more than 1 million people a week. And if you’re one of the 31.8 million Americans that is receiving unemployment benefits, that $600 a week, is going away at the end of this month in July. The two main people between the two sides, for the Democrats – Nancy Pelosi and the Republicans – Steven Mnuchin disagree on what to do about it. Should we extend it so people can keep paying their bills on time or should we reduce it to encourage people to get back to work and give them an incentive?

All of this created a situation where some people were earning more simply by staying at home. This time around, they want to make sure that doesn’t happen so they’re going to try to implement a system that pays us 70% of our income.

There’s a few problems though. It’s not 100% clear just yet how much EACH PERSON will receive but the proposed 70% should put the weekly benefit anywhere as low as $100 to as high as $300 per week. The Democrats say they’d rather extend or phase out the $600 slowly over time but it’s not a deal breaker for them if that doesn’t happen. So more than likely we will see both the Senate and The House come to an agreement this week.

The good news is, the Stimulus check is finally confirmed. More than likely, after both branches negotiate, it will end up being the same $1,200 we’ve received before. But Now that the Senate has proposed its plan, the house will debate on the 28th which is Tuesday to see what they like and don’t like about the plan. Hopefully they’ll be able to agree on the proposal before August 7th because if not, then it’s recess for a month.

Once they do, If President Donald Trumps signs the bill by August 10th, then the checks will be sent out the week of August 24th. All of this can be done even quicker if nothing changes from the first stimulus payment, that way they can implement the same process with the get my payment tool on the IRS website.

In addition to the direct payments and the unemployment benefits, here’s a few other things Republicans want to include.

– Republicans want to give $105 billion dollars to help the school systems reopen but they won’t just give money to the schools only to have the schools pay themselves or their lawsuits, the school funds will be dependent on them opening which I think this is a very good idea.

– They will also provide “targeted” money for the Paycheck Protection Program which is the loan program that gives small businesses money that they don’t have to pay back if they can spend that money meeting certain criteria like paying their employees. The republicans want to include these checks for small businesses that have had their revenues cut 50% or more.

– Republicans also want to give tax credits to companies to incentivize employees to come back to work

– 16 billion dollars for further testing with an additional $9 billion of funds unlocked from the first round.

Just this Saturday the freeze on getting kicked out for not being able to pay rent is over. Approximately 110 Million Americans are renters and it’s estimated that 20% of them are now at risk for being evicted. When this happens, there will be a huge surge of people losing their homes.

Come August, if you can’t pay for all the months you didn’t and catch up, landlords can start the eviction process, and they are legally required to give the renters a 30 days notice. If those renters don’t move out within those 30 days, that’s when they file an eviction complaint in court which won’t be until late August or early September so renters have potentially until then to make more money.

*Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

Sources:
https://www.cnbc.com/2020/07/23/coronavirus-stimulus-gop-unemployment-plan-would-have-70percent-wage-replacement.html
https://www.cnet.com/personal-finance/mondays-new-stimulus-check-proposal-how-much-money-could-you-receive/
https://www.cnet.com/personal-finance/next-stimulus-check-we-worked-out-when-the-irs-could-send-a-second-payment/

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