Aug 02, 2020
COVID-19 Stimulus Checks Second Round Amount: Could You Get $4,000?
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Although other amounts have also been floated, a group of Republican senators has proposed a compromise during negotiations for the second stimulus relief plan. Their proposal, if approved, would give all Americans $1,000 COVID-19 stimulus checks.Because the checks would apply to all Americans, regardless of age, that means that a family of four could net $4,000 in a second round of stimulus checks.
Although the amount for a single person is lower than the $1,200 checks being touted by others, including Republican leadership and President Donald Trump, it would be larger for people with lots of kids. That’s because the checks would go to more people than those who received the first round of checks. Another change: The plan would include adult dependents. That means a lot of college students would get the checks. Many of them missed out last time because their parents declare them as dependents on tax forms.
The final amount is going to depend on how negotiations turn out in the Republican-controlled Senate and with Democrats in Congress. Senate Majority Leader Mitch McConnell recently said that could take weeks to unfold, not days, which could push a second stimulus check into September. Democratic and Republican representatives met over the weekend but didn’t come to an agreement. The challenge: Dissent within the GOP’s own ranks over spending and other details, and continued clashes with Democrats over their desire for a more expansive relief plan.
According to a press release sent out by the GOP senators who are floating the $1,000 plan, the $1,000 checks would go to Americans “regardless of age or dependent status.”
“The Coronavirus Assistance for American Families Act would provide payments of $1,000 for adults and children with Social Security numbers (SSNs). A family of four would receive an additional $600 more than under the CARES Act,” a press release from U.S. Senators Bill Cassidy, M.D. (R-LA), Steve Daines (R-MT), Mitt Romney (R-UT), and Marco Rubio (R-FL) reads.
Here’s what you need to know:The Plan by the GOP Senators Would Result in a Family of Four Receiving $4,000
Because people would get $1,000 for each child, a family of four would get more money under this plan. The Republican senators pushing it are touting it as “family-focused,” and their press release says: “A family of four would receive an additional $600 more than under the CARES Act.”
“Much of the burden of the pandemic has fallen on parents and children. This legislation prioritizes their needs by providing resources for school supplies, childcare, and other unexpected expenses,” said Senator Cassidy, who is a medical doctor.
Their plan would:
Disburse Economic Impact Payments of $1,000 for both adults and children with SSNs equally, $2,000 if filing jointly. A family of four would receive $4,000.
Includes eligibility for adult dependents, including those with disabilities or college students.
Includes eligibility for US citizens married to foreign nationals but does not include eligibility for foreign nationals or ITIN filers.
GettySenate Majority Leader Mitch McConnell speaks to the media after attending the Senate Republican policy luncheon on Capitol Hill, on December 17, 2019 in Washington, DC.
According to Fox Business, the formal Republican plan, as opposed to the countering one by the group of Senators, would give many Americans another $1,200 check using almost the same guidelines as last time. Those earning under $75,000 would qualify for the $1,200, whereas those earning up to $99,000 would get gradually smaller amounts.
This plan also treats dependents differently than the first round of checks, however.
According to Fox Business, this time, families who have adult dependents (those over age 17) would get an extra $500 for each dependent. This would allow parents of adult college students, for example, to get the payment for each child, as long as they remain an adult dependent.
“A married couple with two children could receive up to $3,400,” Fox explained.
There was another big sign that a second round of stimulus checks could bring more money to people. President Donald Trump said in a recent interview in Texas that the checks might be “way higher” than the $1,200 sent out to many Americans last time. “The Democrats are holding back the $1,200 to $3,400 (family of four) checks that were ready to be sent out!” Trump tweeted on July 31.
The key language that would mean some Americans could see more than $1,200: “A dependent of any age” would qualify a person for the extra $500.
According to CJNet, in the first round of checks, “the cutoff to receive a $500 dependent check was age 16 and younger and college students under 24 were not eligible to receive a check.”Trump Told a Texas Journalist That the Second Stimulus Checks ‘May Go Higher’ Than $1,200
GettyPresident Donald Trump has signaled interest in another round of stimulus payments — but this likely won’t be approved until August at the earliest.
Trump made the comments on July 29 as the U.S. Senate continues to debate the provisions of a second relief package for coronavirus, which is expected to contain a second round of direct payments to Americans. After Trump landed in Texas, he sat down for a one-on-one interview with a local television station, YourBasin.com. That’s when he made the remarks about stimulus checks.
When the journalist asked Trump, “Is $1,200 dollars enough?” the president replied, “We’re going to see it may go higher than that actually.”
The Democratic-controlled House previously passed a plan that would give many Americans a second stimulus check. However, the plan still needs to make it through the Republican-controlled Senate, which has experienced some dissent among Republican ranks over the amount of spending in the broader relief plan. Senate Majority Leader Mitch McConnell put the blame on Democrats for the delay in approving a plan in a tweet, writing, “Democrats are holding up urgent help for struggling people over completely unrelated liberal wish-list items, like massive tax cuts for rich people in blue states. Economists across the spectrum say it’s a terrible idea. This is how serious they are about these negotiations.” Democrats have challenged some Republican stances on the relief plan, such as their desire to cut the $600 weekly unemployment benefit approved to deal with the pandemic.
The journalist also asked Trump how big he thinks the stimulus checks should be. “Where would you like to see it at?” she asked.
“I’d like to see it be very high because I love the people I want the people to get it you know the economy is going to come back we just had tremendous job numbers as you know it was just announced we had great retail sales numbers so this is all coming back we had the greatest economy we’ve ever had and we had to close it up because you know we had to do it we saved millions of lives by doing that but now we’re bringing it back and now it’s going to come back we gotta take care of the people in the meantime,” Trump told YourBasin.com.
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No sign of stimulus deal in sight as Pelosi says Dems, White House are 'miles apart'
U.S. House Speaker Nancy Pelosi (D-CA) speaks to reporters during her weekly news conference on Capitol Hill in Washington, July 16, 2020.Tom Brenner | Reuters
Democrats and the Trump administration are "miles apart" on the next round of coronavirus relief, House Speaker Nancy Pelosi said Wednesday, as the impasse in Washington threatens to send millions into financial ruin.
Pelosi and Senate Minority Leader Chuck Schumer have not met with Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows to hash out a pandemic aid package since Friday. Talks fell apart even as the virus spreads around the country and Americans struggle to find work after two financial lifelines lapsed last month.
The speaker did not say Wednesday when negotiations may restart. Pelosi indicated she does not want to huddle with White House officials again until they agree to find a middle ground between the Democrats' more than $3 trillion relief package and the GOP's roughly $1 trillion proposal.
"But until they're ready to do that, it's no use sitting in a room and letting them tell us states should go bankrupt," the California Democrat told MSNBC, referencing a dispute over sending more aid to states and municipalities.
"It's a chasm, because they do not share our values," she added.
The White House didn't immediately respond to a request for comment.
On Monday, Mnuchin told CNBC that the Trump administration is "prepared to put more money on the table." He did not say exactly how much more the White House is willing to offer.
Congress has not passed aid funding in months even as the outbreak ravages the U.S. health-care system and economy. With talks halted and lawmakers out of Washington until they have legislation to consider, it could take weeks before another rescue bill passes.
The debacle on Capitol Hill has left millions of people in dire financial straits. A $600 per week enhanced unemployment benefit expired at the end of July. The U.S. unemployment rate still stands up above 10%.
Markets, however, have continued to rise despite the gridlock and the potential for further economic strife. The three major U.S. stock averages were at least 0.9% higher on Wednesday afternoon.
A moratorium on evictions from federally backed housing also lapsed in late July. Meanwhile, the window to apply for new Paycheck Protection Program small business loans closed over the weekend.
Aid for state and local governments and payments to jobless Americans are two of the most intractable issues at stake in the discussions. The sides are also far apart on money for food aid, rental assistance and schools, Pelosi said Wednesday.
Complicating matters, multiple Senate Republicans have indicated they oppose even $1 trillion more in spending.
With talks stalled, Trump took a series of questionably legal executive orders over the weekend to try to offer some relief to Americans.
His moves would extend extra federal jobless benefits at a level of at least $300 per week, encourage his administration to protect people from eviction, sustain existing relief for federal student loan borrowers and create a temporary holiday from the employee portion of the payroll tax.
It is unclear when the unemployment order will be implemented and when states would start paying out benefits.
Trump's orders could face legal challenges, as Congress controls federal spending. State governors, many of whom have sounded the alarm about budget crunches during the pandemic, have also worried about their ability to implement the policies.
Senate Majority Leader Mitch McConnell, who has not joined in the in-person talks with Democrats, urged the sides to end the "stalemate" on Tuesday.
"I think it's time for everybody to get back to the table, and let's get a deal done," the Kentucky Republican said.
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