What does the next stimulus bill issued amidst the pandemic mean for you?
As the economy slows due to shut-down related measures, the Congress and White House have been attempting to agree on another stimulus package. The ongoing debate deals with unemployment benefits, eviction notices and more. This deal will likely be struck in the next week and this article will encompass, which elements the stimulus bill encompasses.
A likely part of the second stimulus package is a second check for the 160 million Americans authorized under the Cares Act. These checks are designed to increase spending within the whole economy, to promote recovery, therefore you should be able to spend it individually. In addition to this, additional unemployment benefits are likely to be another part of the stimulus package, providing an additional 600 dollars per week for those individuals and families who are without a job during the pandemic. Currently both republicans and democrats support this measure, although at different rates.
Other measures which may occur include employee retention tax credit, payroll protection program (in order to protect employees), as well as rental assistance in order to prevent an increase in evictees. The HEROES Act (approved by the house) and the HEALS Act, approved by the republican led senate establish certain economic differences between political parties. While the HEROES Act calls for eviction moratorium, the HEAL’S Act offers liability protection for businesses. The next stimulus bill will represent an agreement between variant political parties.