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Are we getting another IRS stimulus check? What we know about the proposed second round



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Washington is already talking about a second round of stimulus payments for US taxpayers.


Angela Lang / CNET

Visit the WHO Web site for the latest updates and information about the coronavirus pandemic.

On Tuesday, House Democrats launched a bid for a second bill for $ 3 trillion in coronavirus, which would include an additional direct monetary payment for individual Americans along with relief for businesses and unemployed people, the U.S. Postal Service, and coronavirus testing costs ( see the bill here). The IRS still makes stimulus payments of up to $ 1,200 per person to millions of Americans for the first COVID-19 economic stimulus package, worth $ 2 trillion .

Right now, the payments of financial effects which were issued by the IRS through direct deposit to banks and through checks in the mail were introduced as part of a lump sum payment to help slow down the economic impact caused by the outbreak of COVID-19 . Now, the proposed legislature proposed to sign a second stimulus check in 2020 of an unemployment rate of 14.7% in April, more than 33 million people filed for the first time unemployment claims since mid-March, and the country barred against a recession that economists predict globally may be the worst since the Great Depression.

In recent days, the idea of ​​this bill has quickly shifted from a forward-looking conversation to legislated legislation. Here's what we know about a second round of incentive payments for 2020 for individuals. This story is often updated in the light of new information and is intended to give an overview of the situation.





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Summary: The First Coronavirus Stimulus Package

In an effort to disrupt the economic impact of the coronavirus outbreak, President Donald Trump signed the March $ 2 trillion economic stimulus package (technically a relief package) which included payments of up to $ 1,200 to eligible U.S. taxpayers and $ 500 for each child 16 or younger. The IRS began sending checks in mid-April, and by the end of the month it had made more than 122 million payments. The rollout was uneven, with some recipients wrestling with the tools provided by the IRS to help register for and track their checks.

How much would the proposed coronavirus stimulus bill give? to individuals, if approved?

The bill currently being proposed – which the Democrats call the HEROES Act, according to a fact sheet from the House Appropriations Committee – contains a large number of benefits, including a second direct payment to individuals and households. It is proposed that the second bill, if signed into law, would provide a cash entry of up to $ 1,200 per family member, with a ceiling of $ 6,000 per household.

In addition, it would transfer the current $ 600 weekly unemployment benefit (on top of the typical unemployment benefit) to January 2021.

The argument in favor of another round of stimulus checks

The proposed legislation is a self-described "bold" coronavirus pandemic and economic collapse, "according to the Chamber's fact sheet. The financial support is intended to "[cushion] the economic kind of the coronavirus crisis."

The goal of a second IRS stimulus check is partly "to put much-needed money in the pockets of the American people," said House Speaker Nancy Pelosi in a recorded statement. You can see Pelosi, a California Democrat, talking about the legislation here.

Since mid-March, more than 33 million American workers who have lost their jobs have applied for unemployment. The actual number of unemployed because governors and mayors locked in their states and cities to stop the spread of coronaviruses is probably higher – perhaps millions higher – because many who are eligible did not file an unemployment claim. With job losses, the country's unemployment reached 14.7%. The recently unemployed, along with others who are taking a financial hit from the pandemic, may benefit from having more money right now to spend.

The argument against a second wave of relief payments

Some in Washington, including Senate Majority Leader Mitch McConnell, question whether relief measures have met their goals and want to use the brakes before approving more federal spending to evaluate the effects of the already approved relief packages. McConnell and others are also concerned about how additional stimulus packages will increase the historic federal deficit.

"So let me say the obvious," tweeted John Barasso, a Republican senator from Wyoming, on Tuesday. "What Nancy Pelosi proposes will never pass the Senate."

Because that payment is available in addition to regular unemployment benefits and improved unemployment benefits of $ 600 per week, some critics have said that it will make it harder to reduce unemployment in the future because people do not feel encouraged to return to work. The original relief measure also provides a 15% increase in federal food assistance under the Supplemental Nutrition Assistance Program.

What the previous proposals for a second round of financial stimulus payments included

Instead of a payment, Some in Washington had argued that a more effective way to help struggling American taxpayers and stimulate the economy could be through payroll tax cuts that allow workers to stick to more of their money each paycheck.

President Trump had cast his support behind this strategy to get more dollars into the hands of taxpayers. "I want to see a payroll tax cut," he said at a virtual town hall meeting earlier this month. "We won't do anything unless we get a payroll tax cut."

A payroll tax cut could help them with jobs but would not benefit anyone who is already without work and without paychecks, some economists say.

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For many people, the stimulus check will help to pay for rent and food.


Sarah Tew / CNET

Others in Washington looked at broader, long-term strategies to help those who were wracked by the coronavirus economic crisis. For example, Congressmen Ro Khanna and Tim Ryan proposed giving many US residents $ 2,000 a month for at least six months to see their households through the crisis. Late. Rome Romney proposed a similar plan for $ 1,000 a month, and Senator Josh Hawley supported monthly payments to families with children.

With a longer view, Sens. Kamala Harris, Ed Markey and Bernie Sanders legislation that would provide a $ 2,000 check each month up to three months after the pandemic ended. reps. Rashida Tlaib and Pramila Jayapal propose to extend the payments for one year after the end of the crisis.

What will happen next

It is expected that the House will convene in Washington on Friday to vote on the bill, but "negotiations with Senate Republicans are not expected to begin until later this month," according to The Wall Street Journal. is widely believed that the bill will receive pushback from Republicans.

While the future of a second stimulus proposal remains uncertain, we would like to share available resources on unemployment insurance what you can do if you lost your job [19659046] what to know about drafts and late car payments and how take control of your budget . [19659045] Coronavirus reopening: What it looks like lockdowns facilitate around the world




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