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Next stimulus bill: You can get more than just an extra check



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The proposals being considered in Washington could provide financial support through the pandemic.

Angela Lang / CNET

Congress is expected to include new direct payments in its next financial relief package, which could be called CARES Act 2. But the potential benefits for you may go beyond just an extra round stimulus check to help stay afloat under the current spotted coronavirus financial crisis.

As lawmakers in Washington iron out the package, several additional proposals could be included in the legislation – or at least be part of the debate as the Senate and House of Representatives work out the exact details of future rescue medicine.

Let us examine the leading ideas beyond new direct payments and assess their likelihood and how they may affect you. This story is often updated in light of the evolving situation.

New Improved Unemployment Benefits for Unemployed Americans

What it is: One additional control – say, $ 600 per week – for persons who applied for unemployment for the first time or who had already collected unemployment. The program was originally approved by the CARES law and expires on July 26, but lawmakers are now investigating another increase in unemployment.






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Why we think it can happen: Republicans have said that $ 600 a week is too generous. “We will not pay people more money to stay home than to work,” US Treasury Secretary Steven Mnuchin told CNBC on Thursday.

But with new unemployment claims exceeding $ 1 million every week for more than four months, and a total of 31.8 million people claiming benefits this month, the White House and Senate plan to extend the benefit. The Senate’s proposal to extend the benefits “will be based on about a 70% pay rise,” Mnuchin said this week. But Republicans could push for weekly payments of $ 100 or $ 200, CNBC reported.

How it can help you: An extra weekly payment in addition to the regular unemployment benefit gives individuals and families a highlight, and it can be devastating for both unemployed workers and the economy to cut it or reduce it.

“Every dollar in unemployment insurance increases financial expenses by $ 2,” said Lily Roberts, director of economic mobility at the Center for American Progress. “The Economic Policy Institute estimates that lending out the $ 600 unemployment insurance extension would in itself lead to more job losses than what happened in the recession of the early 1990s or early 2000s.”

Wage protection programs to help companies save existing jobs

What it is: Intended to help you keep your job, the Paycheck Protection Program provides affordable loans to small businesses as an incentive to keep employees on the payroll.

How it can help you: Not an incentive check, the program is designed to keep employees employed who would otherwise have lost their jobs during the pandemic. The program began with a rocky start, and it is not clear that it met the goals set by Congress for it.

“Overall PPPs have not retained many paychecks,” wrote Joshua Gotbaum, a guest researcher in economic studies at the Brookings Institution. “A thorough study found that small business owners eligible for PPP fired people as quickly as other companies,” he said.

Why we think it could be extendedSenate Majority Leader Mitch McConnell said the new stimulus bill will include a second round of wage protection, “with a special eye on hard-hit companies.”

Tax relief for employees to help pay wages

What is it: Under the program, an employer can receive a refundable tax credit for salary paid to an employee during the pandemic. The employer can then use the credits to deduct – and even get a refund of – taxes they owe.

How it can help you: Again, it is not a direct payment to you, but the program encourages companies to keep workers on the payroll.

Why we think it can happen: The Heroes Act is based on the tax breaks already included in the CARES Act. And there is bipartisan support to expand the tax credit.

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A tax credit would help with your salary.

Angela Lang / CNET

Return to work bonus of up to $ 450 per week

What is it: A temporary weekly bonus for unemployed workers that secures or secures a job on top of their wages. As suggested by Senator Rob Portman, a Republican from Ohio, the bonus would be $ 450 per week.

How it can help you: According to Portman’s plan, the weekly bonus would serve as an incentive for dismissed workers to return to work.

Why we do not think it will happen: While the White House in May expressed interest in the bonus and Portman continues to support the idea, it is not on the short list of proposals mentioned in ongoing negotiations.

Rental assistance to help ward off drafts

What is it: About 5% of tenants for April, May and June have not paid the full rent, according to the National Multifamily Housing Council. This plan would help tenants pay rents and help landlords with expenses with less rent money coming in, especially since the United States faces a potential. “tsunami of ejaculations“.

How it can help you: The rental assistance program would temporarily help you pay the rent if you are eligible, put a stop to drafts for a year and help cover costs for rental property owners due to lack of rent payments.

Why we think it can happen: Rental aid is already part of the $ 3 billion Heroes Act. Congressional Republicans want to cover the next $ 1 trillion bill and are not talking about rent assistance. If the two sides agree on a number somewhere in between, the program may be part of the legislation, albeit in a modified form.

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Payroll tax cuts may not make the cut in the next coronavirus settlement, currently known as CARES Act 2.

Sarah Tew / CNET

The payroll tax cut so that workers get a bigger paycheck

What is it: President Donald Trump has for several months been pushing for the idea of ​​including temporary tax breaks in his salary in the next stimulus package. The proposal may include a reduction in both the employer’s and employees’ share of the payroll tax.

How it can help you: If you have a job, a payroll tax cut would allow you to keep more of your income each check. The plan would not help those who are unemployed and do not receive a paycheck. As of July 4, the nearly 32 million people claiming unemployment insurance would not benefit.

Why we do not think it will happen: Neither the Heroes Act nor the current Senate plan includes a payroll tax cut. Even Trump seems to have given up the plan.

You have other resources you can push to cope with the financial crisis, including coronavirus difficulties and unemployment insurance, what you can do if you have lost your job, what to know about drafts and late car payments and how to do Take control of your budget.




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