Since unemployment reached 14.7%, more than 33 million people were able to submit unemployment claims for the first time since mid-March, and the country bordering a recession that economists predict globally may be the worst since the Great Depression. second stimulus control 2020 to keep people afloat begins in Washington already.
The IRS has not finalized stimulus payments to millions of Americans for up to $ 1,200 per person, and some are already wondering if these checks will do enough and if there will be a secondrelief bill. The " " issued by the IRS through direct deposit to banks and through checks in the mail were introduced as a one-time payment designed to help limit the financial impact caused by the outbreak of COVID-19.  Today, although there is not enough broad support in Congress to pass a second stimulus package for individuals – some call the "CARES 2 Act" – a handful of ideas from congressmen are discussed and gained momentum. Here's what we know about a second round of stimulus payments in 2020 for individuals.
Summary: The First Coronavirus Stimulus Package
In an effort to disrupt the economic impact of the coronavirus outbreak, President Donald Trump signed a $ 2 trillion
The argument in favor of another stimulus round checks
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 together with others who were hit by 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 the 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 worried about how additional stimulus packages will increase the historic federal deficit.
What is the Proposal for a Second Round of Financial Stimulus Payments
Instead of a one-time payment, some in Washington claim a more effective way to help struggling US taxpayers and stimulate the economy is through payroll tax cuts that allow workers to hold on to more of their money each paycheck.
President Trump has 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 viral 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 pay, some economists say.
Others in Washington are looking at broader, long-term approaches to help those affected by the economic crisis in coronavirus. For example, Congress members Ro Khanna and Tim Ryan propose giving many US residents $ 2,000 a month for at least six months to see their households through the crisis. Senator Mitt Romney proposed a similar plan for $ 1,000 a month, and Senator Josh Hawley supports monthly payments to families with children.
With a longer view, Senators Kamala Harris, Ed Markey and Bernie Sanders introduced legislation that would provide a monthly check of $ 2,000 to three months after the end of the pandemic. Representatives Rashida Tlaib and Pramila Jayapal propose to extend the payments by one year after the end of the crisis.
What will happen next
Although some in Congress are working to gather support for additional support, neither the House nor the Senate has so far passed a bill for a second round with the help of payments for individuals. We keep an eye on developments and will update this article frequently.
Meanwhile, learn about the financial resources available to you. Here's what to know aboutand and how .