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The government’s next steps could have a major impact on the economy — and on you.
To sidestep the stalemate in negotiations over another stimulus package – and provide relief, The House Problem Solvers Caucus assembled an approximate $2 trillion plan – that includes a second round of stimulus checks – , unemployment aid – /personal-finance/your-300-federal-unemployment-benefit-is-ending-heres-everything-you-need-to-know/ and small business loans. The centrist group says the funding would last until spring at least. The federal government wants to advance another stimulus package to address the most pressing concerns facing the US as a result of the ongoing coronavirus pandemic – . The question is, when? And will it be too late to help those in the greatest need?By many accounts, negotiations over another stimulus package – are in shambles. Senate Majority Leader Mitch McConnell’s intention to have a bill wrapped up by Aug. 7 – is now the stuff of fantasy, as talks between Republicans and Democrats are barely creeping along, rooted firmly on the overall price of the bill.There’s still hope for formal negotiations to resume and a bill to pass before the Nov. 3 election – /how-to/voting-during-2020-election-what-you-need-to-know-about-vote-by-mail-online-ballots-polling-places/, but others on Capitol Hill aren’t shy about airing their doubts – . When and if a new coronavirus relief package is signed into law, here are all the ways it could benefit the economy — and you. This story updates often.
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That second stimulus check for up to $1,200 apieceThe fate of a second stimulus payment – is currently tied up with package negotiations, though it’s also been suggested that President Donald Trump could sign an executive action – to funnel more aid into the economy, potentially including another direct payment. Learn more about:Stimulus check qualifications – Calculate how much money you could get – /personal-finance/how-much-stimulus-check-money-could-you-get-calculate-it-using-this-tool/Would you be first in line for another payment, or last? –
Next stimulus checks: What to expect
Enhanced unemployment pay for millions without jobsA stop-gap measure for the federal government to fund $300 a week in enhanced unemployment pay – /personal-finance/your-300-federal-unemployment-benefit-is-ending-heres-everything-you-need-to-know/ only lasts six weeks and is already ending in some states. A major point of contention in the debate, Democrats want a new bill to provide $600 per week on top of states’ benefit just like the CARES Act – /personal-finance/2020-stimulus-package-how-will-a-new-one-stack-up-to-the-last-one/ did in March. Republicans want to slim the figure to $300.Money for schools to fight the spread of COVID-19 on campusFunding to pay for hygiene – http://www.dailymail.co.uk/home/search.html?sel=site&searchPhrase=hygiene protocols, testing and other accommodations during the coronavirus pandemic are top priorities on both sides of the aisle to help mitigate the virus’ spread among students and faculty. As some schools opened through August, data from the American Academy of Pediatrics and the Children’s Hospital Association shows a 16% increases in cases among children – , from Aug. 20 to Sept. 3.Enhanced hygiene, testing and modifications to school cost time and money, two things many facilities lack.
Employee tax credits to help businesses retain staffA program – administered by the IRS already exists designed to give employers a tax break for keeping employees on the payroll, through the end of 2020. A new bill could extend or enhance the program into 2021. Payroll Protection Program to keep small businesses openIntended to help you retain your job, the Paycheck Protection Program – provides forgivable loans to small businesses as an incentive to keep employees on the payroll — people who might have otherwise have lost their jobs during the pandemic. Eviction moratorium, possible rental assistanceThe Centers for Disease Control and Prevention used an obscure health law to suspend evictions through Dec. 13 – , as long as renters complete the necessary paperwork. Without eviction protections, it’s been estimated that up to 40 million people across 17 million households – could lose their homes if the economy doesn’t recover before the latest protections lapse.With mail-in ballots expected to rise this election year, the USPS will feel greater strain, with fewer resources.
Funding to help the US Postal Service handle election seasonBoth Democrats and Republicans have advanced bills with an eye to help fund a US Postal Service in crisis – /how-to/usps-
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