U.S. one-hundred dollar banknotes are arranged for a photograph in Hong Kong, China, on Thursday, April 23, 2020. The Hong Kong Monetary Authority intervened for a third straight day this week to defend its currency peg as the local dollar touched the strong end of its trading band.
Photographer: Paul Yeung/Bloomberg via Getty Images

Stimulus Update: Where Is My $1200?

What is the hold up on the MONEY?! 

Well, due to negations not being reached, it looks like another stimulus package is still being worked out. 

According to reports, the reason for the delay is because the Democrats and the Republicans haven’t agreed on what the second stimulus package will look like. The second bill, the $3.4 trillion Heroes Act, was passed in May and it was similar to the $2 trillion Cares Act that was passed in March. We haven’t received anything yet because unlike the first bill, the Senate rejected the second one.

Americans were hoping that an agreement would be reached before the House went on recess last month, but they couldn’t agree. Reported on The Hill, “the House will remain in session until the parties have an agreement on another round of emergency coronavirus relief.” Nancy Pelosi said she won’t accept a “skinny” legislative package, but said the chamber’s calendar will be extended until they seal the deal. “We have to stay here until we have a bill,” Pelosi said to lawmakers. The House’s initial recess date is October 2 and Pelosi is vowing to extend the date if they don’t reach an agreement beforehand. 

The Democrats are pushing for a $3.4 trillion relief package but it was rejected by the Senate. Pelosi offered to bring it down to $2.2 trillion but that was also rejected by the House. Republicans are pushing for a package in the $1 trillion range. Senate Majority Leader Mitch McConnell offered an even slimmer package, $650 billion that excluded key things food stamps, postal service, and local government. Democrats quickly shot that down. 

Centrist House group, also known as the Problem Solvers Caucus which bipartisan group of about 50 House lawmakers (Republicans and Democrats) offered their coronavirus relief plan. They proposed a $1.5 trillion package, “March To Common Ground,” that provides another round of stimulus checks, boosted unemployment insurance, and much-needed aid for cities and states, according to the article. Under this proposal, most Americans will receive another round of $1,200, $500 per child, $450 a week for unemployment for the first eight weeks, then provide up to $600 per week after that but capped at 100 percent of a person’s salary. Whereas Pelosi wants $600 a week in boosted insurance and the White House has offered $300 per week.

Last month, Donald Trump signed an executive order that bans evection notices until December 31, extends unemployment benefits, and put a pause on payroll taxes, reported on CNet.

We’ll keep you updated as more details become available. 

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