As COVID-19 continues to disrupt the lives of many, more Americans are finding themselves in a financial burden.
The first wave of stimulus checks for those who received it provided relief but some question if that will be enough. The bill for the second round of stimulus checks passed, however, there’s still a process before we can possibly see it.
We covered the breakdown of the new bill, and it’s currently being presented to the Senate with Speaker Nancy Pelosi. Pelosi is urging the Senate to begin negotiations so they can get something put forward that both chambers will agree to pass, Forbes reports. Senate Leader Mitch McConnell and other Senate Republicans already agree that another stimulus relief package is necessary. They just want more time to get it done, and they say the negotiation will take a few more weeks.
“We expect that negotiations over a finalized version of the Phase 4 bill will take at least until the end of May,” said Height Capital Markets analysts in a note. “We expect a final package to come together successfully but note that passage will likely be delayed into June.”
Reported on Market Watch, analysts are confident President Donald Trump will sign the new aid package. However, WSJ reports the bill may not survive. Some Republicans predict with most states gearing up to reopen, the government should shift the focus to provide more incentives to employees/employers. Republicans have talked about giving bonuses for workers who get rehired. They agree with some of the ideas in the new bill that was passed, which includes, tax credits for employers who keep workers on payrolls.
The report also says they believe the stimulus payment so far has helped Americans. Some Republicans also worry “continuing cash payments and the $600 a week extra in unemployment that Congress approved means more people are making money by staying home than by working, slowing the recovery.” Republicans also expressed “concern about adding to federal budget deficits and said the Democrats’ bill contained many items unrelated to the pandemic,” the article reports.
We’ll keep you updated as more information becomes available.