Are you one of the millions impacted financially by Covid-19? Wondering if and when you will get a 2nd stimulus check? What the 2nd stimulus package, the Hero’s Act, has in the said proposal? Or maybe you haven’t even gotten your 1st stimulus check and you’re growing concerned. Here’s an up to the minute update….
The second round of stimulus checks proposal is with the Senate as of today May 28th. 2020. Yes, the Senate has yet to finalize this stimulus package for the Corona Virus or COVID-19 relief fund.
Both Democratic and Republicans agree on the proposal (just not the terms), but the final terms of this package are left undecided. Some of the perks of the Hero’s stimulus package include bonus pay for healthcare workers who are on the front-lines in the midst of the COVID-19 pandemic. Democrats also proposed an extension of unemployment benefits and another round of stimulus payouts for all Americans that made under $75,000 or $150,000 for families with children. Families would qualify for a payment up to a cap of $6,000 for families with children.
Under the proposed law, an eligible person would receive $1,200 if their adjusted gross income, or AGI, from their 2019 federal tax filing or 2018 filing (if you proposed payments by income (PDF). ~ cnet.com) was less than $75,000. As with the , payments would incrementally decrease as your AGI goes up. A chart from the Congressional Research Service shows
What does the Heroes Act propose?
The Heroes Act, officially the Health and Economic Recovery Omnibus Emergency Solutions Act, includes a handful of additional measures to provide support for individuals and businesses.
Unemployment benefits: The bill would carry over the current enhanced unemployment benefit of $600 per week (on top of states’ typical unemployment payout) to January 2021.
Payroll protection: The Heroes Act would expand the employee retention tax credit to help employers keep workers on the payroll.
Funds for essential workers: Under the bill, state and local governments would receive $1 trillion to pay salaries for first responders, health care workers, teachers and other essential workers in danger of losing their jobs. The bill would also fund hazard pay for workers with high-risk jobs.
Coronavirus testing, tracing and treatment: The bill would include $75 billion to provide forand .
Support for businesses: The bill would bolster the Payroll Protection Plan, which provides payroll assistance to small businesses, and provide additional funding for the US Postal Service. ~cnet.com
Here’s some updated info from CNBC.com
Senate Republican leadership has not embraced the Democratic House proposal with open arms.
On Thursday, Senate Majority Leader Mitch McConnell, R-Ky., said the next coronavirus bill will not extend enhanced unemployment benefits. Democrats wanted the $600 extra per week extended through January.
The idea of additional stimulus checks has also drawncriticism from other Senate Republicans, who are hesitant to sign off on any such checks until they’re sure they’re needed, with most states in the process of reopening for business. Meanwhile, others have said they are flat out opposed to a second round of payments.
“Republicans are hanging back,” said Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities. “I think downward economic pressure will force action over time.”
So in conclusion, the jury is still out of the final decision, it’s all in the senate’s hands at this time. It could take weeks before we know and another waiting period for checks to be issued.
My thoughts and prayers go out to anyone who’s been hit with financial hardship during this time. Please remember there is help in your state if you are really running low on food or supplies. Go to needhelppayingmybills.com and there are lots of resources for help in your state.
I hope this helps anyone that might need some help during this time of uncertainty. One good thing that I think is coming out of this pandemic is how employers are seeing a different way of doing business and opening up to the possibility of more workers being able to work from home on a more permanent basis. Work from home jobs are perfect for moms who need flexibility the most. If any employers are reading this, please consider work from home jobs for moms or people that might be sick or injured or just need more flexibility in their lives. I think this could be a win-win for everyone involved. Employers can save money by not having to provide a desk, office space, computer, etc., and it saves employees money on gas, clothes, lunch, and car maintenance.
What are your thoughts on the Hero’s Act? Do you see anything positive coming out of this?