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Second Stimulus Check and Stimulus Package Update (NEW BILL IN 2 DAYS)

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Second Stimulus Check and Stimulus Package Update (NEW BILL IN 2 DAYS)

Update 8/5/2020 regarding the next stimulus package expected within 48 hours and a full extension of the FPUC $600 per week boost to unemployment benefits.

Let’s first discuss the ideal timeline we are likely to see before jumping into statements and details. If the new relief bill is released by Friday, it will likely be presented to the Senate for review and voting on Monday. August 7th is the beginning of congresses recess however all of congress has agreed this is not time for recess and they will be working through until something is passed. This isn’t official as Senate Majority Leader Mitch McConnel hasn’t officially announced the work extension into however this is expected. After it is approved by the Senate it will then likely be sent to the President the following day, let’s say Tuesday to be signed into law. Following that provisions will be enacted and if you have direct deposit set up you will likely be receiving your second stimulus check the following week.

Yesterday Treasury Secretary Steve Mnuchin spoke after their meeting and said a new relief bill was eminent and would be ready by weeks end. Critics may recall Steve Mnuchin mentioned the same thing last week, however that was while working casually with Senate Majority Leader Mitch McConnel, now however he is working Speaker of the House Nancy Pelosi and Senate Minority Leader Chuck Schumer have iterated similar statements alluding completion of the new relief bill by Friday.

White House officials Mark Meadows and Steve Mnuchin have been working with Democratic leaders Nancy Pelosi and Chuck Schumer to create the new relief bill after Mitch McConnell presented the HEALS Act which was dismissed by democrats, many Republicans and even the President. It was mentioned to have fallen short in many areas that are needed at this time for our economy. After this Mitch McConnel and Nancy Pelosi weren’t on speaking terms and Mitch McConnell hasn’t even attended the meetings to construct the new relief bill.

Yesterday we heard from Mitch McConnell. He said that in the spirit of compromise to provide a new relief package to the American people he would support the Democrats new relief bill if it had support from Trumps
White House officials, aka Steve Mnuchin and Mark Meadows even if he did not agree with all the provisions. Keep in mind this is the same Mitch McConnell who denied the HEROES Act two months ago, had the entire nation “wait and see”, said the next stimulus package passed would come from him and the Senate, and is now folding as his relief bill received no support, not even from his colleges in the Senate.

In additional to that Senate Majority Leader Mitch McConnell also said he would support a relief bill being passed even if it had an FPUC $600 per week extension at the full amount. The FPUC $600/week extensions has been a major point of disagreement as Democrats wanted to continue the provision as-is and Senate Majority Leader Mitch McConnell prosed having it reduced to $200 per week. Last week White House officials mentioned they supported it at $400 per week, other Republicans mentioned $500 per week as Democrats have held strong at $600 per week only offering to reduce it as the National Unemployment rate decreases and they will likely include this in their new bill they are writing. And many Republicans that are holding to a much lower amount are frustrated as Trump and his white house officials are now agreeing with democrats.

Mitch McConnell also said in his opinion the top priority of the next stimulus package should be liability protection for businesses, when Trump was asked this, he said it was not. It appears Senate Majority Leader Mitch McConnell’s ideals are receiving no support and he is giving up his stance in order to make progress on passing the next relief bill.

As updates come out, I will be sure to share.
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