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SECOND STIMULUS CHECK & STIMULUS PACKAGE UPDATE (NEXT 24 HOURS)

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SECOND STIMULUS CHECK & STIMULUS PACKAGE UPDATE (NEXT 24 HOURS)

Update 8/6/2020 regarding the next stimulus package and in the next 24 hours we are expecting to see the newly agreed terms for the next bill. Today let’s cover the current status of provisions we will likely see.

Second stimulus check. According to Treasury Secretary Steve Mnuchin they should arrive seven days after law passed if you have direct deposit with the IRS. It is $1200 per person making less than $75,000 annually, and $2400 per couple making less than $150,000 annually. Payment for dependents TBD, as Republicans suggest $500 or $1200 is suggested by Democrats. This includes all adult dependents. If you are SSI, SSDI, VA you should also be receiving a check via electronic delivery. If you owe child support your check may be garnished however there is currently a bill underway to see if it can prevent that.

Eviction Moratorium Extension. We have agreement for an extension. This includes tenants and homeowners. No one should be going homeless; no foreclosures and no evictions. Republicans said until the end of the year, Democrats are suggesting longer. There currently is not an agreement on free rent money however the moratorium helps keep everyone housed at the moment. Democrats are suggesting rent payments as well.

FPUC. It looks like it will be $600 per week. Initially Mitch McConnell proposed $200, then Republicans and white house officials suggested $400, some Republicans are backing $500 now however democrats stand firm at $600 until the unemployment rate drops. The 70% sliding wage proposal is off the table, many states say it is too complicated for their systems, so a flat rate is being proposed and at the current moment it looks like the full $600 per week. However, the duration is the issue. Some republicans initially suggest 1 additional week, while Democrats want an extension until 2021. Republicans suggested until December and Democrats said no.

Liability Protection Insurance for businesses. No agreement currently. Looked like it was off the table however Senate Majority Leader Mitch McConnell mentioned it today in discussions so it still may be a topic of interest.

PPP funding for small businesses. This was requested by Republicans and Democrats have agreed upon it. We can expect to see this in the next bill.

Hazard Pay. Nancy Pelosi and the Democrats are suggesting it however we have no information from the Republican side, and this is still unknown. Nancy mentioned frontline workers need to be happy, safe and additionally compensated.

State and Local Government funding. No agreement currently to ensure funding to assist operations of facilities, provide grant money funding, and payment of civil employees.

Post Offices Funding. Purposed to create a safer environment for essential workers. Democrats initially proposed $35 million however yesterday the Post Master General entered meetings and informed them $10 million would be sufficient.

Student Loan Moratorium. This appears to be agreed upon and included. If you cannot pay student loan debts at this time it will not be due at this time. No agreement on loan forgiveness; however, there is currently an extension for payments due.

Food Stamps Not much information other than there apparently is progress on getting an increase of food stamps to people in need.

Executive Order – President has suggested issuing executive orders if provisions aren’t provided right away. It appears this is off the table if agreements are made.

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