Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ US https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ The $ 2.2 trillion HEROES Act will provide a second round of stimulus checks

The $ 2.2 trillion HEROES Act will provide a second round of stimulus checks

The House Democrats’ changed the stimulus bill will return some popular programs designed to help families cope with coronavirus disease. Leader: $ 1,200 per adult stimulus check targeted at middle-income and low-income families.

Democratic lawmakers introduced the move ahead of negotiations with Treasury Secretary Steven Mnuchin. In a statement, House Speaker Nancy Pelosi said the bill reflects a $ 1.2 trillion package less than the Democrats’ original HEROES Act in May, which failed to advance amid Republican opposition. The new bill is called the updated HEROES Act, which means Health and Economic Recovery Omnibus Emergency Solutions Act.

The new bill would also reimburse $ 600 in extra weekly unemployment benefits, which by the end of July had provided a lifeline to the tens of millions of adults who lost their jobs during the pandemic. collapsed in the economy in March.

Although the country̵

7;s unemployment rate declined to 8.4% in August from a high of 14.7% in April, more than 21 million workers remained unemployed due to the pandemic, according to an estimate from Economic Policy Institute.

Restoring a $ 600 supplement to weekly federal unemployment benefits will provide a critical income boost, “specifically for recipients in states where unemployment compensation is capped at the level of sub-poverty, “Rebecca Dixon, executive director of the National Employment Law Project, said via email.

However, the possibilities for passing the charge will remain long. House Speaker Nancy Pelosi told reporters on Thursday that the Democrats and the Trump administration the gap is still far on issues including funding for state and local governments. There is “a stark difference not only in dollars, but in values,” he added.

A push to send the bill to a vote this week will have little chance of success, giving Heights Securities analysts only a small chance to provide impetus before the Nov. 3 presidential election. continued negotiations between Democrats and Mnuchin may suggest that the bill is gaining strength, analysts said.

The House is likely to vote on the aid bill on Thursday, signaling that prospects for an agreement between Democrats and the White House could be lost. Even if the bill fails to progress, however, the law could be the basis for another stimulus round if Democratic presidential nominee Joe Biden wins the White House and Democrats control the Senate .

Who can get a stimulus check?

The second stimulus payment reflects the initial round of checks, authorized in March by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act.

  • Individuals who pay taxes up to $ 75,000 will receive $ 1,200.
  • Marriage taxpayers with income of up to $ 150,000 will receive $ 2,400.
  • An additional $ 500 for each dependent.

As in the first round, taxpayers will see their payments reduced if they earn above those limits, eventually disappearing to $ 99,000 for taxpayers and $ 198,000 for couples .

An important change is how the updated stimulus bill treats dependents. In the first round, only children under the age of 17 received payments of $ 500, and adult dependents – those over 17 – were excluded. That means older high school and college students who claim to be dependent on their parents’ tax returns are not eligible for the $ 500 checks.

The updated HEROES Act stipulates that any dependent, regardless of age, qualifies for $ 500.

$ 600 in unemployment benefits

The bill would also return $ 600 to extra weekly unemployment benefits, originally directed by the CARES Act until July, when it expires.

Excess payments will be retroactive from September 6 and continue until January 31, providing more than four months of additional unemployment assistance to millions of families.

Currently, many states are providing an additional $ 300 unemployment assistance directed by President Donald Trump through an executive executive in August. The government agency that oversees the benefits is available guaranteed six weeks of payments. Eight states have already exhausted that benefit, according to UnemploymentPUA.com, which monitors the program.

The average weekly unemployment benefit is about $ 333, or about $ 1,300 a month. Experts say that is far from enough to pay for basics such as rent, markets and utilities in most regions.

Child care, food stamp benefits

The law includes spending on other programs designed to help families, such as a proposal to spend $ 225 billion on education, plus $ 182 billion for schools covering kindergarten through 12th grade and $ 57 billion in child care.

The updated HEROES bill will boost the food stamp maximum benefit by 15%, a move supported by anti-hunger advocates.

New Census data shows that “23 million adults report their household sometimes or often not enough to eat, a marked increase from a similar survey in 2019,” said Robert Greenstein, president. of the liberal leaning Center on Budget and Policy Priorities, in a statement. “Children are hit hard. Households with children are like reporting poverty in providing food and rent, subjecting children to the severe suffering that research shows can have long-term, bad effect. “

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