How quickly can the economy rebound without additional aid from the government to the people?
This is the major question that most Americans are worried about at the moment. With delays in getting more money to the people coupled with massive unemployment. More and more people are struggling to cope with the pandemic as the economy reopens.
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Senator Kennedy says another stimulus bill could happen, but it won’t be the Democrats’ current one.
Kennedy said that “he thinks the consensus in the Senate is to start over,”. “The only thing I’m certain of at this juncture is that Speaker Pelosi’s bill won’t pass.”
Sen. Kennedy said we should know in June whether the Senate plans to vote on another Coronavirus relief bill.
He also said and I quote: “My preference will be, if we do another bill, it will be to give relief to people and to businesses.
Senate Majority Leader Mitch McConnell said on Tuesday that Congress will “probably” have to pass more legislation to mitigate the damage from the coronavirus pandemic.
He said states’ progress in restarting their economies in the coming weeks will help to inform what Congress does. McConnell noted that “we need to make sure we have unemployment insurance properly funded for as long as we need,” as tens of millions of people lose paychecks.
One clue he gave reporters on Tuesday in Kentucky is that another bill will be determined in the next few weeks.
There are rumours out there spreading like wildfire. And that’s either people telling others that they have received the second stimulus check or that the second $1200 stimulus check bill has been approved.
Congress has passed four bills to respond to the crisis.
For those of you who are confused, please allow me to breakdown the phases of stimulus we’ve had so far:
Phase 1 Stimulus:
The was signed into law on March 6, and it provided:
Extra funding for the Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), National Institutes of Health (NIH), the State Department, the Small Business Administration (SBA), and the United States Agency for International Development (USAID).
It includes $4 billion to make more coronavirus tests available, and $1 billion in loan subsidies for small businesses.
Phase 2 Stimulus:
This bill was signed into law on Wednesday May 18th and it provided:
paid sick leave tax credits,
free COVID-19 testing including for the uninsured,
expanded food assistance and unemployment benefits,
and increased Medicaid funding.
Phase 3: CARES Act
This bill was signed into law on Friday, March 27. The CARES economic rescue package provided
$1200 to most Americans, ($2400 for a married couple), with gross incomes up to $75,000 or $150,000 for married couples. An additional $500 per child rebate is also available.
expanded unemployment benefits,
and provide a $367 billion payroll protection program for small businesses to help them continue keeping payroll while workers are forced to stay at home.
The program would also help replace salaries of laid off workers for four months. Those furloughed workers would get whatever a state usually provides plus a $600 per week add-on.
Phase 3.5: More PPP, EIDL Money for Small Business
This bill amended the CARES Act and replenished the small business rescue program known as the Paycheck Protection Program (PPP).
Phase 4: Heroes Act – which has been approved by the house but still pending senate approval.
This bill proposed by the Democrats is designed to kickstart the economy and it will provide
Extension of the $600 weekly unemployment payment through January of 2021
$200 billion for hazard pay
$175 billion for rent and mortgages and
Send the people a second round of stimulus check
Senator Kennedy pointed out some things he doesn’t like about the bill including: immigration, federal housing, marijuana and release of federal prisoners
Let’s be real, the economy won’t recover overnight, particularly with 39 million people now out of work. Again, I’m not being pessimistic here but it is what is.
One thing is for sure like Billionaire Investor Warren Buffet always says: NEVER BET AGAINST AMERICA.
This is a great nation working together to get through this period.
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Be safe and thanks for watching.
#StimulusChecks #StimulusUpdate #Stimulus
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