Second Stimulus & $600 Unemployment Update – May 21



We have some important updates for the next stimulus package, the second stimulus check, and the $600 additional unemployment insurance benefit programs.

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Second Stimulus Check Update:

Treasury Secretary Steven Mnuchin yesterday said there is a “strong likelihood” that another relief bill will be needed. He said “We’re going to carefully review the next few weeks, I think there is a strong likelihood we will need another bill, but we just have $3 trillion we’re pumping into the economy. We’re going to step back for a few weeks and think very clearly how we need to spend more money and if we need to do that,”

The step back and wait part is what we’ve been hearing all along. There’s still hundreds of billions of dollars from the original Cares Act that has yet to be spent. Even if they were rushing to get a stimulus out we probably wouldn’t see anything for close to 2 weeks.

The interesting part is him saying there is a strong likelihood of another stimulus. It seems more and more people are agreeing that we need an additional package as time passes.

Unemployment News.

The nine week jobless claim rate has been updated today and we are now at 38.6 million people out of work because of the pandemic.

Here’s some more quick stats according to theHill.com:
-47.5 percent of all households reporting job losses.
-More than half of households with incomes under $50,000 say they have seen their incomes slide
-Ten percent of Americans said they had been unable to pay rent or their mortgages on time, and one-fifth say they had little or no confidence they would be able to pay next month’s rent or mortgage.
-The least affected are older working citizens, those with bachelor’s degrees or higher, and those who live in Rural areas where the pandemic was slower to reach.

This news is coupled with the next piece of news from Wednesday.
McConnell stated that the $600 boost in unemployment that was a part of the original Cares Act likely will not be on future bills. Their major issue being that they feel the current unemployment stimulus plan creates a dis-incentive to work. This is especially an issue for individuals who have been offered back work but refuse.

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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.

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All Comments

  • You look like Onision lol

    Dwight Simon June 12, 2020 9:44 am Reply
  • It really isn’t our government’s responsibility to see we have money. Food yes, heat yes. I think what we are receiving from our government is a gift of help. It has helped me feed myself, and pay off some bills. I’m grateful to my government for helping me. I credit my president, and he definitely has my vote.

    jean lubo June 12, 2020 9:44 am Reply
  • Unemployment benefits without the $600 are going to have to be extend the way they were in 2008 and 2009. 38.6 to 40million people are out of work right now. If no more $600 after July 31st, then extend the weeks of regular Unemployment

    Methodical 66 June 12, 2020 9:44 am Reply
  • Covid 19 has proved that in some states regarding some Mayors and Governors, have used this situation, to Throw out the Constitution and the Bill of Rights. For me, it's gotten to the point where all forms of diplomacy have been exhausted…where talking is useless. If people start to go hungry and homeless, I guarantee you it will lead towards a Civil War/1776 2.0. And Police Officers who go out and engage and or enforce orders that continually violate our Civil Liberties, they can no longer use the excuse…"Just Following Ordes" that will not be accepted or tolerated. The Government has too much power and Control. Their paychecks are still being sent to them…they are supposed to work for the American People…and they are saying $600 dollars extra for Unemployment wont be extended. Fuck You
    Motherfuckers. Who the Fuck do you think you are. Some Fuckn Nerve. The American People are your Bosses. They have forgotten who they serve.

    Methodical 66 June 12, 2020 9:44 am Reply
  • What I dont Fuckn understand is in 2008 when the Economic Climate was bad like it is now, we the American Taxpayer bailed out the Car Makers and the Banks. Now from what I understand alot of States, and companies are going to get bailed out again. And Congress in 2008, Had no problem giving them what they wanted. Now people are hurting because of Covid and we have to wait and see what's going on. Many people because of Covid, their jobs no longer exist. Because some companies folded permanently. Many people cant meet their rent or mortgages. On top of that these Fuckn cities dont want to extend Moratoriums on rent. Yet student loans are going to be forgiven. Rent and Mortgages should be forgiven also. One time payment of $1200 doesn't cut it…not even close. I guess they want people to go homeless or not have money for food and housing. Putting American Taxpayers into a deeper financial hole. Dont be surprised if you see people committing more robberies just to survive.

    Methodical 66 June 12, 2020 9:44 am Reply
  • Ok so you told us the bad and the good. If they don't want to extend the extra $600 after July 31st, is there any talk regarding extending the Normal Unemployment without the extra $600 past 6 months to another 13 or more weeks? I live in California, and that's how its setup in my state. Unemployment is only for 6 months

    Methodical 66 June 12, 2020 9:44 am Reply
  • BUT IN THE MEAN TIME WHILE THEY SCRATCH THEIR ASSES WE HAVE BILL'S TO PAY AND MOUTHS TO FEED😤😤

    Denise Frye June 12, 2020 9:44 am Reply
  • Senate and Congress term limit must be impose.

    Herbert Gaddi June 12, 2020 9:44 am Reply
  • I applied for unemployment back in March and I haven’t seen a penny my letter got send to the wrong address I’m still waiting .. I got my stimulus check but it went by fast because I had to pay my bills rent light gas .. I hope they give us all either an extension of the 600 dollars or give us 2,000 a month .

    Lexieann 172 June 12, 2020 9:44 am Reply
  • Unemployment also states people get X amount but they don’t pay that amount and thus pocket the rest, they changed the dates listed and don’t reflect the actual filing date and the amount that was paid out🧐. People are being put into adjudication, and messages about them not doing their weekly claim(which have already been done and payed). It’s also says “failure to reopen” under the document that says you failed to do weekly reporting🧐. More and more I think the Nigerians that too the money are actually democrats in office.

    Maze to confusion June 12, 2020 9:44 am Reply
  • You didn't say if your getting 600 right now for unemployment if there going to take it away while I'm getting it at this time.

    Kevin Dabbs June 12, 2020 9:44 am Reply
  • Oh great, so I'm going to live off of $200 from unemployment in july and when/if I go back to work, I'll go back to making the same shit money. Thanks gov.

    ghettoprecious27 June 12, 2020 9:44 am Reply
  • thanks Max as always for the updates….

    Timothy Thomas June 12, 2020 9:44 am Reply
  • Missed this one. Had to catch up. Look forward to you explaining all this stuff daily. Saves me so much time.

    Paula Murray June 12, 2020 9:44 am Reply
  • I think it's a joke that unemployment get up to 900.00 a week and the rest of us are limited to 1st and 2and stimulus checks.
    Totally unfair!!
    If I were on employment I wouldnt work either.
    Hell no not with that income.
    And here the rest of us set in waiting to see if we will survive another month. Wow
    So they keep arguing really, Not so funny to the rest of us.

    ROBIN REED June 12, 2020 9:44 am Reply
  • I feel that we pay into unemployment and some people never draw it so the money belongs to the people and not just to put money back in their pockets

    Mizie Tyler June 12, 2020 9:44 am Reply
  • Also the residents don't wear masks correctly and due to phase 1 they are now allowed to go out in public asusual on their.own

    Carla Ortiz June 12, 2020 9:44 am Reply
  • I pray God everything go all right

    Melissa Westerwelle June 12, 2020 9:44 am Reply
  • Government and everyone in the media have been saying "Stay at home! Don't work! And talking down to everyone!". Mitch that turtle looking MF. Thinks so low of the people. That they will get lazy for receiving more help. It has only been a few months. If we are soon reopening the country. Mitch wants to give more help to billionaires like at Disney. Mitch hates to help people who can't return the favor to him. People can spend the money better than billion dollar corporations.

    Drink NukaClassic June 12, 2020 9:44 am Reply
  • The unemployed will get the same stimulus check in Renton breaks like the rest of us who aren’t working right now. So it does mean they get nothing. Let’s not presume.

    Jeannie Wagerle June 12, 2020 9:44 am Reply
  • 22nd 5:45 pm ssdi with representative payee and I am in Maine and I received the payment in my bank direct deposit just like the monthly benefits

    Michelle Bowen June 12, 2020 9:44 am Reply
  • I still havent gotten any $600 payments yet!

    rudy pericolo June 12, 2020 9:44 am Reply
  • Thank you for keeping us up to date. In addition thank you for helping out during this hard times.

    Rosa Rodriguez June 12, 2020 9:44 am Reply
  • Mitch gets a raise
    Working class gets a reduction.
    Thanks guys.

    Ricky Bobby June 12, 2020 9:44 am Reply
  • Ill be pulling the Dem lever.

    Ricky Bobby June 12, 2020 9:44 am Reply
  • Why is UnEmployment put as UI & not UE ?!

    Stephanie June 12, 2020 9:44 am Reply
  • Canadian citizens get $2,000 stimulus checks
    USA citizens get $1,200 stimulus checks

    Stephanie June 12, 2020 9:44 am Reply
  • They will get an extension, not the 600, they will get unemployment like they always did, or they go back to work, look for new jobs, look like the roads will need help

    ter nel June 12, 2020 9:44 am Reply
  • Thanks for all your hard work to inform all of us.

    Joseph Simon June 12, 2020 9:44 am Reply
  • Still waiting on first one

    Kaye Lucier June 12, 2020 9:44 am Reply
  • It should be OBVIOUS that the rebound of the economy will be slow because many Americans haven't been able to pay their bills in TWO MONTHS!!

    timelike01 June 12, 2020 9:44 am Reply

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