A compromise has been reached by Senate Majority Leader Mitch McConnell and other Congressional leaders that clears the way for voting on a new coronavirus aid bill involving the second cycle of direct assistance payments to Americans, including stimulus checks.
A session for Sunday has been called by the U.S. Assembly, with votes due as early as 1 p.m.
Within weeks, US citizens could get their checks, but the $1200 given to citizens earlier this year has decreased to $600. This means Americans will be receiving half as much as the last set of stimulus checks.
$600 Stimulus Payment Checks
The proposed assistance plan provides money for affected companies, $300 a week in incentive unemployment, and new cash payments to support struggling US families and boost the sluggish economy, according to numerous media reports.
Americans, particularly as the out-of-control pandemic sparks new lockdowns and layoffs, have been eager for more government cash. According to a new study by credit bureau TransUnion, almost 6 in 10 (57 percent) claim they’re in a financial pinch from the coronavirus.
$600 per stimulus check was the original proposal by Congress. Critics argue that $600 is not enough; Massachusetts Democratic Congresswoman Ayanna Pressley also considers it an “insult.” But last week, President-elect Joe Biden said Americans should think of the checks as simply a “down payment.”
A survey from the United States. Nearly 60 percent of Americans used their first stimulus payments to pay basic costs, including food and energy bills, the Bureau of Labor Statistics found.
According to the survey, some also spent the capital or used it for other, unspecified purposes. Sales of life insurance plans have soared this year in the wake of the pandemic, which could have involved obtaining inexpensive life insurance.
If Congress approves the new COVID bailout bill and has it signed before Christmas by outgoing President Donald Trump, the money will start flowing shortly after New Year’s, allowing for absences from the IRS over the holiday season.
Relief for Coronavirus During the Holiday Season
Treasury Secretary Steve Mnuchin told reporters in August that a week after a new assistance bill is signed, payments will start heading out.
Taxpayers whose bank details are still on file with the tax office will be the first beneficiaries, including those who earned their last stimulus payment by direct deposit.
The House and the Senate will have to approve the agreement, which is related to greater regulations on government financing. They meet a 12:01 a.m. deadline. ET to approve appropriations or it would close down the economy.
With 5.9 million doses set for distribution this week, Moderna’s vaccine has begun shipment to locations around the nation today. The first shots will commence on Monday with Moderna’s vaccine.
There is increasing fear that a fresh challenge is on the horizon as the federal government continues to react to the ongoing crisis. A current, more infectious form of the virus has been detected in the United Kingdom, contributing to London lockdowns and prompting the E.U. Nations are restricting flights to Britain.
According to Johns Hopkins University reports, more than 2,500 deaths related to the virus were registered in the U.S. on Saturday, and more than 196,000 new infections were identified.
