Revised Stimulus Package: Second Round Of Stimulus Checks And Weekly Unemployment Benefits
This Friday’s report on jobs is to show that there is a hiring slowdown in the nation. This is believed to push for the additional $600 unemployment benefit in the House.
House Democrats are pushing for another round of these weekly unemployment stimulus checks of $600. This relief benefit had come to an end in July 2020 and Democrats wish to reinstate it in the updated and revised second stimulus relief package to be passed by Congress within the next few weeks.
The earlier proposed HEROES Act is no longer in place. Instead, House Democrats have introduced a revised Act so as to initiate negotiations with House Republicans. Congress had been in a deadlock situation regarding this situation for months. The revised bill has stirred up further negotiations. Congressmen hope that this will lead to a final bill to be passed by the White House. The earlier HEROES package was a $3 trillion stimulus bill that is now revised to comprise $2.2 trillion.
Second Stimulus Bill To Consist Of $1200 Stimulus Checks And $600 Unemployment Benefit
House Democrats hope that the $1200 stimulus checks and the $600 benefit will be a part of the new deal. Both these stimulus checks were a part of the initial CARES Act that was passed earlier in March.
The revised bill also consists of a $436 billion economic aid to tribal, state, and local governments. This was $1 trillion in the earlier proposal. Other than that, there is an updated PPP (Paycheck Protection Program) to aid small businesses plus $225 billion for educational institutes to recover from the pandemic impact.
The modified HEROES Act is still $1.7 trillion more than the HEALS Act proposed earlier by House Republicans. According to this Act, the stimulus checks and the benefits for unemployment would be capped at the upper limit of $500.
September Job Report Likely To Help Push For Unemployment Benefits
A job report that came out last month showed that 1.4 million Americans had regained jobs bringing down the rate of unemployment from 10.2% to 8.4%. Analysts were of the opinion that this might result in no weekly unemployment benefits in the second stimulus checks.
The job report for September is due Friday. Economists have claimed that the unemployment rate is likely to increase again this month. This shows the possibility of the $600 unemployment stimulus checks to be included in the second coronavirus stimulus bill.
Nancy Pelosi, along with Steven Mnuchin, has suggested that there has been considerable improvement in the negotiations regarding the second stimulus bill. Capitol Hill lawmakers hope to have a deal in place before the House goes on vacation ahead of November 3 presidential elections.
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