Talks of a second stimulus payment in 2020 have now begun and some are even suggesting a second round of monthly stimulus payments that would continue until the Covid epidemic passes.
Many of you have already received your first 2020 stimulus payment and gotten all of your Coronavirus protective gear. If your first stimulus payment has not yet arrived, you should be receiving your check or direct deposit shortly if you do not exceed the income thresholds of $75,000 for the full payment of $1,200 or $99,000 for a partial payment.
Because of this, discussions have begun for a second stimulus payment of 2020 or a second round of monthly stimulus payments.
Initially, the four proposals below were being considered for the second stimulus. By May 12th, the House Democrats unveiled the Heroes Act which the Republicans vow to block. The Heroes Act was passed in the House on Friday, May 15th.
Proposals for a Second Round of Stimulus Payments in 2020
As with the first stimulus payment, many proposals have been put forth for a second stimulus payment in 2020 due to the spreading of the Coronavirus and the immediate and long-term economic consequences.
Though each proposal is unique, Trump has indicated that he will not sign anything that does not include a payroll tax cut. Unfortunately, a payroll tax cut only benefits those people who are currently receiving a paycheck and does nothing for those millions who have recently filed for unemployment.
The current four proposals for a second-round stimulus payments in 2020 are as follows:
- The Emergency Money For The People Act: Of the various proposals put forth thus far, this initiative introduced by representatives Ro Khanna and Tim Ryan is the most talked about and would provide up to $2,000 in monthly income to single people and $4,000 to married couples earning less than a $130,000 or $260,000 respectively. Also, $500 would be included per child up to three children.
- Senator Sherrod Brown Proposal: Similar to the above proposal, this idea put forth by Senator Sherrod Brown of Ohio would provide each individual with $2,000… but this payment would be per quarter rather than monthly.
- Getting America Back to Work: This initiative put forth by Senator John Hawley of Missouri provides no direct stimulus check to Americans but incentivizes employers to keep their employees more easily during this pandemic by providing a refundable payroll tax designed to cover up to 80% of employer payroll costs.
- Emergency Rent and Mortgage Cancellation Legislation: This plan delivered by Minnesota Representative Ilhan Omar allows for rent and mortgage payments to be canceled for one year without impacting the credit score of those unable to make their monthly payments.
We will keep you up-to-date as the talks of a second round of stimulus payments are currently still in their infancy.
We do know from the first stimulus payment that it took about one month from initial discussions to enact legislation that guaranteed a first stimulus payment to all Americans.
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