Second stimulus plan that would send $2,000 to Americans every month for SIX months gaining support
AMERICANS could get checks of $2,000 every month for six months via a second stimulus plan that is gaining support amid the coronavirus crisis. Reps. Tim Ryan from Ohio and Ro Khanna of California proposed another bill called the Emergency Money For the People Act as COVID-19 continues to pummel the US economy. House Democrats […]
AMERICANS could get checks of $2,000 every month for six months via a second stimulus plan that is gaining support amid the coronavirus crisis.
Reps. Tim Ryan from Ohio and Ro Khanna of California proposed another bill called the Emergency Money For the People Act as COVID-19 continues to pummel the US economy.
House Democrats don’t think the current amount of $1,200 – a key part of the 2.2 trillion stimulus bill – is enough to combat mass unemployment, reports say.
This bill expands who is eligible, how much checks amount to, and how people will pocket the payment.
It will continue until national employment levels return to what they were pre-pandemic.
And Ryan said support for the proposal is increasing.
“Currently building momentum in the House to include in the next package,” the Ohio congressman tweeted Monday.
As 22 million people file for unemployment, Americans aged 16+ who make less than $130,000 a year will are set to receive $2,000 a month through this plan.
Married couples who earn less than $260,000 will get $4,000 per month and families who qualify will pocket $500 per child, for up to three children.
Individuals who make above $130,000 will receive 5 percent less for each $1,000 they made above the threshold amount and the same goes for for married couples filing jointly who make $260,000.
Currently people who make $99,000 or more are not eligible for a stimulus payment and jointly-filing married couples making more than $198,000 also don’t get relief.
If the House and Senate approves this legislation, people would receive their first installment 14 days after the bill is enacted.
Under this plan, Americans can receive the money via direct deposit, check, pre-paid debit card, or significantly, “through an electronic transfer application” on a cellphone.
This cash injection will also be made available to people with no fixed address.
The new plan would make the process of receiving this Federal money significantly easier as thousands of people struggled to get the $1,200 payment because they were only sent out to bank accounts listed with the IRS or tax returns.
The second wave of these stimulus checks could take up to 20 weeks to reach struggling Americans, including retirees and veterans.
The program will continue sending out much-needed cash for six months unless the employment-to-population ratio returns to 60 percent before the end of the sixth month period, the proposal says.
And for people who may not have filed their tax returns for 2018/2019, they can submit income information via a Treasury application process which is verified by two consecutive paychecks.
The new plan also caters for college students and people with disabilities, who were excluded under the previous relief bill.
These hard-hit groups would receive the $2,000 payment directly and their parent or guardian gets the dependent credit come tax time.
However, as with the CARES Act, significant changes could be made to this legislation before it arrives on the desk of President Trump to be signed into law.
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The Emergency Money for the People Act must be voted on and approved by both the House and Senate before Trump issues his signature.
Americans who are still receiving paper checks from the current legislation are also getting a signed letter from the president explaining why they’re getting them.
“We are fully committed to ensuring that you and your family have the support you need to get through this time,” a copy of the letter obtained by CNN reads.