Saturday, February 27, 2021

Will There Be A Second Stimulus Check?

Will There Be A Second Stimulus Check? 3 new proposals in Congress this week

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Let’s talk about the stimulus and the second stimulus check. Are we still getting a second stimulus check? Luckily there are 3 new bills that I want to talk about that were recently introduced to get the ball rolling once again. Let’s take a look at our 3 proposals and what we’re going to get.

Proposal 1: Led by the democrats and Nancy Pelosi where they published an article on the speaker.gov (https://www.speaker.gov/newsroom/12120-5). To summarize it, it said Secretary Steven Mnuchin and Nancy Pelosi spoke about an omnibus appropriations bill on Monday December 1st. An omnibus is a proposed law that covers a variety of diverse and potentially unrelated issues and topics. We don’t know much about this but so far, no stimulus check news as far as we know from that conversation on Monday.

Proposal 2: Second stimulus proposal was from a bipartisan group of lawmakers (both republicans and democrats) with a budget of $908 billion. It asked for $288 billion for small businesses such and the Paycheck Protection Program loan. As well as $160 billion for state and local governments which is something the Democrats have really fought for to have included in a stimulus bill, that the Republicans have fought against. But in exchange, the Republicans would get liability protections by temporarily freezing certain covid related lawsuits. There was also a federal unemployment benefit of $300 a week for an additional 4 months. $16 billion into helping get the vaccine into people’s hands, contact tracing, as well as $82 billion for education and $45 billion into transportation. This stimulus was arguably the closest thing we had to a deal, unfortunately Mitch McConnell rejected this bill saying he didn’t want to send the President a bill he didn’t think he would sign.

Proposal 3: The third and final stimulus proposal was from Mitch McConnell at roughly $500 billion in budget. First he wants to help businesses by supporting the Paycheck Protection Program and giving them $337.2 billion dollars. He also calls for $105 billion dollars for keeping schools operational, plus another $31 billion for the distribution of the vaccine, $16 billion for contact tracing and testing, and $5 billion dollars for childcare. All awesome things to have on the bill but it doesn’t mention a lot of the things economists are urging us to pass. For example, his bill doesn’t help people that are already out of work especially gig workers and freelancers that are to be almost literally left behind on December 31st where it’s estimated that about 9.1 million people will be left without any government assistance (https://www.dol.gov/ui/data.pdf).

Unfortunately, the 4 week extension on for unemployment benefits does not add additional weeks if you used up all your UI benefits. The third proposal also does not mention any stimulus checks.

The next date to watch out for will be December 11th when Congress gets together to propose a budget. They want to try and negotiate a deal by rolling the stimulus bill into the government budget. If this does not get done, there will be a risk for a government shutdown. December 11 is the key date to pay attention to for our next hope for a stimulus check

*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.

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