Will There Be Checks?

That is the important question people ask when they hear that a new stim plan is on the horizon.

Most of us mere mortals have suffered more than most from the economic results from the pandemic……what is needed is cash.

The first stim check helped somewhat…..and after a couple of other stim plans….cash has been slowly coming from Congress while cash for those already rolling in money came easily.

It has been a long time coming….and what are the real chances?

It looks like Congress is on track to reach a deal on a COVID stimulus package before the end of the week, one that would include relief checks for Americans, though at a smaller amount than the first ones of $1,200. Coverage:

  • Key numbers: Most Americans are expected to get checks of $600, reports CNN. The unemployed would get an additional $300 per week in benefits as part of the $900 billion measure. Democrats and Republicans continue to wrangle over the aid amounts, however.
  • Georgia factor: Republicans initially balked at a second round of relief checks, but Senate Majority Leader Mitch McConnell told his GOP colleagues in a conference call that the two Republican senators in Georgia’s upcoming runoff races were getting “hammered” on the issue, reports Politico. The races will decide who controls the Senate next year.
  • A concession: McConnell also has budged on a key concession—the GOP will no longer insist on liability protections for business owners whose employees contract the coronavirus. McConnell once called this a “red line,” but he relented when a bipartisan group of senators began pushing for a deal, writes David Leonhardt in the New York Times. “It’s possible this bipartisan deal will end up being a one-time event,” adds Leonhardt. “But it doesn’t have to be. Senators have it within their power to find other areas of compromise next year, during Joe Biden’s presidency—even if McConnell does not favor those deals.”
  • On the other hand: McConnell is still getting most of what he wanted in the emerging deal, reports the Hill. That includes the removal of a large pool of new funding for state and local governments dealing with pandemic-related shortfalls. The AP puts the amount at about $160 billion. “It’s heartbreaking for us,” says Democratic Sen. Dick Durbin of Illinois, referring to his home state.
  • Other help: The package is expected to include money for renters facing eviction, food aid, and farm subsidies, per the AP. The Postal Service may get a $10 billion bailout.

But the checks are not in the mail–yet while you await the decision of Congress here are a few thoughts about stim checks…..

In the blink of an eye, the stimulus package now being negotiated among top US lawmakers (they even have a nickname, “The Four Corners”) went from having no second stimulus check to another direct payment. This time, it could come in at half of the $1,200 sent as part of the CARES Act. The whispers we’ve heard so far suggest the second stimulus check could give you a maximum of either $600 or $700, a rate that reflects the relatively smaller size of the $900 billion stimulus proposal. (The CARES Act cost $2.2 trillion.)

This is the latest in a string of murmured changes to a second stimulus check. Various proposals since May have shifted one qualification or another in ways that could potentially bring a household more money than the first stimulus check. 

Remember, not everyone is guaranteed the full $1,200. And there’s actually quite a complex formula that determines how much money you got in your final check based on your AGI and the number of eligible child dependents in your household. (It gets even trickier when you consider child support situations.)

https://www.cnet.com/personal-finance/new-stimulus-check-600-vs-700-vs-1200-every-way-your-final-payment-could-change/

I Read, I Write, You Know

“lego ergo scribo”

6 thoughts on “Will There Be Checks?

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