Details On The Next Coronavirus Stimulus Bill Coming Today
One thing is for certain. It looks like Americans will be getting another pandemic relief bill. Republican leaders in Congress will unveil their plans later today. Many families and businesses are wondering just what will be included in the new package. While we can't read Mitch McConnell's mind, here are a few sure bets.
Let's start with those stimulus checks. Forbes reports that McConnell wants a similar structure to the last round of checks. Individuals making under $75,000 would get a $1200 check. Couples filing jointly making less than $150,000 would get a $2400 payout. You would also get $500 per dependent in your household. Other Republicans want to scale back the payouts to people making less than $40,000 per year, but McConnell's plan is expected to make it's way through.
Another big part of the bill will be unemployment benefits. The extra $600 per week bonus officially comes to an end on the 25th. Forbes reports that Senate Republicans are leaning towards an extra $200 per week instead of the $600, saying too many people are making more money NOT working. While the amount gets hammered out, look for unemployment benefits to be extended to through the end of 2020. Senate Republicans are also discussing a possible $450 return to work bonus.
President Trump is also keen on getting a payroll tax cut included in the next stimulus bill. Forbes reports that the tax cut would reduce or eliminate Medicare and Medicaid taxes. That would benefit both employees and employers since they both contribute. It's unclear if those payroll taxes will be forgiven, or if Americans will eventually have to repay them. You know what I'm betting on.
Finally, the Forbes article notes that the next bill will no doubt include big-time aid for schools dealing with reopening during a pandemic. Republicans are proposing to spend $105 billion to open schools and $15 billion for child care centers. Democrats also want billions spent on state and local aid, while Republicans don't. It's just one of many issues that have to get hammered out before Congress leaves for recess at the end of the month.