Here’s Everything You Need To Know About The Second Stimulus Check!: Stimulus check is ‘check’ sent to the taxpayer i-e the citizens by U.S Government. These checks stimulate the economy by providing consumers with some spending money.
When the taxpayers spend this money, it boosts the consumption and the drive revenues at retailers and manufacturers. It spurs the economy.
These stimulus checks got mailed to taxpayers on several occasions. They vary according to a person’s filing status. If someone pays jointly, they get twice as much as those who pay taxes singly.
The last stimulus check happened under former President Barack Obama. In 2008, the U.S economy entered a severe recession after its financial crises.
Now, as we all know, under current President Trump’s reign, the economy is in shambles for over a year. That’s why the U.S government has decided to do a ‘second’ stimulus check.
Let us get into the details of the second stimulus check!
Stimulus Check: Who Gets It & Other Details
In March 2020, the government provided requirements to fulfil before applying for the stimulus check. If you fit in those requirements, then this is a bonus for you! We won’t know the exact details of the stimulus check until the bill is official but, we’ve estimated a few pints here-and-there.
The Heroes Act passed in May 2020, gives us broader financial benefits to individuals, families and categories that were skipped by the first stimulus check (2008-9). It includes most college students and non-American citizens.
The Senate and President Donald Trump have opposed the Heroes Act. President Trump called the act DOA. Additionally, Senate majority leader Mitch McConnell said that if his chamber passes, the bill with be much narrow.
Do The US Citizens Need A Stimulus Check?
It’s no secret that the USA economy is in shambles. Now, amid the Coronavirus Pandemic, many people have been laid-off their jobs. As of 27th June, 1.42 million workers filed for unemployment, this is one of the highest unemployment rates the USA has in many years.
Jerome Powell, the Federal Reserve Chair, said,
“The path forward for the economy remains extraordinarily uncertain and will depend in large part on our success in containing the virus. The path forward will also depend on policy actions taken at all levels of government to provide relief and to support recovery for as long as needed.”
Let us know your views on the Stimulus Check and if they should imply the Heroes Act or not.