Stimulus Check: All The Details We Know!: America’s crumbling economy is no secret. However, the US government needed measures to prevent the economy from chaos. The government then decided to sort out the economy by using Stimulus Checks.
Now, Stimulus Checks/Payments are monetary relief given to citizens i-e taxpayers to spur the economy. When the citizens spend this money, it stimulates the economy.
Let’s get into the details of Stimulus Check 2020.
The Need For Stimulus Payments!
Having mentioned the USA’s crumbling economy, the other important factor is that due to the global pandemic, people are laid-off their jobs. A recent study tells us that over 1 million people have claimed themselves as unemployed.
The joblessness record is for the 16th week. Companies are laying off people because they don’t have enough resources and money to pay them.
It means that the chances the government will approve the second wave of stimulus payments is stronger than ever. The first wave of stimulus check was in 2009 by former President Barack Obama. It happened because of the recession due to the 2008 economic downfall.
Who Is Eligible?
Amid the outbreak, the Senate is revving up with for another Coronavirus relief which suggests the Stimulus Bill. But, the congressional leaders suggested that the bill should be tighter than the CARES Act outlined in March 2020. It throws open the question- Who Are Eligible?
However, the majority leader Mitch McConnell said:
“I think the people who have been hit the hardest are people who make about $40,000 a year or less. Many of them work in the hospitality industry. So that could well be a part of it.”
There is no way of us to know who is eligible for the second stimulus check until the bill gets passed. However, we’ve made some speculations. We believe the government is dangling between the HEROES Act and the CARES Act.
HEROES Act vs CARES Act
The HEROES Act is passed by the representatives in May 2020. This act proposes benefits to individuals, families and categories the government missed during the first stimulus check. However, President Trump and the Senate have opposed this plan.
Senate McConnell said that the republic party proposed the CARES Act which focuses on more checks but a narrow spectrum.
Anyway, time will tell who qualifies for the second check. Which check would you prefer? Let us know in the comment section below!