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The Stimulus Checks Might Exceed $40,000 ! Latest Decisions On It

Stimulus check
Source: Yahoo Finance

The Stimulus Checks That Arrive Next Week!: Due to the advent of Coronavirus pandemic, the timeline for the new Stimulus Check is tight. We expect the next check to come sometime next week.

Also, read Stimulus Check: All The Details We Know!

We expect the Senate to engage the check as soon as possible because of the expiry date of the CARES Act. Nonetheless, the market has set its eyes on the check due to the falling economy.

Let us dive into the details of this new Stimulus Check.

Decisions

Perhaps, the important decision regarding the second round of the 2020 stimulus check is the act. In March, due to the global pandemic, the CARES Act go passed. In the act, the eligible families got $600 per week.
However, due to the dual party in the USA, the Republicans support the CARES Act, whereas the Democratic party has something else in mind. It has created a bit of diverging between the two parties and, now it is up to the Senate to choose it.
Stimulus Check
Source: WHAS11.com
Some people agree that more checks would make their lives easier. Some feel the treatment of dependants i-e the children can be a leading factor in decision making.

Higher Than $40,000

It indeed is a piece of good news that the second stimulus check might exceed $40,000. However, we believe you have seen or heard Senate leader Mitch McConnell speaking of the check being for people who earn less than $40,000. While it is unclear where the income limit will be, a source said:

“a cap at that level is not seen as likely.”

Trump with Stimulus Check
Source: Business Insider

At an event, McConnell said:

“I think the people who have been hit the hardest are people who make about $40,000 a year or less.”

Nonetheless, the income limit is not set as of now, which gives us hope. Additionally, USA President Donald Trump himself said that this years’ Stimulus Check is going to be huge, and it will exceed the expectations.

Also, read Trump Says Second Stimulus Check Is Coming “Very Soon!”

Why $40,000?

It’s no secret that America’s economy is falling, and half the population earns around $40,000 a year. The Federal Reserve Chairman, Jerome Powell explains how 40% of the US households are earning less than $40,000.

This happened because many people were laid off their jobs during the start of the pandemic.

We believe the amount will be higher. As I earlier said, President Trump, has announced in many interviews that this year they will give ‘generous amount’ of Stimulus. Moreover, he said:

“I support actually larger number than the democrats!”

 

About the author

Pranjali Hasotkar

I weave words into meaningful catastrophes.

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