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WILL THERE BE A SECOND $1200 STIMULUS PAYMENT?

WILL THERE BE A SECOND $1200 STIMULUS PAYMENT?

WILL THERE BE A SECOND $1200 STIMULUS PAYMENT?

By now you have heard that the House of Representatives passed The Heroes Act on May 15. This legislation represents a $3 trillion additional stimulus package that would send more aid to local and state governments. Included in the bill is another $1200 payment that would be sent directly to American taxpayers. It would also further extend the additional $600 payment to those receiving unemployment compensation, and provide hazard pay to those who are classified as essential workers.

As for the individual stimulus payments, the $1200 is for individuals, but it would cap out at $6000 per household. Much of the proposals behind this bill have to do with the continuing high unemployment rate, which remains higher than it has been in many decades.

The bill is wide ranging, also covering election security, housing assistance for renters and homeowners who are struggling to make monthly payments, aid with health insurance for those who lost their employer coverage, and even a strengthening of the Payroll Protection Program for small businesses and non-profits.

Critics of the bill say the bill tries to cover too much too fast. It is widely expected that the bill will stall in the Senate, and even if it does not fail there, President Trump has indicated he would veto it. Proponents of the bill’s content are still optimistic that some form of The Heroes Act will eventually see the light of day.  Senate leaders have indicated they expect there will be another bill passed, and the White House has expressed optimism about a second stimulus check for taxpayers. Negotiations are ongoing.

The big questions remain: Will we taxpayers receive another stimulus payment, how much will it be, and when will it happen? All signs point to a second payment of $1200, and the Senate indicates it will take the matter under advisement in June. If the Senate moves quickly, payments could be sent out late June or early July. Nothing is finalized yet, but decision makers from both sides of the aisle appear to be on board with the additional stimulus payment.

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