After being struck badly by the COVID-19 pandemic, Americans are expecting a second stimulus check, not just for their survival but also for the revival of their country’s crippled economy at a time when the US presidential election is happening!
Just before the elections, there has been speculation all around that the US government will soon announce another stimulus package for the American citizens. However, the things are still not clear since the decision is all up to the results of the US presidential election between Trump and Biden.
According to the most recent reports, the negotiations for the passing of the 2nd stimulus package are now being paused and will resume after the election on Tuesday. Since the president has to decide the fate of the relief package so it could be anybody’s game.
In an interview with MSNBC on Oct, 30, the speaker of the United States House of Representatives, Nancy Pelosi stated “People are suffering and they need help”, moreover, she said, “We know that very well because we represent those people”.
There is also some news that the announcement for the economic assistance for businesses from the US government could be delayed until the beginning of next year. However, we have to wait until the election result announcement to have a clear picture of the whole scenario.
In case, if the new stimulus package gets approved after the election announcement then those Americans who are eligible for getting the stimulus checks will be systematically divided into IRS formed priority groups. Although, the whole process of receiving assistance money may even take several months.
Why The Approval Of The Stimulus Package Is Taking So Long?
There has been a number of disagreements between democrats and republicans that are causing the delay in the approval of the stimulus package. However, the biggest issue that is causing inconvenience is the budget and scope of the package.
Trump’s administration unreasonable attitude regarding the Coronavirus talks is another major reason behind the tensions between the republicans and the democrats. Moreover, the current US election is also somehow contributing to the matter’s delay.
When Could We Expect The New Relief Package To Go Out?
The announcement time of the new stimulus package is now all up to the results of the US election. The winner between Donald Trump and Joe Biden will decide the fate of the expected stimulus package.
Current president Donald Trump has already stated “We will have a tremendous stimulus package immediately after the election.” So if Trump wins the election we could expect the stimulus package to go out as soon as December 2020.
However, if Joe Biden wins then the republicans will have no interest in striking a deal as it has no political gains for them. If that happens then the stimulus package would get a further delay until the new administration takes over the office in January 2021. This will mean that there are no chances of people getting second stimulus checks anyway before February 2021.
What Could Be The Possible Size Of The Second Aid Package?
The budget size of the second stimulus packages has been the biggest reason behind the disagreement between the democrats and republicans. So far there have been different recommendations regarding the budget size of the next stimulus package, ranging from $500 billion to $2.2 trillion.
White House earlier proposed a budget of around 1.8 billion USD for the assistance package, however, the proposal gets rejected by Nancy Pelosi. In her counter argument, she raised the point that the proposed package has nothing to offer for testing and tracing, neither it has any budget assigned for the child care funding.
A few days back, the United States Secretary of the Treasury, Steven Mnuchin stated that it will be the priority of Trump’s administration to utilize the $300 billion that has been left unutilized in the Coronavirus Aid, Relief, and Economic Security (CARES) with additional $130 billion from other sources.
How Much Money Will People Get For Second Stimulus Check?
The amount of money that people will receive for the second stimulus check will be decided on the basis of their income and tax filing records. It is expected that those individuals who will be eligible for the stimulus check will receive $1200.
For those married couples who qualify for the check and also file joint returns, there will be a stimulus check of $2400. Moreover, an extra $500 will be given to each child that is dependent on his/her parent income.
Nevertheless, Nancy Pelosi while addressing a press conference a few days back indicated that she is pretty hopeful that she will have a reasonable deal with the White House after the election’s result gets announced and before the end of this year.