As the coronavirus crisis remains an ongoing problem for the United States (and for many other nations around the world), talk has turned to a possible second round of stimulus checks. The White House and Congress previously agreed to a $2 trillion stimulus package in late March that entitled eligible Americans to a one-time payment of $1,200 (or $2,400 for couples filing a joint tax return). Now that many of those checks have been sent out to Americans, the focus is now on whether a second round of stimulus relief is on the way. As Fox Business noted, there are four specific proposals floating around Congress that would potentially provide some financial relief to Americans amid the coronavirus pandemic.
There are four different proposals that are currently being worked on in Congress at the moment. The four proposals are the Emergency Money for the People Act, the Getting Back to Work Act, the Rent and Mortgage Cancellation Act, and a currently unnamed proposal from Senator Sherrod Brown of Ohio. All of these acts would provide potential relief to Americans in various forms. But, it should be noted that they have yet to make it through the entire legislative process, meaning that none of them are set in stone.
So, what are these four proposals? Read on to find out everything you need to know about the various stimulus relief-related acts making their way through Congress at the moment.
The Emergency Money For The People Act
The Emergency Money for the People Act was introduced by Rep. Tim Ryan of Ohio and Rep. Ro Khanna of California in mid-April. Under this act, Americans would receive a monthly check of $2,000 to single taxpayers and $4,000 to married couples filing jointly for up to one year. In a press release, Ryan said about the plan, "Many Ohioans are just receiving – or about to receive – the first cash payment we passed in the CARES Act. Now it's time for Congress to get to work on the next step to provide relief for those who have been hardest hit in this pandemic."prevnext
Details On The Emergency Money For The People Act
Americans would qualify for the Emergency Money for the People Act if they make less than $130,000 for single filers and $260,000 for couples filing joint tax returns. Individuals with children as dependents would also receive $500 per child (with a cap of up to three children). One big difference between this act and the CARES Act (which is the White House and Congress' $2 trillion stimulus package) is that dependents aged 17 and older would qualify to receive payment.prevnext
A Proposal From Sherrod Brown
Brown's proposal does not yet have a name. However, as Fox Business noted, it is a little similar to the Emergency Money for the People Act, as it would grant eligible Americans payments of up to $2,000 amidst this health crisis.prevnext
What Sherrod Brown's Proposal Entails
Under Brown's proposal, eligible Americans would receive $2,000 per quarter, unlike the $2,000 monthly that was detailed in the Emergency Money fo the People Act. This proposal is similar to one that Brown and a handful of Democrats proposed in mid-March that would have granted Americans $2,000 upfront, a possible second payment of $1,500, and an additional $1,000 per quarter.prevnext
The Getting Back To Work Act
Another proposal was introduced by Republican Senator Josh Hawley of Missouri. His Getting Back to Work Act would provide for a possible, refundable payroll tax rebate that would cover up to 80% of employer payroll costs, with respect to the median wage.prevnext
Details For The Getting Back To Work Act
Hawley's Getting Back to Work Act wouldn't specifically place money into American taxpayers' pockets as some of these other proposals would. The major benefit to this proposal ties back to businesses that might be struggling amidst this pandemic. Under the Getting Back to Work Act, businesses would have an easier time retaining their employees, which would consequently have an effect on the rapidly declining unemployment rate in the country.prevnext
The Rent And Mortgage Cancellation Act
The last of these four proposals was introduced by Rep. Ilhan Omar of Minnesota. Her Rent and Mortgage Cancellation Act would make it legal for rent and mortgage payments to be canceled for a period of one year. As a result, individuals' credit scores would not be affected.prevnext
What The Rent And Mortgage Cancellation Act Entails
Omar's proposal would work in tandem with the Department of Housing and Urban Development. The Rent and Mortgage Cancellation Act would create a fund that is responsible for paying landlords and mortgage holders who would be directly affected by payments being canceled for the year.prev