As of the beginning of the second week of May, nearly 130 million Americans should have already received their first stimulus check as part of the Coronavirus Aid Relief or CARES Act. With most single individuals receiving a one-time payment of $1,200 and the economy yet to fully reopen, Americans all over the country are now wondering, “Will I get a second stimulus check?”
It’s a fair question, with the unemployment rate rising to nearly 15% last week and with government shutdowns continuing into their second month. While there currently isn’t enough support in Congress to pass the “CARES 2 Act,” there are a number of other ideas currently floating around that could mean you might receive another stimulus check from the government before this crisis is over. Here’s what to know.
Evaluating the Effects of Economic Stimulus Checks
When the Trump administration passed the CARES Act in March, the idea was to provide immediate, fast relief to individuals and various sectors of the economy. In that stimulus package, money way allocated to ensure that eligible Americans receive up to $1,200 plus $500 for each child under the age of 16. While checks are still being sent out, various members of the Senate have noted that they would like to first evaluate the effects of the economic stimulus checks before handing out more aid.
Senator Mitch McConnell has noted that “We need to see how things are working, see what needs to be corrected. We need to weigh our obligations since [states and cities] have taxing authorities as well, and how to divide up the responsibility” And, other senators have voiced concern over adding more money to the already high federal deficit. While this is fair, it adds to the amount of time that will pass until Americans potentially receive aid that they desperately need.
What is The Emergency Money for the People Act?
Two Democratic lawmakers, Ro Khanna and Tim Ryan, have recently introduced The Emergency Money for the People Act. If approved, this is the bill that would grant $2,000 monthly payments to every American over the age of 16 for up to 12 months. In fact, it goes even further, suggesting that families with children could earn up to $5,500, a married couple could earn $4,000 and individuals would receive $2,000. On top of that, it addresses certain issues that the CARES Act does not address, such as the ability for students to receive their own separate checks as well as other payment options for those who don’t have a fixed address or bank account.
Lawmakers have yet to meet on the bill despite surveys that show that 84% of Americans want another round of stimulus checks and 160 million Americans are less than three months away from running out of money completely. On top of that, 65% of people think that stimulus checks are a more effective way to help American families than canceling rent and mortgage payments, showing that people want to pay their bills and stay on top of their debt.
Other Plans for More Stimulus Check 2020 Money
Are there other plans for any other type of government financial relief? Will you get another stimulus check from the IRS even if it’s not through The Emergency Money for the People Act? There are a few other bills being proposed at the moment, but nothing’s gained major traction. President Donald Trump himself has come out and said he’s definitely considering it but beyond that, nothing is close to being passed at the moment.
Other options for stimulus relief packages include a bill proposed by Senator Sherrod Brown that calls for $2,000 payments per person each quarter, rather than monthly. Another proposal called the Getting America Back to Work Act would provide a refundable payroll tax rebate that could cover up to 80% of employer payroll costs. While this isn’t a stimulus check perse, it would help ensure Americans could keep their jobs amid the financial crisis until they can actually get back to work.
Other Options for Emergency Cash
We understand that many people are working hard to make ends meet. Amidst layoffs and a looming recession, the economy has taken a rare, unprecedented turn in the past few weeks that has left many in need of financial aid.
At Earn Cheese, we strive to help as much as we can, not only just by offering great savings with our Cheese Debit Card. We’ve written up resources on:
To help further invest in your financial future, sign up for a debit card that will allow you to save while you spend. Yes, we know it sounds counter-intuitive, but it’s true! With the Cheese Debit Card, you have access to cashback deals, and there's no fee charged. Add that onto our Double Cheese offer and you’ll be raking in even more cash to add to your (hopefully second) stimulus check.
Interested in learning more? Sign up today.