New 2nd Stimulus Package Updates

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BGOL Investor
New Stimulus Package Expected Monday—$1,200 Second Stimulus Checks, Unemployment Benefits Proposed

Updated July 23, 2020

Senate Republicans are expected to introduce their long-awaited, proposed stimulus package on Monday—and here’s what’s likely inside.

Here’s what you need to know.

Second stimulus checks
The stimulus package, which was supposed to be released today but was later postponed to Monday according to CNN, includes second stimulus checks. How much is the second stimulus check? Treasury Secretary Steven Mnuchin confirmed that the amount of the second stimulus check in the proposal will be a one-time $1,200 stimulus check. The good news is that Democrats want the second stimulus check also to be $1,200. The requirements to receive the second stimulus check will be the same as the first stimulus check under the Cares Act, which was the $2.2 trillion stimulus package in March.

Who is eligible for a second stimulus check?
If the second stimulus check is the same as the first stimulus check under the Cares Act, then the second stimulus check would be based on the following:

  • a one-time stimulus check up to $1,200 for each individual;

  • $2,400 for married/joint filers;

  • up to $500 for dependents under age 17.

  • Democrats have called for $1,200 second stimulus checks for dependents (compared to $500 under the Republicans proposal), up to a maximum of three dependents.

  • Income requirements: If you earned less than $75,000 (individuals) or $150,000 (married/joint filers), you would receive a $1,200 second stimulus check.

  • The first stimulus check phased out by $5 for every $100 of adjusted gross income above those income limits until $99,000 of adjusted gross income for individuals and $198,000 for married/joint filers.

Since the Cares Act, there have been countless proposals about second stimulus checks, including keeping the same $1,200 one-time stimulus check to $2,000 a month second stimulus checks. Previously, McConnell suggested that second stimulus checks may only be available to Americans who earn up to $40,000 a year. However, that $40,000 threshold won’t be in the new stimulus.
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BGOL Investor
Unemployment benefits / return-to-work-bonus
The Associated Press reports that Senate Republicans are leaning toward a proposal that would extend extend enhanced weekly unemployment benefits, but they would no longer be $600 a week. Mnuchin told CNBC that unemployment benefits would be based on an approximately ‘70% wage replacement.’ This could equate to about $200 or $300 per week for supplemental unemployment benefits, rather than the $600 a week that Congress authorized under the Cares Act. Why? Many Republicans have believed that the $600 a week unemployment benefit creates a disincentive for recipients to return to work. They also argued that some recipients can earn more than unemployment benefits than from employment. So, Republicans could extend these unemployment benefits without creating, in their view, a disincentive to return to work. Democrats are likely to balk at the proposed reduction is these unemployment benefits at a time when more than 40 million people have applied for unemployment benefits Without congressional intervention, unemployment benefits expire this weekend. Congress may use a stop-gap measure while they finalize terms for unemployment benefits after July. Will there also be a return-to-work bonus? Senate Republicans and the White House previously had rallied around Sen. Rob Portman (R-OH), who proposed a $450 a week cash return-to-work bonus.

g0nbad real bad

Rising Star
BGOL Investor
I tend to believe what I see.
I mean, they are debating about giving ppl $1200 like it can stretch a long way.
You saying he won't get it or it won't last long? Also, its not a question of if its a question of when and how much.

You do know this will be the 2nd disbursement?

Or are you just being adversarial?


well-known lurker
BGOL Investor
Expect it to get everyone about mid-to-late October so Trump can come out and say before the election how grateful you should be that he allowed this check to be given to you twice and over 200,000 will believe he actually solely and only personally did this for them. The level of ignorance of folks use to surprise me when Bush was in office but this the level ignorance displayed and supported is seriously on another stratosphere... Reality doesn't seem real especially here in 2020...

It's a major crisis in the states and around the world and we talking about a major news report on a gotdamn elephant test bruh...:smh:

no reasonable thinking brother can watch this type of white privilege with a straight face...



Rising Star
BGOL Investor
Where does this magical number of $1200 come from? Is there some kind of science/statistical data that says this is the dollar amount needed by Americans to sustain monthly expenses?
It comes from the same place the income limit coms from. I don't understand why the income limit and the amount isn't adjusted for the state/region where one lives.


Curry Is My God
BGOL Investor
was hoping for school loan stimulus. oh well. i kept paying mine even in forbearance. reduced that bitch so when they finally apply the interest it will be lower still.


Rising Star
BGOL Investor
I was able to get the first stimulus because I had not filed my 2019 taxes. Now that I have filed, I will not qualify based on income. Does anyone know if I would still be able to get the dependent benefit or is it an all or nothing situation?


Look into my eyes you are getting sleepy!!!
BGOL Investor
This is why politics is shitty
Haggle over what do give people
They haven't missed a check
And haven't taken a pay cut
No this is why the GOP are shitty when it comes to helping regular people this is what you get from that party especially if it’s something to do with money. If these GOP assholes had Their way that wouldn’t be any unemployment insurance in this country.