McConnell did not reference income limits for the stimulus checks in his remarks to the Senate, but he has previously hinted that he would like to narrow them.
The Democrat-led House of Representatives had already passed the $3 trillion HEROES Act in May, but the Republican-led Senate refused to entertain the idea of voting on such an expensive bill.Once CARES 2 is formally introduced negotiations will begin to craft the final bill. President Donald Trump talks to reporters while hosting Republican congressional leaders and members of Trump's cabinet in the Oval Office at the White House July 20, 2020 in Washington, DC. The first series of PPP loans was only intended to help cover eight weeks of payroll costs, so fresh funding is long overdue. House Speaker Nancy Pelosi has said she is willing to delay the recess to pass a stimulus bill but Senator McConnell has not. The check itself would be structured similar to the first one, as an The bill would use a taxpayer’s 2019 tax return if they filed or the 2018 as an alternative.For insight on how Democrats would respond to this proposal, we can turn to the Heroes Act that was passed by the House of Representatives in mid-May.The Heroes Act offered a similar check to the Cares Act - a $1,200 per person payment ($2,400 for joint filers) to those who earned less than $75,000 ($150,000 for joint filers) with a 5% phase out for those earning more than the limit. The bill to be presented by Senator McConnell is expected to be around $1 trillion.That’s a big gap they need to cross during a short window for negotiations. The CARES 2 Act will have three pillars of focus: kids, jobs, and healthcare. This would protect them from “frivolous” lawsuits arising from the pandemic as long as they made a “good faith effort” to comply.Senator John Cornyn released the Safeguarding America’s Frontline Employees To Offer Work Opportunities Required to Kickstart the Economy (SAFE TO WORK) Act that you can read The law would require that a plaintiff prove that the defendant was “grossly negligent” or “willful in their misconduct.” The plaintiff would also have to show that the defendant violated the relevant local public health guidelines at the time of the incident.This won’t necessarily have a direct financial impact for many Americans but it does create a point of contention with Democrats, who called for more OHSA regulation in the Heroes Act, and is another speed bump in getting the bill passed.The American Workers, Families, and Employers Assistance Act increases the percentage of qualified wages reimbursed from 50% to 65% and increased the limitation from $10,000 per employee per year to $10,000 per employee per quarter.There is also a work opportunity tax credit that provides a credit to employers who hire individuals in one of ten targeted groups - it now includes qualified Covid-19 unemployment recipients.It’s important to note that these are tax benefits offered to businesses, not directly to employees.The payroll tax cut was a priority for the White House but it didn’t have a lot of support from Republicans. In his remarks today, McConnell referenced the need for America’s children to be educated and for working parents to have certainty. This leaves them with a deadline of August 7th.
CARES 2 will include $100 billion in … On Saturday, I have been writing about money for over 15 years and recently at I have been writing about money for over 15 years and recently at Opinions expressed by Forbes Contributors are their own.I share strategies for getting ahead financially and building wealth. This will also include how the next round of federal unemployment benefits will be implemented.Senator Marco Rubio (R-FL), Chairman of the Small Business Committee, and Senator Susan Collins (R-ME) have presented a “sequel” to the Paycheck Protection Program (PPP).
Is The Next Stimulus Package Expected Tomorrow?You Won't Believe What May Have Held Up The Next Stimulus Bill Early in the negotiation process, there was dissent between even the White House and Senate Republicans over many aspects of the bill.For example, President Trump had been very supportive of a payroll tax cut and a second stimulus check.