Finally after many months of negotiations, a second coronavirus relief package costing a whopping $2.4 Trillion has been approved by Congress, but the President wants more money for Americans and dump the foreign aid. The bill includes unemployment benefits, aid for small businesses for most Americans, money for retired Americans too, with $1 Trillion going to foreign aid on border protections.
Even though the bill has been touted to be just $900 Billion to the public, there is over $110 billion in tax breaks that would upset many Americans. These giveaways include big tax cuts for liquor producers, the motorsports entertainment sector, and manufacturers of electric motorcycles. More disturbingly, over $1 Trillion is set aside for foreign aid on border protections and other pork belly spending for other countries. This has upset President Trump. The foreign aid seems ridiculous when our national debt is already overwhelming and many Americans are without jobs and needing help! Total cost to Americans would be $2.4 Trillion. Who are we kidding? It’s time for a major overhaul in Congress on both sides! We praise President Trump for speaking up for Americans and have this stimulus bill modified mainly for Americans!
This is what is currently proposed for the $900 Billion going to Americans!
Unemployment benefits include up to $300 per week and roughly $284 billion to help businesses via Paycheck Protection Program (PPP) loans. It also has rental assistance worth $25 billion, aid for schools and colleges worth $82 billion, and an extended eviction moratorium to January 31.
The stimulus checks will only be $600 per eligible adult this time compared to $1,200 per adult and $500 per child under the precious CARES Act earlier this year. Although the second stimulus check is less for all Americans, children will be eligible for $600 this time. President Trump wants this increased to $2,000 per eligible person!
There will be income thresholds on the second stimulus checks. Single tax filers with no dependents earning over $87,000 last year won’t be eligible. The same applies to married couples filing jointly earning over $174,000. These limits compare to the previous limits of $99,000 and $198,000 for last year.
So who receives their stimulus money first and when? Americans who received direct deposit from the IRS on last year’s tax returns or same with Social Security recipients will receive their stimulus checks as soon as next week. If you received a refund via direct deposit, you should see your stimulus money very soon. Similarly, Americans who had their checks mailed will receive their stimulus money early next year. The IRS also mailed debit cards previously and will likely do the same this time.
Many Social Security recipients who receive their monthly benefits through direct deposit will receive their stimulus checks very soon. If you didn’t provide direct deposit info to Social Security and received a check last time, you will see your stimulus checks later too.
Regardless, this isn’t good news for many Americans who need more money to survive!
Editor’s Note: If the bill is modified and approved by the President: for Americans not needing the extra stimulus cash, consider donating some or all of your stimulus money to your local Food Bank as many Americans, young and old, are struggling to survive as seen on the various news channels. The Food Banks need your help!