By Michelle Jones. Originally published at ValueWalk.
Americans are still receiving payments from the first round of coronavirus stimulus checks, but calls for a second round are increasing. Some proposals go so far as to call for monthly payments to consumers for a set period of time, while others would institute a second round of one-off payments.
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Proposal for a second round of coronavirus stimulus checks
According to Forbes, the Automatic BOOST to Communities would provide a second round of coronavirus stimulus checks plus a monthly payment via a debit card. The bill calls for an initial $2,000 payment, followed up by $1,000 payments every month until one year after the COVID-19 crisis is over.
It calls for the use of a BOOST debit card instead of checks to help those who do not use a bank or have access to check cashing services. Taxpayers, their dependents and even non-citizens would be eligible for the payments. Americans living in unincorporated territories and abroad would also be eligible to receive the payments.
Each taxpayer and their dependent would receive their own debit card with $2,000 initial payments and $1,000 monthly payments. For example, a family of four would receive four debt cards with the same amount deposited on each card.
Other proposed stimulus measures
Forbes provided a rundown of three other proposals for additional stimulus. They wouldn’t provide a second round of coronavirus stimulus checks, although one does call for monthly payments.
The Emergency Money for the People Act calls for $2,000 stimulus checks every month for up to a year. Married couples would receive $4,000 a month for up to a year. All taxpayers and dependents age 16 and up would receive the entire $2,000 if they earn less than $130,000 per year or $260,000 per year for married couples. The bill also calls for $500 per child under the age of 16 up to a maximum of three children. It enables the stimulus payments to be provided via check, direct deposit, prepaid debit card. or PayPal or other mobile money platforms.
The Rent and Mortgage Cancellation Act calls for mortgage and rent payments on primary residences to be canceled for up to a year. Homeowners and renters wouldn’t accumulate any debt, so the payments would be completely canceled instead of delayed via forbearance like mortgage payments can be under the CARES Act.
The bill would also et up the Rental Property Relief Fund and the Home Lenders Relief Fund under the management of the Department of Housing and Urban Development. The funds would pay mortgage holders and landlords to cover losses that are racked up by homeowners and tenants not making their mortgage or rent payments.
The Getting America Back to Work Act would create a refundable payroll tax rebate to cover up to 80% of payroll costs up to the median wage. It would also pay a rehiring bonus for employees who were laid off due to the coronavirus pandemic. The program would last as long as the COVID-19 crisis continues.
The bill would help ease some of the pressure on states’ unemployment systems, which have been overwhelmed as millions of Americans filed for unemployment after being laid off due to COVID-19.
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