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GOP to unveil proposal with coronavirus stimulus checks today

By Michelle Jones. Originally published at ValueWalk.

coronavirus stimulus checks

Editor’s note: This article contains the latest news on the coronavirus stimulus package. It’s updated regularly with news about coronavirus stimulus checks and related issues.

July 27, 2020 Update: Senate Republicans are expected to reveal their full coronavirus stimulus package today, but negotiations are far from over. Sen. Lindsey Graham told Fox News over the weekend that half of Republicans are going to vote against the package, illustrating the barriers that still must be overcome before it becomes law.

A second round of coronavirus stimulus checks is expected to receive bipartisan support. Since Senate Majority Leader Mitch McConnell is introducing the package in multiple pieces, it is possible that the checks could be passed even if the other provisions he wants to see don’t pass both houses of Congress.

After Republicans in the Senate reveal their proposal, they will then start negotiating with Senate Democrats. They are on a tight timeline as the House of Representatives leaves for its August recess at the end of the week.

If anything is going to be passed, it must pass at least the House before the end of the week. The Senate leaves for its August recess at the end of next week, so it will have time to negotiate on any revisions made by the House of Representatives.

The big question now is whether bipartisan bickering and infighting in the GOP keeps a second round of coronavirus checks and other provisions from being passed.

Coronavirus Stimlus Checks Are Vital For Economic Growth

July 25, 2020 Update: The US consumer is responsible for 70% of American gross domestic produce. This is why the stimulus check debate is so vital for the US economy. Especially, with business spending out, US consumers are even more vital for economic growth. If the average American does not have some extra money to spend they could take down the whole economy with them.

More and more details about the second round of coronavirus stimulus checks are coming out. We heard that the GOP’s version of the next stimulus package does indeed include more direct payments, but the amount of those payments and other details about eligibility were not released immediately.

June 24th Coverage

Now we know that the GOP’s proposal for a second round of coronavirus stimulus checks is the same as the first round. The bill calls for $1,200 checks to be sent to individuals earning up to $75,000 and couples earning up to $150,000. After those levels, the payments start to phase out, presumably until the $99,000 income level for individuals and $198,000 for couples. That makes the second round of coronavirus stimulus checks the same as the first round.

Confirmation that the second round of coronavirus stimulus checks will be the same as the first round came from Treasury Secretary Steven Mnuchin. He told reporters on Thursday that their proposal “is the exact same provision as last time,” according to Bloomberg.

Update on coronavirus stimulus checks expected today

July 23, 2020 Update:The GOP are continuing to bicker over the details of the Coronavirus stimulus checks package. It appears everyone wants a wide stimulus program, but the devil is in the details. One of the big debates is about unemployment. While not the same as the checks, the two are closely tied together. The Democrats want unemployment to continue, while the GOP believes it is boosting unemployment.

Republican lawmakers say they have reached an agreement on the next coronavirus stimulus package. They expect to reveal the stimulus bill today after three full days of negotiations.

Senate Health Chairman Lamar Alexander said the agreement reflects the GOP’s priorities, which are “back to school, back to child care, back to work.” The stimulus bill includes $105 billion in funding for schools and billions of dollars for COVID-19 testing.

As expected, the bill comes with a price tag of $1 trillion. It includes a second round of coronavirus stimulus checks for families and individuals, liability protections, more forgivable loans under the Paycheck Protection Program, and incentives for businesses to retain and hire employees.

According to CNN, Sen. Roy Blunt told reporters that Senate Majority Leader Mitch McConnell plans to reveal the package today in pieces based on jurisdiction rather than as a single bill. That will bring the beginning of negotiations with Democrats.

GOP bickering may delay coronavirus stimulus checks

Senate Majority Leader Mitch McConnell confirmed that a second round of IRS Coronavirus stimulus checks and payments will be included in the legislation he writes. However, it’s far from a done deal. Divisions among Republicans and the White House mean there is still much more negotiating to do before anything will be ready to go to Democrats for discussion.


Q2 2020 hedge fund letters, conferences and more

McConnell said Senate Republicans in general support a second round of coronavirus stimulus checks. He made the remark following a closed-door meeting on Tuesday.

It was the first time McConnell confirmed that Republicans in the Senate will officially support sending a second round of IRS stimulus payments. He said they want another round of IRS stimulus payments “to help American families keep driving our national comeback.”

Before Tuesday’s remark, Republicans had debated among themselves whether more stimulus checks were necessary due to other priorities. McConnell’s remark is important because it indicates that Senate Republicans have joined Democrats and President Donald Trump in supporting a second round of coronavirus stimulus checks.

Income cap?

Although a major milestone has now been passed with Republicans finally on board with another round IRS stimulus payments, the details remain unclear. McConnell previously said he thought Americans earning less than $40,000 a year have been hit the hardest by the pandemic.

Thus, it was widely speculated that the income cap for the second round of coronavirus stimulus checks would be set at $40,000. However, after his remark on Tuesday, he offered no further details about eligibility for the second round of checks.

House Speaker Nancy Pelosi previously said she thought people earning more than $40,000 probably need help as well, so Democrats may want the income cap to be set higher. The question will be what Republicans come up with as a starting point for negotiations with the Democrats.

Republicans want to keep the next stimulus package at a $1 trillion price tag. A couple of ways to do that would be to tighten eligibility for the second coronavirus stimulus check and to reduce the amount of it.

Republicans split over next coronavirus stimulus package

McConnell’s comment about a second round of IRS Coronavirus stimulus checks payments indicates that at least one provision may have been agreed to. However, despite his comment, many Republicans may not actually support more coronavirus stimulus checks.

News reports indicate that several Republicans are speaking out against the bill as it’s taking shape under McConnell’s leadership. That means there may not actually be as much widespread support among Republicans for a second round of IRS stimulus checks as what is being reported.

CNN and The New York Times both report that the divisions within the GOP have gotten to extreme levels following Tuesday’s close-door meeting. The meeting was aimed at negotiating provisions to include in the next stimulus package.

However, it devolved into a venting session in which key members of the GOP talked about what should and shouldn’t be in the package. CNN quotes McConnell as saying that the proposal he is working “enjoys fairly significant support among Republican senators” and adding but “not everyone.”

In a floor speech before the meeting, he listed the provisions he expects to include in the Republican plan. Those provisions include $105 billion in funding for schools, more targeted funding for forgivable small business loans, a second round of IRS stimulus payments, and liability protections for schools, businesses, healthcare workers and hospitals.

Negotiations delayed by divisions

While many Republicans are rallying behind the proposal, many provisions are still being discussed with the White House. One area of hot debate is a payroll tax cut, which Trump has said must be included in the package, or he might think about not signing it.

At Tuesday’s meeting, many senators reportedly spoke up against the idea of a payroll tax cut. Some even questioned whether another major spending package is necessary as they expressed concern about the federal deficit and how much has already been spent to deal with the pandemic.

Sen. Ted Cruz told reporters that based on where the proposal stood after the meeting, he was “not only a no,” but a “hell no.” Sen. Rand Paul also said he doesn’t support the bill as it stands.

Negotiations on the package were supposed to start in earnest this week, but the divisions within the GOP have significantly delayed them. Republicans still plan to reveal their package this week, but they are swiftly running out of time.

Coronavirus stimulus checks and the broader economy

Both houses of Congress will have to pass the bill by the end of next week. The longer Republicans take to come up with a starting point, the less likely Congress will be able to get something passed before the August recess. Negotiations with the Democrats are likely to be at least as difficult as the discussions among Republicans.

The August recess isn’t the only deadline lawmakers are up against. The extra $600 in weekly unemployment benefits also runs out at the end of the month, and millions of Americans remain out of work.

Democrats want to extend the extra $600 in benefits, but Republicans will likely seek to decrease the amount of extra benefits. However, given the division over other provisions in the bill, the GOP may not have even gotten to discussing unemployment yet, which is likely to be a key sticking point with Democrats.

The New York Times reports that top Republican officials privately said the negotiations are likely to stretch into August, which will leave millions of Americans without extra help as the pandemic continues to rage.

The post GOP to unveil proposal with coronavirus stimulus checks today appeared first on ValueWalk.

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