Has An Agreement Been Reached On The Second Stimulus Package

However, the multi-party proposal does not provide for a new $1,200 cyclical review. One possible complication is whether a second set of payments would overlap with the IRS`s preparations for the annual tax reporting season, which will generally begin at the end of January and will require significant Agency resources before programming and testing computer systems. Here`s what we know – the White House, the Senate and the House of Representatives agree that a second stimulus package is needed, and it`s also a second cyclical test. The fact that these divided entities are at least able to agree on this point gives hope. If an invoice that involves a direct payment passes, here`s how fast we think the IRS could send a second stimulus check. McConnell`s “skinny” bill is a $500 billion package that involves supporting small businesses and increasing unemployment benefits, but does not offer any other direct relief. Earlier this month, McConnell told reporters that he did not want another CARES bill: “I don`t think the current situation requires a multi-billion euro package. That is why I think it should be very focused.┬áHis plan looks similar to the $500 billion McConnell has pushed for months, but democrats have long called insufficient. If the talks disintegrate again by January 20: if partisan differences prevent the passage of a bill, it is likely that they will somehow resume after the inauguration in January. Here are some executive steps Biden could take immediately after the president if a stimulus package has not been adopted until he is sworn in. Editor`s Note: We will update this article daily to reflect congressional discussions and negotiations on the next federal stimulus package. Last updated: August 5, 2020. “[The next stimulus package] must, no legislation will pass the Senate without the protection of liability for all in relation to coronavirus,” McConnell said in a recent shutdown in Kentucky, as reported by The Hill.

“No one should have to deal with an epidemic of complaints about the heels of the pandemic that we have already associated with coronavirus.” The current proposal between the parties provides for an increase in unemployment benefits, but no funding for a new round of direct payments that would reach most households. The inclusion of payments that amount to cheques of more than $1,200 in the spring would cost hundreds of billions of dollars, and Republicans have made it clear that $900 billion is already more than they want to spend. Many Republicans call this round of negotiations an “emergency aid package” and not a stimulus package. A bipartisan $908 billion stimulus package is expected to be released Monday to reach about half of House of Representatives spokeswoman Nancy Pelosi`s $2,200 billion measure, but nearly twice as much as a $500 billion “targeted” approach, favored by Senate Majority Leader Mitch McConnell, R-Ky. The new plan is expected to include an increase in federal unemployment benefits of $300 per week, a freeze on forced evictions, funding for public and local aid and money for small businesses. It also includes funds for the distribution of transport and vaccines. Is it possible, then, that an agreement will include stimulus measures? Republicans are following two proposals for the next round of stimulus plans. The new proposal will be tied to an end-of-year spending law that would keep the government in action beyond a December 11 deadline.

Congress will go on vacation at the end of December and push back the issue of stimulus plans in January, possibly after the inauguration of President-elect Joe Biden.