UNEMPLOYMENT, $1200 SECOND STIMULUS CHECK, AND STIMULUS PACKAGE UPDATE 09/20/2020 (NEXT WEEK!)

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UNEMPLOYMENT, $1200 SECOND STIMULUS CHECK, AND STIMULUS PACKAGE UPDATE 09/20/2020 (NEXT WEEK!)

We heard that White House Treasury Secretary Steve Mnuchin and Speaker of the House Nancy Pelosi had a verbal agreement for “stop-gap funding” to extend the government budget to the end of the year to avoid a government shutdown at this time. Well now that is not the case, they have said they can’t agree on it and we could be looking at a Government Shutdown without an agreement on the budget before October 1, 2020.

Luckily, we are hearing that work is underway in congress and the House is expected to release something next week, their new stimulus package. At this time, it is unclear if this will be a larger version of the Problem Solvers Caucus trillion-dollar proposal or if this will be a smaller version of the now $ trillion dollar version of the HEROES Act. We are expecting it to be revealed this week. As mentioned, the plan is to take this directly to President Donald Trump and receive his blessing on it BEFORE voting on it. They believe if they can get his verbal approval first this could rally Republicans from both the House and the Senate to support the bill. THEN they will vote on in and send it to be voted on in the Senate.

Pressure for a stimulus package is mounting also from the airline industry. In the last round of stimulus, they received a bailout of stimulus conditional to them not performing mass layoffs of their employees for a specific duration of time. Well they are back at Capitol Hill requesting more bailout money and are saying if they do not receive it, they begin layoffs mass layoffs the first day they are able to. That day is October 1, 2020.

Now what happens if we once again see congress unable to come together on an agreement? Will we still see stimulus checks and enhanced unemployment before the end of the year? I believe so, here is why… When elections come it will not likely be a good day for sitting members of congress if no stimulus package is provided. Additionally, it will be very bad for President Donald Trump who has already stated “you will get second stimulus checks” also “you will get another stimulus package” and White House officials saying “no one wants to see stimulus checks in the hands of Americans more than President Donald Trump”. I believe this to be true, it could be for helping Americans for provisions or to boost his chances in elections as it will boost his approval ratings or both. However, we do believe this to be true and it has even been stated by him and many white house officials that Nancy Pelosi is stalling negotiations to sabotage his reelection chances. This might believe this to be true, however Nancy Pelosi is now really starting to work on provided something as members of her own party are no longer supporting her or her negotiation tactics.

So, if no stimulus package is provided likely in the upcoming week we could see President Donald Trump issue executive actions to provide stimulus. He has already stated he has located over 300 billion dollars’ worth of already issued, unused funds from the CARES Act that he will use for stimulus checks.

We will likely see a second stimulus checks in the following form…
$1200 stimulus checks, $500 per child ($1200 in HEREOS) and retroactive for adult dependents

We could see FPUC in the following forms…
Problem Solvers Caucus suggests $450 per week for an 8-week transition period followed by up to $600 per week of wage replacement. It states 13 weeks from mid-October through January however it isn’t clear if that is including or in addition to the 8-week transition time. And if needed a three-month extension of that in February 2021.
In the HEROES Act: FPUC retroactively from when it left off in July all the way until the end of the year at $600 per week on top of unemployment benefits.

As updates come out, I will be sure to share.
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