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Stimulus Act Updates I 2020

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Jessica Shaw

While we are beginning to see certain states start to reopen beaches, restaurants and public businesses, it will be interesting to see how the government continues to handle kickstarting the economy as well as stabilizing the returning workforce. 

As of April 21, 2020 the Senate has approved a bill that provides an additional $484 billion of financial relief to America’s economic recovery during the COVID pandemic. From these funds, $310 billion serve as an extension to the Paycheck Protection Program (PPP) which was released as part of the CARES Act in late March (and ran out of funds by April 16). The remaining finances will be contributed to these new acts that are being proposed. 

Emergency Money for the People Act

The first round of stimulus checks were sent out in early April and now these emergency cash payments offer additional financial support to both American individuals and families. However, there are some key differences between the two. For instance, people will receive $2,000 not once but monthly as well as an additional $500 for families with up to three children. Here are some eligibility requirements for these payments.

  • Must be a U.S. citizen 
  • Must be 16 years or older 
  • Income must be less than $130,000 

Rent and Mortgage Cancellation Act

This act would offer full payment forgiveness and allow for Americans to not have to pay rent and home mortgage payments for the duration of the pandemic. Additionally, the Emergency Rental Assistance Act would distribute funds totaling $100 billion to lower income households who struggle to pay monthly rent payments. It is already supported by the National Low Income Housing Coalition, but is still under consideration and is expected to be passed later this month (May 2020). 

Getting America Back to Work Act

By covering a majority of payroll expenses, the government aims to pass this act to enable businesses to effectively sustain their employee count during the virus in addition to hiring new people in order to re-stimulate the workforce. This act would also provide a “rehiring bonus” to employees who have been fired or laid off due to the impact of COVID-19. 

No matter where you live and what your political views are, this virus has changed everyone’s lives. With these new acts still being under consideration, hopefully these efforts to get us back to some "sense of normal" will be beneficial for all of society. 

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