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Many people are currently awaiting a stimulus check from the government to help reduce some of the burden caused by the coronavirus. (Many have also had issues getting that check confirmed.)
But there are major plans in the works to potentially provide much more assistance to individuals all across the country.
The major difference in the next round, is that these might be more long-lasting benefits instead of a one off check.
Below are three different proposed types of funding and benefits that the public could see in some form in the weeks or months to come. Some of these are extremely generous and could change lives for sure.
I would not get my hopes up on all of these passing as currently stated, but I would expect something to come out of these proposals that benefits a lot of people.
$2,000 monthly stimulus check
There is a proposal for the Emergency Money for the People Act that would contain a $2,000 monthly stimulus check that could be issued for up to one year.
Individuals would receive $2,000 while married couples would receive $4,000 and there would likely be an additional $500 per child (up to a maximum of three).
The big difference between this and the CARES act is that all citizens 16 and over would receive the full payment if they earn less than $130,000 per year or $260,000 for married couples.
Even those who are claimed as dependent would be able to claim stimulus payments — a major change.
This act will also make it easier to receive your funds.
Not only could you receive them via direct deposit but you could also get them via pre-paid debit cards or platforms like Venmo, PayPal, etc.
No rent or mortgage payments for one year
The Rent and Mortgage Cancellation Act would cancel rent or mortgage payments for a primary residence for up to one year. (Only one individual per household could receive the credit.)
These would be for rent payment or mortgage payment forgiveness for the primary residence and no debt accumulation along with no negative marks on your credit history. Landlords and mortgage holders would be paid by the Department of Housing and Urban Development for losses sustained.
Payroll tax rebates
The Getting America Back to Work Act would create a refundable payroll tax rebate that could cover up to 80% of employer payroll costs up to the median wage. It could also set re-hiring bonuses for employees who were re-hired after being laid off.
This would last for the duration of the health emergency.
These are three extremely powerful avenues of relief that could completely change the circumstances for millions of people around the country.
I’m not sure which of these will make it through congressional debates but I am hopeful that we will see at least some form of these benefits approved and that more Americans will see financial relief in the coming weeks and months.
Ultimately, until things open back up these packages will only help so much but at least they can help millions of people avoid the worst case scenario of going without shelter or food or declaring bankruptcy.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.