New $2,000 Monthly Stimulus Checks Proposal

Despite ongoing opposition from the GOP, we’re starting to see action with a new stimulus bill proposal that would involve a second round of stimulus checks and potentially much more.

This new proposal is called the “Monthly Economic Crisis Support Act” and is reported to be introduced today by Senators Kamala Harris (D-CA), Bernie Sanders (I-VT), and Ed Markey (D-MA).

The Act would allow eligible individuals to receive $2,000 per month or $4,000 per month if filing jointly.

In addition, you could receive an extra $2,000 per month for each dependent but only up to a maximum of three total dependents.

So a family of five could potentially receive up to $10,000 in one month.

Payments would be reduced by 10% if an individual’s income is above certain thresholds like $200,000 in the case of a joint return, $150,000 in the case of a head of household, or $100,000 if you don’t fall into either group. 

The payments would continue until the third month after the date on which the Secretary of Health and Human Services determines that the public health emergency has ended. It would also retroactively pay recipients from March 2020. 

Every American would be eligible other than: 

• Any nonresident alien individual
• Any individual claimed as a dependent under section 151
• Estates or trusts

This includes foster youth and the homeless.  The bill also prevents debt collectors from seizing rebate payments.

Payments would be distributed in the same fashion as they were in the first round although the bill also states payments could come “through such other means as are determined appropriate by the Secretary, including through the use of stored value cards and online payment systems.”

“The CARES Act gave Americans an important one-time payment, but it’s clear that wasn’t nearly enough to meet the needs of this historic crisis.” Senator Kamala Harris said.

“The Monthly Economic Crisis Support Act will ensure families have the resources they need to make ends meet. I am eager to continue working with Senators Sanders and Markey as we push to pass this bill immediately.”

Given all of the opposition from the GOP, I don’t see this bill going through as proposed. 

But in the next week or two we will see what type of compromises can be made between Democrats and Republicans with regards to a second round of stimulus checks. There are several surveys out there that show that Americans need more funds to survive over the summer so the facts show these funds are needed.

But it’s just a matter of whether or not lawmakers can come up with a way to provide much-needed relief to these people. 

Here’s the PDF to the proposal of the Act. 

I will be providing updates on the possible second round of stimulus checks so be sure to stay tuned in and if you were not subscribed to click the bell in the bottom right corner of the website so that you don’t miss out on updates.