Today, we received more details from White House economic adviser Larry Kudlow regarding a second stimulus package and round of stimulus checks.
First, it looks like there is confirmation that negotiations will not be finalized until after the July recess.
This was already expected and it was just confirmed as Larry Kudlow stated that current discussions of a second round of stimulus relief is in a stage of “pre-decisional, shall we say rumors.”
Congress will take its month long recess on August 8 so many experts are speculating that the absolute latest a decision will come will be on the 8th of August, although a deal could certainly be made before then.
When asked to provide details about the potential package, Kudlow stated, “After the July recess, there is likely, highly likely – to discuss – in the House, the Senate and the administration new plans for economic growth … there is almost certainly going to be a package. What’s in the package? I don’t want to predict.”
So it sounds like the contents of the package are very much up in the air.
We have seen a lot of talk about focusing on helping small businesses, rolling out payroll tax cuts, and building infrastructure and manufacturing jobs.
Referencing Trump’s preference for second package, Kudlow also stated that, the president “wants to help out with some form of tax relief for restaurants, entertainment, athletic contests, and things of that sort. We want to help out the tourism business which has been hurt very badly and we also want to reward people who are re-employing, that are going back to work. I think that’s very important. We’re also very concerned about protecting liability insurance in COVID-19 cases for small businesses and everybody and maybe some targeted spending discussions going on between the three major bodies,” the White House economic adviser said.
We haven’t really heard a lot of details about a second round of stimulus checks. In fact, a lot of the talk is centered around the proposed $4,000 vacation credit that would incentivize Americans to get out and travel.
It seems that the focus is on businesses and not individuals at this point. And that would seem to suggest that a second round of direct payments to Americans will not happen.
However based on what the economic adviser to the White House stated, it is still too early to definitively state whether or not the second round of stimulus checks will be issued.
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.