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July 6, 2020 Update:
We are now hearing more good news coming from the White House regarding more stimulus checks.
Speaking to reporters today, White House chief of staff, Mark Meadows reiterated the support for more checks from the president and also mentioned additional measures that the president has supported like a reduction of payroll taxes.
“I think the president’s been very clear that he’s supportive of another stimulus check,” Meadows said. “And yet at the same time, we want to make sure that we’re addressing things in a real, systemic way, whether that is making sure that the take-home check for every American is greater with a payroll-tax deduction, whether it’s making sure that we provide incentives for American manufacturing to be brought back from abroad.”
At this point, I think we have just about all the support we could possibly need from the White House when it comes to more stimulus checks.
President Trump is clearly on board.
When asked in an interview with Scripps (local TV news) whether he’s going to give Americans another round of checks, Trump responded: “Yeah, we are. We are.”
When asked how much money it will be, he simply responded, “You’ll find out about it. You’ll find out.”
He also claimed that the next stimulus package will be “very generous.”
And last week we heard Treasury Secretary Steven Mnuchin confirm that the stimulus checks worked very well when he stated:
“We’re going to seriously consider whether we need to do more direct payments,” Mnuchin told reporters on Thursday. “Worked very well.”
It’s true that ultimately the Senate needs to get on board in order for more checks to go out but we also have indications that even Republican senators are getting on board.
So things are looking very hopeful and if you are anticipating more aid I think it is more likely than not that you will receive something, most likely in late August or September.
It looks like there is good news regarding another round of stimulus funding and this time the good news is coming from the White House.
In an interview this morning on Fox News, Senior White House Adviser Kevin Hassett said there “definitely” will be another stimulus package.
This is coming at a time when there are early indicators that the economy is starting to kick back up. One of the biggest signs was released this past week when we saw the unemployment rate drop from 14.7% in April to 13.3%.
Those unemployment numbers are still sky high but it does show that jobs are being added.
In fact, the US economy added 2.5 million jobs in May.
So as jobs come back and businesses begin to reopen, the need for an additional stimulus package becomes less and that is why some people are on the fence about the odds of another stimulus package.
But note there is a difference between a stimulus package and a stimulus package containing an additional round of stimulus checks.
Right now, lawmakers seem pretty certain that an additional stimulus package will roll out.
What exactly will be in there is not 100% clear yet.
Republicans definitely seem set on liability protections for employers. Basically, they want companies to be protected when it comes to bringing their employees back to work when they could become infected.
Democrats are pressing for aid to states and local governments.
And of course, they are also backing one more round of stimulus checks that would pay out in approximately the same way that the first round did with some exceptions.
But there is some strong opposition from Republicans regarding sending out one more round of checks.
Sen. Mitt Romney (R-Utah) flat out stated the prospect of another round of stimulus checks is “unlikely.”
So at this point it’s looking pretty certain that we will see one more stimulus package come out but it’s still not clear if that package will include stimulus checks.
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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.