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Next week should be the most important week we have been anticipating when it comes to finding out details about the next round of stimulus checks.
It’s possible that on Monday, we will finally hear details about the counter proposal that will be offered up by Republicans.
What exactly that counter proposal will contain is still largely a mystery.
It is suspected that a second round of direct payments will be authorized by this new stimulus package but we still don’t know for sure.
And we also don’t know if there will be income limitations for eligibility and if the payment amounts will be smaller. There were talks about limiting eligibility to those making under $40,000 per year although recently it seems like that idea has lost traction.
While the details are still being worked out, Senator Kamala Harris has made a final push for monthly recurring stimulus payments.
During an interview with MSNBC, she stated:
“Through the course of this pandemic and crisis, we need to give people $2,000 a month as recurrent payments—people below a certain income level—to help them and sustain them through these months of crisis so at the end of it, they can get back up on their feet instead of falling deep deep deep into the crevices of this crisis. And, it does not make any sense, to your point, when we have Republicans in Congress who are standing in the way of supporting working people who have recently lost their jobs—[and] have every intention of working—when we can get through this crisis and [they] just need help from their government.”
The $2,000 a month recurring stimulus checks were proposed by Senator Harris along with other senators like Bernie Sanders via the Monthly Economic Crisis Support Act.
This act would authorize payments up to $2,000 a month for people earning up to $120,000 per year. Married couples who filed jointly could receive up to $4,000 and families would be allowed $2,000 for each dependent (up to a maximum of three).
This bill received a lot of interest and excitement when it was first introduced a couple of months ago. And it’s not hard to see why — it would potentially authorize up to $10,000 a month in payments for some families.
But after we started to hear more from Republicans in the Senate, it was clear that this proposal was more of a pipe dream than anything else.
And now, despite the final push by Democrats like Kamala Harris to get people on board with monthly recurring stimulus checks, I think lawmakers have already made up their mind that they are only committed to one additional round of stimulus checks (if that).
So while this type of aspirational plan could potentially work wonders for some people, I would put the chances of it passing to as close to zero as you can get.
Instead, I would anticipate receiving one more stimulus check from the government if you were eligible for the first round.
We just need verification about eligibility for the next round which we might be getting this week.
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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.