Billionaire Mark Cuban has proposed a new type of stimulus check plan that many are interested in.
Under this plan, every US household would be given $1000 every two weeks for the next two months.
This coincidentally is when a potential coronavirus vaccine may be available
The catch with these checks is that they would have to be used within 10 days of receiving it.
This means that you would not be able to save the $1000 but instead would be forced to “use it or lose it.”
The idea behind it is to simply inject more money into the economy and get cash flowing throughout the country.
“The whole goal is to get that money every two weeks into the economy” said Mark Cuban.
“Once businesses start having demand, even if they’re closed and working online, then there is a reason for them to be able to bring back employees and retain those employees if demand is sustained.”
This is not the first time that Mark Cuban has floated this idea. He last talked about it in May of this year
How much would a plan like this cost? That is a good question but probably somewhere around $500 billion at least.
The most popular current stimulus package proposal is valued at around $1.5 trillion so this total amount could fit within that budget.
The problem is that Republicans in the Senate would never go for such a package.
At best with the current Republicans you are looking at one more round of stimulus checks valued at around $1200 per individual.
The same thinking goes for some of the other stimulus check proposals that were drawn up over the summer which included payments of up to $2000 per individual.
So if you see some headlines regarding these new stimulus check plans, just be aware that it is something that is not likely to happen.
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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.