A Breakdown of the 3 New Stimulus Plans Being Proposed
Many people have already received money from the most recent stimulus package, but three more plans are being developed.
The CAREs Act provided the Americans with a $1,2000 check if they made under a specific income. While some people are still waiting to receive their first stimulus check, three new plans are being proposed. There seem to be a lot of rumors going around on the internet so here is a breakdown of each proposed plan, according to Forbes.
Here's a quick look at each proposed plan:
Plan A: Emergency Money for the People Act
This plan would provide a $2,000 monthly stimulus check for up to 12 months, as stated by Forbes.
Plan B: Rent and Mortgage Cancellation Act
This plan according to Forbes would cancel rent and mortgage payments for up to one year
Plan C: Getting America Back to Work Act
This plan provides a payroll tax rebate that covers 80% of payroll expenses. Forbes reports that the idea is to enable businesses to more easily hire and keep employees.
Here's a more in-depth look at each proposed plan:
Emergency Money for the People Act
This plan is to get money directly to people, It was introduced by two Representatives, Ro Khanna (D-CA) and Tim Ryan (D-OH), according to Forbes. This is to give a $2,000 monthly stimulus check, and $4,000 for married couples, for up to one year. Families would also get an extra $500 per child for up to three children. All citizens over the age of 16 would receive the full payment. If you earn over $130,000, and $260,000 for married couples, annually, you would not get the stimulus. Even if you are claimed as a dependent on someone else's tax return, you would still be able to get the full payment., unlike the CAREs Act.
Rent and Mortgage Cancellation Act
According to Forbes, this plan was introduced by Representative Ilhan Omar (D-MN). It would cancel rent or mortgage payments for an individual's main residence for up to 12 months. If you have multiple households, you would not be able to get multiple credits. This would include no debt accumulation for homeowners and renters and no negative marks on your credit history. For landlords and mortgage lien holders, they would be able to get paid through the Rental Property Relief Fund and the Home Lenders Relief Fund that would be established by the bill. This would pay landlords and mortgage holders to cover their losses that come from tenants and homeowners not paying rent and mortgages.
Getting America Back to Work Act
According to Forbes, Senator Josh Hawley (R-MO) proposed this bill. The idea is to create a refundable payroll tax rebate. This would cover 80% of employer payroll costs, up to the median wage. There would also be a rehiring bonus for employees who were laid off but then rehired. This plan does not have a time limit and would last through the duration of the COVID-19 pandemic. The focus of this plan is to not give people a direct payment but to rather keep them employed and on the payroll. It also hopes to reduce the amount of time companies will need to reboot their business and to relieve the unemployment system.
Which plan would you like to see passed the most? Comment below or on our Facebook page to let us know.