COVID-19 Relief Plan Updates

New Updates on the COVID-19 Relief Plan

There has been a ton of back and forth in our government regarding the COVID-19 relief plan. The first round of stimulus payments were administered in April and since then, there have been rumors regarding another round of stimulus checks. However, both sides of the party have not come to an agreement regarding the stimulus packages. The status of these negotiations seem to be changing on a daily basis.

Currently, the White House is looking at a $1.8 trillion relief package – more than the previous proposal. According to this new comprehensive plan

  • All qualified individuals will receive a $1,200 check, plus $1,000 for each dependent
  • If you are unemployed due to COVID-19, you will receive an additional $400/week
  • The new proposal also includes $300 billion for local governments

The Republican Plan

The Republican party would like to pass smaller bills at a time, rather than one large comprehensive plan. If smaller bills were to be passed, this is what it would look like

  • The same $1,200 stimulus checks would be offered for qualified individuals and their dependents
  • The PPP (Paycheck Protection Program) would continue to be in affect allowing small businesses to take out forgivable loans in order to stay afloat
  • There would be financial assistance for airline employees
  • There would finally be support for the Postal Service in an estimated $25 billion

The Democratic Plan

On the other hand, the Democratic party is looking at a larger stimulus package in the amount of $2.2 trillion

  • The stimulus checks would remain the same at $1,200
  • An increase in unemployment benefits
  • More local funding for schools and hospitals
  • Housing assistance for both renters and homeowners

The initial hope was that we would all receive an answer before the election but as each day passes, that is looking more and more unlikely. The election is only a few weeks away so do not forget to VOTE!!!