Millions of Americans are still out of work due to the coronavirus. Some states are beginning to test a limited reopening, but many businesses remain closed. Unfortunately, quite a few companies will likely go out of business permanently. So, many people will still have reduced or no income for the foreseeable future. The government has increased unemployment payouts to help provide support during this time. However, overwhelmed unemployment offices are unable to process new claims quickly.
Even after the pandemic slows, it will be a long time before the economy recovers. While one stimulus payment was already issued, it was not nearly enough for a large number of people. So, there is a new proposal currently in a discussion that would provide a stimulus payment each month for all Americans.
Current stimulus payment package
If you were eligible, you may have already received one stimulus payment from the first economic impact package. Most Americans qualified for at least some money. Those who qualified for the full amount received $1,200 per person, and an extra $500 per child. If you had your 2018 or 2019 tax returns direct deposited, then the stimulus payment should have been direct deposited into the bank account you gave for your taxes. Those not participating in direct deposit had their checks mailed to them. However, this process takes much longer and many people have not received checks yet. Regardless, most of that money is already spent, and people are still no closer to returning to work.
Proposed new stimulus payment
Congress has realized that $1,200 per person does not come close to meeting the needs of most people. So, they have introduced a possible solution called the Emergency Money for the People Act. This bill proposes a larger, ongoing relief payout. Single, American citizens who are 16 or older and make under $130,000 per year would receive $2,000 a month. While married couples making less than $260,000 a year would get $4,000 per month. Families with children would receive an extra $500 per child, up to three children.
Qualifying recipients would receive the stimulus payment every month for a minimum of six months. After six months, payments would continue, until unemployment levels recover and fall back down to pre-coronavirus numbers. While this is just a proposal at the moment, it is very likely that some sort of second relief package will pass.
Rent and mortgage relief bill
Another possible plan is the Rent and Mortgage Cancellation Act. With this bill, Americans would not have to make rent or mortgage payments on their primary residence for up to a year. As these payments account for a large part of most people’s monthly bills, it would be a huge help. If another stimulus payment package is not passed, this bill would still provide relief for those struggling to make ends meet.
Other relief options
In light of the current situation, many companies have internal programs in place to help people who are unable to pay their bills. If you need more help, don’t be afraid to contact your mortgage company or landlord and work out a payment plan. Also, many utility companies are offering extensions or reduced rates. Even your credit card company may be willing to work with you to help you out during this time.
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While you’re waiting for the next round of stimulus payments or relief, take this time to make sure you have everything you need to get the largest amount of relief you qualify for. Don’t wait until it’s too late and miss out on your money. Start your application now and get your birth certificate on its way to you.