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A mind-bending 26.5 million Americans have sought unemployment benefits since mid-March, with Chris Rupkey, chief economist at MUFG in New York claiming that it “would take a miracle to keep this recession from turning into the Great Depression II.”
Lawmakers are quickly realizing that with no definitive end to the pandemic in sight, the $1,200 most Americans received from the CARES Act isn’t going to cut it.
Here are four of the current stimulus proposals that could put more money into your pocket if signed into law.
Emergency Money For The People Act, proposed by Representatives Ro Khanna (D-CA) and Tim Ryan (D-OH): Eligible Americans (making less than $130,000) would receive $2,000 in cash per month guaranteed for at least six months. The payments, which would not count as income, would continue until the employment to population ratio for people ages 16 and older is greater than 60%.
Rent and Mortgage Cancellation Act, proposed by Representative Ilhan Omar (D-MN): Payments on all rental homes will be cancelled and landlords would instead apply to have their losses covered by the federal government through a Rental Property Relief Fund. All home mortgage payments will be suspended with mortgage holders being eligible to apply to recoup losses via HUD-operated Home Lenders Relief Fund. The payment forgiveness will take effect immediately and last through one calendar month after the end of the national emergency declared on March 13, 2020.
Getting America Back to Work Act, proposed by Sen. Josh Hawley (R-MO): Provide a payroll tax rebate that covers 80 percent of payroll expenses which will allow business to more easily hire/retain employees. The plan would also establish a rehiring bonus for employees who were laid off and were later rehired.
Automatic BOOST to Communities (ABC) Act, proposed by Congresswomen Rashida Tlaib (D-MI) and Pramila Jayapal (D-WA): Immediately provide a U.S. Debit Card pre-loaded with $2000 to every person in America. Each card would be recharged with $1,000 monthly until one year after the end of the Coronavirus crisis. The goal of the bill to be indiscriminate, so taxpayers, non-citizens, dependents, and individuals who do not have a bank account/permanent address would all receive payments.
[h/t Forbes]