Another Stimulus Check Could Be Coming

by 2 weeks ago

Unplash/Louis Velazquez


 

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While COVID has geared up for a second wave, congress is preparing its response. Republican Senate members revealed a $1T COVID relief package yesterday, after days of behind the scenes negotiations. I’m sure those went smoothly.

What’s in the box?!?!?!

Many of the figures were open secrets… like the $16B in new COVID testing funds, and $105B for schools. The icing on the cake? A five-year protection to private businesses from coronavirus related lawsuits–unless entities can be proven to have engaged in “gross negligence.” So basically the everyday equivalent of signing a waiver before you go bungee jumping.

If you’re looking for beer money this month, we’ve got good news. If approved, there will also be another round of $1,200 stimulus checks for hard-working Americans. And even those that don’t work hard, but fall within the right tax bracket. 

And what about the businesses? 

They’ve got another wave of PPP loans coming their way, should a deal get passed. The catch? Businesses must have lost more than 50% of revenue to be eligible for a loan. Oh, and the businesses can only have 300 employees, compared to the 500 employees that made companies eligible the first go around. *Harvard frantically writes up pink slips* 

So what about the people who don’t have jobs? 

They’re covered… kinda.. A proposed deal would cover state-funded income replacement up to 70%, but for the unemployed’s sake, the states have got to move quickly. Until states come up with a way to split the difference, those folks would be seeing the $600 per week they’ve been making cut to just $200 per week. The $600 per week runs out on Friday. So, you’re saying there’s a chance? 

The bottom line…

The good news? We might be out of the woods soon… maybe…

Moderna and Pfizer kicked off phase 3 of their vaccine trials on Monday. More than 30k people will be enrolled in the trial, which will be used to determine the vaccine’s effectiveness against COVID, and whether it should be cleared for use by everybody.

Moderna will be doing its tests in 90 locations across the US, while Pfizer’s trial will hit 120 locations globally… which seems like entirely too many locations if mutant disease/zombie apocalypse movies are any indication.

Water Cooler Talking Point(s)

💧 “A free, relatively untested vaccine that’s rushed to market? Pump me full of it, Fauci. Whatever it takes for bars to reopen.” (AJ, The Water Coolest HQ)

 

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The Water Coolest is a daily business newsletter consisting of business news, financial advice, and unfiltered commentary. Delivered fresh in your inbox every morning so you're ready to snap necks and cash checks. Written by Tyler Morrin, AJ Glagolev, Nick Ellis, and Ian Barto.

TAGS20/20congresscoronaviruscovidPoliticsSenate