The most important financial news is in regards to the current U.S. coronavirus relief bill that was recently signed by the president. The previous stimulus was quite a few months back and some more is needed by businesses and consumers alike. While it’s only half the amount as the initial one, even a little bit helps.
Status of the Checks
Some government officials want to increase stimulus checks from $600 per individual to $2000, which is quite a bit more than the first at $1200. Whether or not this can happen ultimately depends on what everyone agrees on, which doesn’t seem to be like too much that will warrant the larger amount.
If Americans receive $600 checks for individuals, this is likely just a downpayment for what’s really needed. Future stimulus aid is being discussed which may or may not be a similar amount than this. Increasing the amount by triple in size will increase the cost of the bill by a lot, from $164 to $463 billion in relief.
Luckily, the bill also extends financial aid to individuals that were receiving unemployment from the CARES Act passed last March. This is for workers that aren’t formally employees under Pandemic Unemployment Assistance and official employees that receive Pandemic Emergency Unemployment Compensation payments. It also adds a weekly $300 to this underlying aid.
If you’re looking to get these benefits, make sure you check with your state’s government. Their website should have all the information you need to get or continue the income benefits that you need. It’s possible that the details are still being worked out, so make sure to pay attention to the development and see what you need to do.
While these checks will do a decent amount in helping people and the economy, it’s still not clear what’s going to happen. In this case, it’s best to stay up-to-date with the latest financial news so you can make the best decision for your finances.