McConnell Iffy About Stimulus 2.0
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Some of you are saying that you already received your stimulus check in the mail, oftentimes postdated to April 24, but a lot of you are saying that your banks are accepting them, and that’s great, and I’m happy for you.
But man, the IRS and Mnuchin on Sunday, they’re really pushing the Get My Payment Tool so people can input their direct deposit information to avoid having to send out paper checks because they say it’s more efficient and safer, and yet the irony is they’re already sending out paper checks apparently.
Anyway, the big stimulus news is that the Senate has passed the $484 billion Paycheck Protection Program and Health Care Enhancement Act, this is the act that I mentioned yesterday that would likely pass the Senate yesterday, which it did. The House is likely to approve it this week, and President Trump could possibly sign it this week as well.
I’ll talk about that in a second, but I wanted to mention one thing that Mnuchin said in the press briefing yesterday, he said that the Treasury Department is, and I quote, “going to be supplementing our capability and sending prepaid debit cards so we can get money out quickly to people,” and by “people” here I’m assuming he means those that are unbanked or underbanked, so that’s all I have on that right now, if anything develops on that front, I will be sure to let you know.
Let’s get back briefly to the Paycheck Protection Program and Health Care Enhancement Act, this act if passed, which is very likely, would infuse more money into the Paycheck Protection Program for small businesses, that’s the forgivable loan program, that I’ve spoken about in previous episodes.
Now, if you’re not a business owner, what do you care?
This relief bill for small businesses is the thing that Congress has been focused on recently, so now that it appears that this bill will become law this week, hopefully we will see a revived discussion of direct cash payments to and other relief measures for American citizens.
We know that Pelosi, Speaker of the House, is in favor of more direct cash payments, many members of Congress are in favor of more direct cash payments, more stimulus checks essentially.
We’ve gone over the proposed Emergency Money for the People Act, proposed $2,000 – $5,500 per month per house, we’ve gone over the proposed Rent and Mortgage Cancellation Act, we’ve gone over Schumer’s proposed Heroes Fund, a lot of ideas, not much action taken on them yet, but hopefully the focus will shift from business relief to personal relief.
But, road Mitch McConnell, powerful Senate Majority Leader essentially said, “Whoa, nelly.”
He said that they will not consider another stimulus until the Senate is back in full session on May 4, and he also said, and I quote, “I think it’s…time to begin to think about the amount of debt we’re adding to our country and the future impact of that. Let’s weigh this very carefully, because the future of our country in terms of the amount of debt that we’re adding up is a matter of genuine concern.”
Now, as much as we’d all love more money direct deposited into our bank accounts, McConnell raises a valid concern, what will be the long-term cost to this country of essentially printing money and sending it out to the people?
I suspect that the Republican position may be more along the lines of, let’s get the economy going on, let’s get people back to work, let’s re-open America, while Democrats seem to favor more direct cash payments to individuals, but we’re just going to have to wait and see what happens here, it’s exciting, and I’m sure we’ll see a lot of developments here in the next few weeks about a potential new stimulus.
The deadline to use the IRS portal for non-filers to input your dependent children under the age of 17 if you’re on Social Security, SSDI, SSI, VA benefits, has come and gone, it was at noon today Eastern Time today. I mentioned this in my update yesterday and the one I posted Monday evening.
What if you missed the deadline? Well, at this point it looks like you will have to file a 2020 tax return to receive the $500 for dependent children under the age of 17. You’ll still get your $1,200, hopefully this week if you’re on Social Security or SSDI and on direct deposit, hopefully by early next month if you’re on SSI.
But two Congressmen, John Larson of Connecticut and Danny K. Davis of Illinois, are urging the Treasury Department to provide for “additional accommodation” for those of you in this position who missed the deadline today, if anything comes of that, I will be sure to update you.
So a lot of people were tweeting and messaging me that they got their stimulus payment. I’m happy for you, but as I can tell in the comments, not everybody has, but people still have questions.
That’s about it for today, obviously keeping a close eye on what Trump, Mnuchin, Speaker Pelosi, the other Congressional leaders, what they are doing and saying right now.
And I hope it’s good news for you, and I will be sure to update you as things progress both with this current stimulus and any future stimuli, I also have some other videos in the works on some other topics that people requested, so I’m quite busy working on those for you all.