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Stimulus Check Update and Stimulus Package Update August 19, 2020

Stimulus Check Update

Stimulus Check Update and Stimulus Package Update August 19, 2020

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Quick Overview

  • The Republicans released their new stimulus package proposal which will extend unemployment benefits for $300 a week, give a second round of PPP money, but there is no mention of a second stimulus check.
  • The Democrats are putting pressure on their own Democratic Leaders to pass a partial stimulus bill on the issues that both the Republicans and Democrats agree upon in the stimulus package.
  • The PostMaster General announced that they will delay cutbacks in the Post Office until after the Presidential Election. The Democrats applied enough pressure on the Post Office and Nancy Pelosi said “They felt the heat. That’s what we’re trying to do, make it too hot for them to handle”.
  • Joe Biden and Kamala Harris have been officially nominated by the Democratic Party at the Democratic National Convention.
  • Chuck Schumer, Leader of the Democrats in the Senate, promises to make bold and dramatic changes to the United States if the Democrats win back the Senate.
  • Tax Professionals are warning clients that unemployment benefits are taxable income and you may be stuck with a surprise tax bill on your tax return next year.
  • Covid-19 is now the third leading cause of death in the United States, behind heart disease and cancer.

New Stimulus Package Details

The Republican’s new stimulus package proposal will cost $500 billion dollars. Final details have not yet been released but it is expected to include the extension of federal unemployment benefits for $300 a week until December 27th. It will provide $105 billion dollars for schools, a second round of PPP, $10 billion to the Post Office, and will give legal liability protection for businesses and medical facilities. In this updated proposal, there is no mention of a second stimulus check.

Post Office Situation

The Post Office has been a money losing operation each year since 2007. In 2019, the Post Office was operating at a loss of $8.8 billion dollars. PostMaster General, Louis DeJoy, says that he was implementing cutbacks at the Post Office to secure the success of the Post Office and its long-term sustainability. The Democrats accused the PostMaster General that cutbacks were being implemented in order to interfere with the mail-in votes for the Presidential Election.

Yesterday, the PostMaster General gave in, and he said that he will postpone the cutbacks until after the November election Speaker of the House, Nancy Pelosi, said that this postponement was necessary but still insufficient. Pelosi says that this does not reverse the damage that has already been inflicted, therefore, the House of Representatives will still vote on the Post Office Bill this Saturday.

The Democrats are now telling their Leaders, Nancy Pelosi and Chuck Schumer, that they need to extend the unemployment benefits in addition to the Post Office Bill. The Democrats wrote a letter to Nancy Pelosi saying that they need to help the American people.

The Democrats are telling their leaders that if they can come back to vote on the Post Office, that they should act to provide relief to the American people as well. These Democrats are putting pressure on their leaders because they are experiencing high levels of unemployment within their districts and they are at risk of losing their seats during the elections.

Nancy Pelosi, Leader of the Democrats in the House of Representatives, said that she would be open to passing a partial stimulus package now and then passing another stimulus package after the November elections.

Unemployment Benefits

Tax professionals are issuing a warning to their clients to remind everyone that unemployment benefits count as taxable income.

Even if you do take out taxes on your unemployment benefits, it may not be enough and you may face a surprise tax bill when you do your tax return next year. If you received unemployment benefits, we wrote up our advice and tips on our website that goes in depth to help you out.

More Political News

At the Democratic National Convention, Joe Biden and Kamala Harris were officially nominated. Chuck Schumer, Leader of the Democrats in the Senate, promises to bring bold and dramatic changes to the United States if the Democrats win back the Senate. Schumer says that the Democrats would implement big changes to healthcare, climate change, fighting racism, and restoring the Supreme Court.

The Republicans currently have the majority in the Senate, 53 to 47.

Covid-19 News

  • Covid-19 has now become the third leading cause of death in the U.S.
  • The leading causes of death in the United States are heart disease and cancer.
  • Covid-19 is now causing more deaths than accidents, diabetes, and lung disease. The United States reported 44,091 new Covid-19 cases and 1,324 fatalities on Tuesday, according to the John Hopkins University.
  • Globally, there have now been 22 million cases and 800,000 fatalities.

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