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Stimulus Check Update and Stimulus Package Update August 27, 2020

Stimulus Check Update

Stimulus Check Update and Stimulus Package Update August 27, 2020

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Quick Overview

  • Stimulus package negotiations are finally resuming today at 2:30 PM eastern time. This is between Nancy Pelosi and the White House Negotiating Team.
  • Unemployment Claims data came in today. The amount of new people applying for unemployment last week was 1 million, this has not improved from the previous week.
  • For President Trump’s executive order on the unemployment benefits, four states are expected to be issuing payments by the end of this week. Two have already started.
  • President Trump wants Joe Biden to be drug tested before the Presidential Debates.
  • Vice President Mike Pence was the highlight of last night’s National Republican Convention.
  • Covid-19 cases are back on the rise in the United States.

Stimulus Package and Stimulus Check Update

No progress has been made on the stimulus package the last two weeks because the Democratic National Convention was last week and the Republican National Convention has been running this week. Therefore, the politicians were too busy campaigning for the past two weeks.

Today is the last day of the Republican National Convention and the stimulus package negotiations will resume today at 2:30 PM Eastern Time.

Nancy Pelosi, leader of the Democrats in the House of Representatives, and the White House Negotiating Team, represented by Chief of Staff Mark Meadows will be advancing stimulus package negotiations.

The other negotiator of the stimulus package is Treasury Secretary Steven Mnuchin. Mnuchin will be testifying before Congress on whether additional stimulus money is needed to provide relief to children, workers, and families. This testimony will occur on September 1st, which is this coming Tuesday.

The Senate will be back from vacation on September 8th which is the week after next. The House of Representatives will be back from vacation on September 14th. Senate Majority Leader Mitch McConnell said that he is hopeful on securing a deal on the stimulus package deal.

State Benefits

Regarding President Trump’s executive order on extended unemployment benefits, Arizona and Texas have already started issuing those benefit payments. Missouri and Louisiana are expected to start sending out those payments this week.

There are 42 states that have applied for the funds on behalf of their residents. However, some states may have you waiting several weeks for you to receive those funds.

For example, Colorado expects to have the payments go out in the middle of September and Maryland expects to have that money distributed to you in late September. I’m in Chicago and I need to give a shout out to my own state. Illinois is in the application process and is still pending approval for those funds.

Compensation

Please remember that the benefit will either be $300 or $400 a week based on whether your state decides to chip in the extra $100 or not. At this point in time, only Kentucky, Montana, and West Virginia plan to chip in and pay the full $400 a week.

This program lasts until funding runs out. Current estimates say that the program will run out after you receive 3 weeks of payments.

Weekly Unemployment Claims Data

1 million Americans applied for unemployment benefits for the first time last week. We were slightly below 1 million the previous week, so we are plateauing around this range. The unemployment rate is currently at 10.2% and there are approximately 28 million Americans on unemployment benefits.

Republican National Convention

The highlight of the Republican National Convention last night was Vice President Mike Pence.

Pence said:

“the Democrats believe the federal government needs to dictate how Americans live, how we should work, how we should raise our children. Their agenda is based on government control, our agenda is based on freedom.”

Pence said it’s your decision on whether American remains America.

Pence said:

“you won’t be safe in Joe Biden’s America”.

He said that America with Joe Biden as President will have a failing economy, it will be an America where rioters and violence go unchecked, and where a socialist government controls American’s everyday life.

President Trump is concerned that Joe Biden is going to take performance enhancing drugs at the Presidential Debates. President Trump said that Joe Biden had such a good debate against Bernie Sanders back in March where it was suspect. This is President Trump’s exact quote:

“I don’t know how he could have been so incompetent in his debate performances and then all of a sudden be OK against Bernie. If you go back and watch some of those numerous debates, he was so bad. He wasn’t even coherent. And against Bernie, he was. And we’re calling for a drug test”.

Please leave your comments below on what you think about Mike Pence’s message to America and President Trump’s call to action on drug testing Biden.

Covid-19 News

  • Covid-19 cases are ticking higher.
  • We reported 44,109 new cases and 1,222 fatalities on Wednesday. This is according to the John Hopkins University.
  • South Korea has reported its highest daily Covid-19 case count since March.
  • India reported its highest single-day case count at 75,000 cases.

The US government is investing in needle-free vaccine technologies. The US government has now funded four groups that are working on vaccines that are in capsule form and come in the form of patches.

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