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Stimulus Check Update and Stimulus Package Update September 9, 2020

Stimulus Check Update

Stimulus Check Update and Stimulus Package Update September 9, 2020

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Quick Overview

  • The Senate Republicans released the details of their smaller stimulus package, known as the SAFE TO WORK Act.
  • The Senate will be voting on this stimulus bill tomorrow on Thursday.
  • Please note that the larger stimulus talks are still ongoing between Chief of Staff Mark Meadows, Treasury Secretary Steven Mnuchin, and Speaker of the House Nancy Pelosi.
  • We’ll give an update on President Trump’s executive order on the unemployment benefits from FEMA.
  • President Trump has now been nominated for the Nobel Peace Prize.
  • Recent Polls are showing that Joe Biden’s lead is now widening nationally and in the key swing states.
  • Big pharmaceutical company AstraZeneca has now halted their phase three clinical trials of their Covid-19 vaccine after one of the test subjects in human trials experienced what is believed to be a serious adverse reaction.
  • Covid-19 cases and fatalities are declining in the United States.

SAFE TO WORK Act Details

The Senate Republicans unveiled the details of their smaller stimulus package, which is called the SAFE TO WORK Act. The Senate will vote on this SAFE TO WORK Act tomorrow on Thursday.

This stimulus bill was drafted by Senate Majority Leader Mitch McConnell and Republican Senator John Cornyn from Texas.

The stimulus bill is 78 pages long and I will save you some time and give you the highlights.

Beneficiaries and Deatils:
  • People receiving unemployment benefits would experience a $300 weekly increase until the end of the year
  • The self-employed and small business owners would receive more money in a second round of PPP forgivable loans
  • Businesses and schools would receive enhanced liability protection to shield them from Covid-19 related lawsuits
  • Parents with children would receive tax credits to cover the costs of home schooling and private schools
  • The post office would get $10 billion dollars of funding
  • Farmers would receive $20 billion dollars of aid
  • Schools would receive $105 billion dollars of assistance.
  • There would be $16 billion dollars for testing and $31 billion dollars for Covid-19 vaccine research and development. Now let’s take a look at what is lacking or missing from this stimulus package.

There is nothing for essential workers in this stimulus bill.

I personally want to say thank you to essential workers for being the unsung heroes of America.

There is no funding for state and local governments, which means that many state and local government employees will be at risk of losing their jobs. There is no extension of federal student loan forbearance and there will not be any assistance provided for student loans or student loan forgiveness. There is no extension of eviction protection. The CDC’s order that halts evictions is in effect, however, that does not cover all renters. The second stimulus check is not included in this stimulus package.

This is very disappointing as President Trump, and the Republicans, and the Democrats all claim that they support a second stimulus check for the American People.

Again, this is the smaller stimulus package for $500 billion dollars known as the skinny bill or the band aid until the politicians can come to an agreement on the larger stimulus package.

For that stimulus package, the Republicans budget is set at a maximum of $1.3 trillion dollars and the Democrats want a minimum of $2.5 trillion dollars. That’s the stimulus package that includes the second stimulus check.

Both sides have compromised from their initial offers, but they have not compromised enough and there remains a gap of greater than $1 trillion dollars between their offers.

If you would like to see a written summary of this smaller stimulus package, known as the Skinny Bill, you can click here

President Trump’s Executive Order on the Lost Wage Assistance

For President Trump’s executive order on the Lost Wage Assistance for the federal unemployment benefits, through FEMA, here’s the current update.

This week, Kansas, D.C., and Guam received approval for the FEMA Funds. 47 states plus D.C. and Guam are now approved for funding.

  • California has now been approved for 2 additional weeks, so people in California will receive 5 weeks of this payment for a total of $1,500.
  • New York says they are updating their computer systems and have not issued a timeline.
  • There is no update on Illinois’ payment date but they said payments will last for 3 weeks.
  • Florida will begin issuing the payments any day this week. Florida is currently set to issues payments for 3 weeks. In political news, after the boost from the Republican National Convention, the polls were as close as 2% between Trump and Biden.

Presidential Race Update

Recent polls are now showing that Biden’s lead is widening nationally. More importantly, Biden’s lead is now widening in six key swing states compared to two weeks ago.

However, we’ll need to personally run a poll again to fact check this because you need to pay attention to the fine print. Most of these polls say that 800 to 1,000 people participated in their poll.

To me, that’s not that many people participating in the poll, which means that a wide margin of error is possible for the actual results.

President Trump Updates

The first Presidential Debate between Trump and Biden is scheduled for Tuesday, September 29th. And President Trump has now been nominated for the Nobel Peace Prize.

A Norwegian Parliament Member said that for President Trump’s merit, he has done more trying to create peace between nations than most other Peace Prize nominees. Ben Shapiro said that Trump deserves the Nobel far more than Obama.

Let me know your thoughts on that in the comments below.

Covid-19 News

The United States reported 26,169 cases of Covid-19 and 434 fatalities on Tuesday, this is according to the John Hopkins University.

We all know that big pharmaceutical companies are racing to be first to market with their own Covid-19 vaccine. AstraZeneca temporarily halted their Phase III clinical trials in human candidates because of what is believed to be a serious adverse reaction in one of the participants. This is the second time they are pausing their clinical trials due to potential adverse effects.

We all hope that these pharmaceutical companies prioritize safety and efficacy instead of speed to market.

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