Friday, Democrats gave the green light for the HEROES Act (Health and Economic Recovery Omnibus Emergency Solutions Act), a massive $3 trillion coronavirus relief bill handled by the House. The enormous Democratic measure would cost more than the prior four coronavirus bills combined. It would deliver almost $1 trillion for state and local governments, another round of $1200 direct payment to individuals and up to $6000 for families. The bill is over 1800 pages long, according to Forbes, providing assistance to taxpayers and businesses during the COVID recession.
“Not to act now is not irresponsible in a humanitarian way, it is irresponsible because its only going to cost more,”said House Speaker Nancy Pelosi, D-Calif. “More in terms of lives, livelihood, cost to the budget, cost to our democracy.”
Party leaders want to assess how $3 trillion is going to work and to measure the hopeful economic revival with some businesses reopening again.
There have been three separate stimulus proposals that are calling for monthly checks of up to $2000 per person and additional payments for dependents. You can read about those various check proposals here.
Some of the other proposals, such as the Emergency Money for the People Act would provide a $2,000 monthly check for everyone over the age of 16 making less than $130,000 per year, and an additional $500 per dependent for up to 3 dependents. All of the current proposals are more generous for families than the stimulus check under the CARES Act.
The Next Stimulus Check Program May Include Retroactive Changes to the CARES Act- Granting Millions of People Checks They Were Initially Ineligible For
The HEROES Act is the one to thank for this one. The language in the bill provided opportunity primarily for married couples in which one partner had an ITIN or were dependents ages 17 and up.
- JC Penney filed for bankruptcy protection today.
- Starbucks is asking landlords for a break on rent.
- 36 million Americans have applied for unemployment since March
Unemployment rates have skyrocketed to levels not seen since the Great Depression of the 1930, with latest data released as of Thursday.
“Given record-low interest rates and the economic catastrophe, economists pretty much agree that massive government spending is the best, and perhaps only, way to prevent a long-lasting depression.” Business Insiders David Plotz explains. He adds: “They’ll agree to a big bill-another trillion or two-because they know they can’t survive the election without it”.