Second Stimulus Check and Stimulus Package Update (WOW! CHECKS WITHOUT CONGRESS)

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Second Stimulus Check and Stimulus Package Update (WOW! CHECKS WITHOUT CONGRESS)

Friday President Trump announced that there was an additional 300 billion dollars available in unused funds that he was thinking about reallocating to provide stimulus checks. Now at first, he said he can’t because he needs congress however there is a “theory” he can do this on his own because he can reallocate funds and there is 300 billion, he found in unused funds. The President said he would like to support of congress to do this however there is a rumor that he doesn’t need it and that he could do it himself without them and he will. Congress is needed to issue new funds; the President doesn’t have the legal authority to issue new funds however he can reallocate funds. This is what he did with the LWA executive memorandum reallocating funds from FEMA to provide temporary aid to the unemployed.

For Friday’s announcement, he did not specify where this money was from, but it is believed to be the Main Street Lending Program. This is between the Federal Reserve and the Treasury department which has tons of extra money, way more than the 300 billion, almost twice that, and it is just sitting not being used. We only need around 250 billion for a second round of stimulus checks, so 300 billion is more than enough. We also previously heard President Trump said that if it were up to him the next round of stimulus checks would be much more generous so could this potentially mean a larger round of stimulus checks? This could equate to a twenty to twenty-five percent increase. This could provide larger checks or checks for more people or larger amounts for dependents. We will see.

Next week the senate is expected to reveal their new stimulus bill then add a week for it to be reviewed and approved and then to go to the House of Representatives. If the House doesn’t approve it then we could likely see Present Trump step in just like he did with his other executive actions.

Once President Donald Trump signs into law either a reallocation of funds OR a stimulus package, Treasury Secretary Steve Mnuchin says they should be sent to you via direct deposit if you have automatic payments with the IRS in 7 days, now if you have a hold from the bank for the wire let’s say 7 to 14 days. Much faster than the last round of stimulus checks. Now if this is true please be sure to get your direct deposit information current on the website. Chances are if your information was not current before and your first check was delayed it will be the same with your second check so please get it updated right away.

If congress doesn’t pass something, it will make them look worse and it will make Donald Trump look like he is yet again stepping in and saving Americans. And if they do not provide something and he does this, and they try to block is executive action to provide stimulus checks it will make them look even worse again. So, this threat is very good for Americans about receiving stimulus checks.

As it stands, we have bipartisan agreement on what the stimulus checks will look like once we do reach an agreement. Individuals making $75,000 annually or less will receive $1,200, however if you make over $99,000 annually you won’t receive a check. While couples filing jointly that make $150,000 annually or less receive $2,400 however if you make over $198,000 annually you won’t receive a check.

SSI, SSDI, SS, Veterans and railroad benefits all should be included and receive checks the same way they receive their regular benefits

Adult dependents are included this time around. However, the dispute is on how much you should receive for your dependents, one proposal calls for $500 per dependent while the other calls for $1,200 per dependent.

Garnishing stimulus checks for child support is also an area of disagreement. Some want them to be garnished while others want to pass a bill to change this.

As updates come out, I will be sure to share.
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