Stimulus Check Update 6-15-20: Trump $2 Trillion Stimulus Package Main Street Lending McConnell

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Here’s your daily stimulus check and stimulus package update for Monday, June 15th, 2020.

Today marks the one month anniversary of the HEROES Act being passed in the House, and a month later there is still no action on the stimulus package from the Senate. Remember, this is that $3 trillion stimulus package that offered another round of $1,200 stimulus checks.

Instead of voting down the HEROES Act, the Senate is taking their time to kill the bill they claimed was: “dead on arrival.” Senate Majority Leader Mitch McConnell stated that any new stimulus package would have significant input from Republicans, as well as a price tag with a hard cap of $1 trillion.

Meanwhile, President Trump and the White House previously claimed that they were on board with the Senate Republicans and their $1 trillion phase 4 stimulus package. That’s why I was shocked to see a recent report from the White House that claimed that President Trump was demanding a much higher figure on an additional stimulus package.

White House trade adviser Peter Navarro offered a new perspective from Trump on a second stimulus package, expressing their desire for additional disaster relief. Navarro stated: “The president is very interested in something on the order of at least $2 trillion.”

I guess with the House wanting $3 trillion and the Senate demanding $1 trillion, Trump said I’ll meet you guys in the middle

Navarro also expressed Trump’s desire for “critical” payroll tax cuts and an enhanced effort to bring more manufacturing jobs back to the US

We’ll see if McConnell and the Senate Republicans are on board with the White House’s $2 trillion stimulus package or if they will stand firm with their $1 trillion price tag.

Speaking of not taking action during the month of June, the Fed finally announced that today, June 15th, that the Main Street Lending program is open for business. I previously talked about this CARES Act item, stating that Fed officials claimed the program would be operation by the end of May. Well, here we are halfway through June and the program is just now getting off the ground.

This Main Street Lending Program offers medium sized businesses, companies with up to 15,000 employees and $5 billion in revenue, access to Federal business loans. To entice businesses to utilize the program, the minimum loan amount was recently changed from $500,000 to $250,000. They also changed the loan terms to 5 years and the repayment period to 2 years.

This is great news for businesses that were too large to access PPP funds/

And finally, a quick update for those in Orange County, FL on those $1,000 stimulus checks just for living in the area. With only 25,000 people allowed to register per day, the system is flooded with inquiries every day.

I’m hearing that $ million has been distributed to residents already, which is just 15% of the $243 in disaster relief funds available to the area If you live in Orange County, FL and have not received your $1,000 stimulus check, go to the following website: #.XuepbWpKhcg

I hope this information helps and that you have a great week. What do you think the final price tag for another stimulus package will be? Let me know in the comments below!

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