Will the $600-a-week unemployment bonus disappear at the end of July?
Will we get a second round of stimulus checks?
Well update this post as we learn more.
This post refers to the Coronavirus Aid, Relief and Economic Security Act passed in March 2020. For the most up-to-date info, check out ourrecent tax articles.
The $600-a-week unemployment bonus is likely to be reduced.
No Interest Til Almost 2027?
If Congress doesnt act quickly, unemployment benefits could be interrupted.
Technically, the federalunemployment bonus expires July 31.
To get it started back up again, it may take a while to reprogram, Evermore told CNBC.
Ive been told that even in states with modernized systems, it could still take weeks.
If Congress extends the benefit this week, an interruption is less likely to happen.
More stimulus checks are likely, but no one knows the details.
The $40,000 income limit for another round of stimulus checks?
So far, its just a rumor.
McConnell said lawmakers would be acutely aware of that particular segment going into this next package.
The $40,000 limit is speculation based on McConnells remark and hasnt been spelled out in any actual proposal.
The odds of a $2,000 monthly stimulus check for everyone passing?
Republicans and Democrats disagree about a back-to-work bonus.
Trump has also been supportive of a back-to-work bonus.
But Democrats favor extending unemployment benefits over a return-to-work bonus.
Some have suggested gradually reducing the federal unemployment subsidy as the unemployment rate drops.
Trump is pushing for a tax break for people who havent lost their jobs.
Trump has said he wont sign a stimulus bill without a payroll tax cut.
Payroll taxes are the 7.65% of your paycheck that goes toward Social Security.
Your employer matches that 7.65%.
Plus, there could be long-term ramifications for the Social Security and Medicare trusts.
What Has to Happen for the Next Stimulus Bill to Pass?
Senate Republicans are expected to present their plan for the next stimulus bill this week.
The issues outlined above are just a fraction of what lawmakers have to work out.
GOP lawmakers have also vowed to push for liability protection for businesses and schools that reopen during the pandemic.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
