5 Fast Facts: Stimulus Edition
December 23, 2020
Five Fast Facts: Drama around New Stimulus Checks - What you need to know
Just when you thought you had a free $600…..Trump upsets the applecart. He’s not happy with the puny payments and is calling on Congress to increase them to $2,000 / person. Here’s our 5 Fast Facts about the (potential) 2nd round of economic stimulus:
- First the good news: $600 checks would arrive within weeks if the president signs the bill as it is now. (FYI, You can check here how much you’d qualify for) Also, the eviction moratorium with $25B in rent relief would continue. But wait, there’s more!
- (SOME) RELIEF for the unemployed and those with student loans: Unemployed folks would receive an extra $300 per week in federal unemployment benefits until March 14, 2021. And those with student loans would continue to defer payments.
- The Paycheck Protection Program (PPP) gets $284 billion: this funding allows businesses to retain their employees with direct government funding. As an upgrade, PPP loans are now tax-exempt & expensable. Good news for small and LARGE businesses!
- Then the bad news…Congress only had about 5 hours to read the 6,000 page bill!!! Would you be surprised to find BILLIONS of dollars in Pork Barrel Politics? 🧐🤔 Sen. Ted Cruz and Rep Alexandria Ocasio-Cortez both agreed: this is NOT enough time to make an informed vote!
- Finally, Trump implied Tuesday night that he was unhappy with all the Pork Barrel Politics and the small stimulus payments. So he’s calling on Congress to increase the direct stimulus payments from $600 to $2,000 (and he's not alone!)
Even with some of the more eyebrow raising additions to the bill (such as jail time for illegal streaming) and absences (some wanted student loan relief) many number crunchers conclude that the stimulus will boost the economy and simply keep the recovery going. So, more cash would be great for struggling Paychecks but all the other stuff will be a big help, no matter what!