Many Floridians are still reeling from the health and economic crisis brought about by the COVID-19 pandemic, and as cases continue to be reported by the thousands in the state, it could still be a while before many employees return to work.
Some may have found relief in the $1,200 stimulus checks sent to millions of Americans back in April, but for many, that was not enough to survive on as furloughs and layoffs continued. Will Americans receive another stimulus check to as the COVID-19 pandemic continues to spread? Financial experts say it’s possible.
According to a report by Forbes, a second economic relief package may be on its way to Americans across the country, but not until after Congress returns to session July 20 and hashes out all the specifics.
According to Forbes, the timeline for Congress’ return and the lengthy process of approving another financial stimulus package, Americans likely should not expect another check to hit bank accounts until late August at the earliest, should another stimulus package be approved.
The Republican-led Senate has previously opposed any direct stimulus checks proposed in Democrat-sponsored bills, but according to Forbes, Senate Majority Leader Mitch McConnell (R-KY) said in remarks to reporters that he thought “the people who have been hit the hardest are people who make about $40,000 a year or less,” adding that “Many of them work in the hospitality industry…so that could well be a part of it.”
Experts at Forbes said McConnell’s words suggest that any future stimulus payments would be even more limited than the first round of checks and have much lower income limits.
“Earlier proposals from house Democrats have included a monthly $2,000 payment for all families earning less than $120,000 a year. However, the proposal failed to garner bipartisan support,” a report by Forbes read. “The House did pass the $3 trillion HEROES act, which includes another round of $1,200 stimulus checks, expanded unemployment benefits, and a moratorium on some foreclosures. It has yet to be approved by the Senate, and the bill’s future is uncertain.”
On Thursday, the Department of Labor reported 1,314,000 claims for unemployment insurance had been filed for the week ending July 4, that number down by 99,000 claims from the previous week’s adjusted number.
The DOL reported the unemployment rate in the US was 12.4% Thursday, down .5% from the week before.