As Americans continue to cope in a new normal, lawmakers on Capitol Hill continue to discuss what could be the next stimulus package to help families during the pandemic.
However, you shouldn’t be planning how you’re going to spend the money just yet.
According to Sen. Lindsey Graham, half of Republicans will vote “no” on the new stimulus package, Forbes reported.
The new $1 trillion stimulus package dubbed the HEALS Act (Health, Economic Assistance Liability Protection & Schools Act) follows the CARES Act, the $2.2 trillion stimulus package Congress passed in March.
The March bill provided a one-time $1,200 check to Americans who made less than $75,000 per year. The amount of the check was scaled down until it hit an income level of $99,000 per year, when it was phased out altogether.
Graham, a Republican from South Carolina, told Fox News that, “half of the Republicans are going to vote ‘no’ on any more aid. That’s just a fact.”
According to Forbes, The HEALS Act is the Republican response to the Heroes Act, which House Democrats passed as a $3 trillion stimulus plan.
Forbes reported more information on what could be in the stimulus package:
- $1,200 stimulus checks;
- Enhanced unemployment benefits capped at 70% of wage replacement;
- $105 billion in education funding to open schools;
- Student loan relief that pauses student loan payments for borrowers with no income;
- An extension of the Paycheck Protection Program; and
- Liability protection for businesses, hospitals and schools.
The Senate is expected to break for summer recess on Aug. 7.
CNBC reported the Senate will be releasing the full details on the second stimulus bill this week.
The Forbes report reads, “Each representative and senator may have their own reasons for supporting or opposing a stimulus bill based on politics back home, particularly in states and districts with tight election races. The election, therefore, is another key factor that could impact the composition of the new stimulus.”
The $600 weekly jobless benefits boost, approved as part of the March aid package, officially expires Friday, but because of the way states process unemployment payments, the cutoff was effectively Saturday.
Under the GOP proposal, the jobless boost would be reduced to $200 a week for two months through September and phased out to a new system that ensures no more than 70% of an employee’s previous pay. States could request an additional two months, if needed, to make the transition.