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Beth Ann Debouvre shares information about what people can expect from the second stimulus package

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Beth Debouvre

Months ago, the first stimulus checks were issued as a step to support the American people during the COVID19 pandemic. And now it is time for the second package and the second stimulus check, which would be in accordance with the CARES act which is now a law. 160 million Americans were beneficiary of the first stimulus package that disbursed checks amounting to $270 billion. The payments continued amid the problems faced by the Inland Revenue Services in reaching all those who were eligible, and many still await their first check. The talks about a second package have now reached the final stage as the nation awaits a very good and generous package, as confirmed by Trump. Beth Debouvre is hopeful that the legislation could be passed by the end of July, as indicated by Steve Mnuchin, Treasury Secretary.

Beth Ann Debouvre tries to see what could be in the package

Despite the Republicans not in favor of a second check, they have now changed, and the anticipation about what the second package could contain is growing fast. There is the possibility of the package providing back-to-work bonuses and expanded unemployment benefits. It is likely to address the section of people under the most pressure during a difficult time. It could address the needs of the people attached to the hospitality industry that has been hit the most.

Push for cash payments

The first stimulus package revolved around cash payment to people, and for the second one too, economists favor a similar approach. A group comprising of economists called on the policymakers. It reiterated the point while pushing for a cash payment that can boost consumer spending, improve financial security, and speed up recovery. They prevailed upon the policymakers to keep providing direct cash payments to the citizens until the economy became stronger. The group of mostly left-leaning economists insisted on automatic issuance of checks based on some economic indicators like unemployment rate till the time there is enough evidence that the economy is recovering.

Who Might Qualify for a Second Stimulus Check?

Democrats have been vocal in their help of more boost checks, augmentation of joblessness benefits, and different types of upgrade.

President Trump, Senator McConnell and numerous Republicans have stayed quiet about the following improvement installment will be. In any case, as of late they are indicating about who will fit the bill for "a subsequent check.

What could be the expected timelines?

Policymakers are skeptical about the usefulness of such payments that are off the target many times and do not reach people who need it. While overloading the already significant federal deficit for the present year, the fact remains that it is now time to usher in a second set of checks with Trump's blessings.

Although there is no clarity about the timelines of the checks reaching people, there are indications that the deployment of the second set of checks will be faster than the first. However, as it happened with the first round of checks, this time too those who have their direct deposit information on file with the IRS will get the money first.  They might get the money within just a few weeks of passing the legislation. The other group comprising of beneficiaries of Supplemental Security Income, Social Security, and the Veterans' Administration might also get their checks quickly as the government tries to get information about such individuals.

 

 

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Beth Ann Debouvre Beth DeBouvre is an independent health insurance agent specializing in the Medicare market. She educates new Medicare beneficiaries about the enrollment timelines, coverage and cost of original Medicare and helps them determine if they need supplemental coverage.
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