The reduction Individuals might lose if Trump vets the stimulus bundle
Millions of struggling Americans will be spending the vacation this year without knowing where their next paycheck is coming from. And now that President Donald Trump was against the legislature-agreed stimulus package at the last minute, they won’t know if they can expect more unemployment benefits, another economic review, and not being evicted from their homes.
Just a few days ago, relief seemed to be on the way.
After months of untidy negotiations and economic troubles caused by the pandemic, lawmakers finally struck a $ 900 billion stimulus package deal that extends unemployment benefits by eleven weeks, with direct payments to many Americans amounting to $ 600 – Send dollars and the national eviction ban would continue for another month.
More from Personal Finance:
Vacation trips are delayed, but last minute bookings might help
The promise of a vaccine can encourage travel, but some changes will last
According to the survey, men take more risks than women when traveling
But President Donald Trump shocked Washington earlier this week when he called the package a “disgrace” and said the “next administration will have to deliver a Covid bailout package” if Congress doesn’t make substantial changes to the bill. One of Trump’s main requests – to triple direct payments to Americans from the agreed $ 600 to $ 2,000 – was shot down by the House Republicans on Thursday.
Now the fate of the entire aid package is uncertain.
These are some of the key bailouts Americans would lose if the stimulus plan were not passed.
The $ 900 billion stimulus package agreed by lawmakers included an additional $ 120 billion in unemployment benefits.
Unemployed Americans would have their benefits extended by eleven weeks and receive a $ 300 weekly bonus. Some self-employed and gig workers were getting an additional $ 100 a week.
According to the Department of Labor, there are currently more than 20 million people in the United States on unemployment benefits.
If the stimulus package does not materialize, at least 10 million of these unemployed will cut their benefits in just a few days.
If the stimulus package is not passed, Americans would also not see the $ 600 direct payments that lawmakers added to the bill. (The checks would go to adults and children.)
Individuals with adjusted gross income up to $ 75,000 would receive full payment, as would married couples earning up to $ 150,000. The payments will gradually expire if the income is above this level.
Treasury Secretary Steven Mnuchin told CNBC Monday that Americans could get their stimulus checks as early as next week. This timeline seems increasingly unlikely.
Protection against eviction and rental support
The national eviction ban on the Centers for Disease Control and Prevention expires at the end of the month.
The coronavirus relief contract extended that moratorium to January and set up a $ 25 billion rental aid fund that people could use for arrears and ongoing rents.
More than 14 million Americans – or one in five adult renters – say they have defaulted on housing benefit payments, according to the Center for Household and Political Priorities.
If the ban is not extended, millions of Americans could be evicted from their homes and apartments during one of the coldest months of the year and during a pandemic. Recent research has also found that evictions in one area lead to significantly more coronavirus cases and deaths.