WILL THERE BE ANOTHER STIMULUS PAYOUT?
Lawmakers are proposing a number of bills to offer ongoing another stimulus payout Americans as the pandemic continues. Be aware that neither of these bills have passed as of yet and will probably be modified by both the Senate and the House of Representatives
The House of Representatives has proposed the Automatic Boost to Communities (ABC) Act.
This bill would provide the following payments. Each eligible person (including dependents up to 16) would receive $2,000 per person. In the following months, up to a year, each individual would get $1000 per month. For a family of four, for instance, that would be an initial payment of $8000 followed by $4000 a month until the stimulus was ended.
The money would be distributed through direct deposit or a BOOST Card. The BOOST Card would be for those whom the government does not have banking information. This card would be similar to a prepaid debit card without any associated fees.
A similar draft bill in the Senate, the Monthly Economic Crisis Support Act, proposes $4000 per month for a couple or $2,000 per month for a single person. Families with dependents would also receive $2000 per dependent up to 3 dependents. Those eligible would have to make less than $150,000 for a head of household and less than $200,000 for a joint filing. The payments would also be retroactive.
Payments would continue through the crisis and then an additional $1,000 per month would be processed for a year after.
Neither of these bills will probably be passed as proposed. Members of both parties have different views on how to mend the economy based helping by providing money to nearly everyone or sending the workforce back to their jobs and leaving the states to find their own funding solutions.
We are probably weeks if not months away from any resolution.
In the meanwhile, if you need further information about your finances, contact Les Merritt and he and his staff may be able to help. Although we will not be able to clarify whether another stimulus payout option is available until congress makes it’s decision and shapes a bill or decides not to, we may be able to help with your taxes and investments. Call the office at (919) 269-8553.