- Senators across the board have agreed on a $900+ billion stimulus
- Agreement and commitment to the package—as usual—seem unlikely
- Congress meets on December 11th, hoping to extend economic aid programs
A bipartisan $908 billion stimulus plan has been introduced by Congress; it’s a hopeful but unlikely proposition in the midst of this rigid stimulus stalemate.
Senate Majority Leader McConnell was quick to reject the bill after months of inaction and indecision by lawmakers, calling for a “targeted relief bill.” Treasury Secretary Mnuchin has seconded this, saying on Tuesday: “I continue to believe that a targeted fiscal package is the most appropriate federal response.”
The current proposal does not include a direct stimulus payment. Rather, the framework shows a heavy emphasis on PPP loans, small business aids, state/local government reliefs, and unemployment benefits.
Congress meets on December 11th to discuss a broader spending bill. Though, at this point, with less than a month of 2020 to go, it’s safe to say we can cross off “stimulus check” from the holiday wish list.
The end of the year brings up another concern for those financially burdened by COVID-19. Trump’s memorandum—including unemployment benefits and eviction and student loan moratoriums—are currently set to expire on December 31st. The hope is that the December 11th meeting will bring, if not a new round of stimulus checks, then at least extended provisions on economic aid programs.
See our website for more updates and information on PPP loans and Coronavirus news or call our office at 516-541-6549 to speak with a member of our Coronavirus Response Team (CRT).
Sincerely,
Devin McQuillan
Associate, Creative Solutions
Contact:
516-541-6549 | Email