Have you received your second Stimulus Check??… I hope you did both qualify and receive your check (I’m learning that many have not received their check, even though they do qualify to receive it (to the point that an Executive Order had to be signed!). Well, whether or not you have received a check, I have some good news for you! (Also, if you have not received your check, here’s a video podcast where I cover what to do to still claim your funds!
Someone agrees with you and me that $600 was not nearly enough to balance out households (ALL of us!) that have been affected by Covid, and that someone apparently is President Biden. He has basically referred to the previous stimulus as a ‘down payment,’ and as you’ve probably heard, proposed a third stimulus package that has several components that I want to be sure you’re aware of, and that I’ll continue to follow to provide important updates (when there are ACTUAL changes, not just restated stale talk), since there are key parts of the package that can provide some much needed relief (follow my Stimulus Package Series and MORE here.
So, the package is being called an ’Economic Rescue Package (and they very well need to move like The Rescuers did on EVERY stimulus component too), and here’s what has been proposed to be included:
- A Third Stimulus Check – for a minimum of $1,400 but up to $2000 – So if you listened to my previous podcast, you are aware now that the $2,000 that was previously proposed passed in the House but then failed in the Senate; so as we know, $600 checks were instead sent out; and you may also be aware that Biden apparently wants to reintroduce a proposal for the $2,000 – but what you may NOT know is HOW his Administration seems to suggest they will move to attempt to get the full amount passed this time – which I will definitely cover in a separate discussion to include more details on other components (check back for an update to this blog post)
- $600 in weekly unemployment – So extending the unemployment a bonus that is set to expire in March and increasing the bonus to $600 per week extra – so instead of the $300 to $400 per week (depending on what type of wage earner you are), apparently the proposal is to increase unemployment bonus aid to a $600 per week weekly; which would be very very helpful I’m sure to many; not that anyone wants to remain unemployed, but in the meantime, the bonus can provide some additional funds to help individuals and families get by;
- and let me pause here to say that I do think that it’s important to buy the American people some time for the economy to really open back up, so that there are more jobs available TO seek; so in the meantime, providing those additional funds to get by is very necessary while continuing to seek new employment; so if unemployment aid applies to you, don’t let anyone make you feel bad about receiving the assistance – like it’s too much – because there’s a lot of talk out there suggesting that ‘there’s been so much given already,’ (*MAJOR eye roll*) but budgets and needs are different for everyone; and it’s very easy to make such insensitive statements when not in someone else’s household where they’re having to stretch a dollar and stress over bills; and unemployment is still not 100% of previous income for some people; so for some, the bonus has actually helped make some households whole; yes some, of course, have ended up with more than their previous income – point taken; HOWEVER, bonus aid also stopped for a time; and I still believe that a lot of this really is making up for the losses suffered over an unexpected extended period; SO – all the above being said – if you need to help, definitely don’t feel bad about admitting such and taking the assistance that’s available to you!
- An increase to the minimum wage to $15 per hour from the $7.25 per hour has been proposed, and is definitely long overdue, and that’s pretty much the details so far on that
- Student loan debt – this one is so important to a lot of people, because student loans are a need for many low-income families in order for their children to have the opportunity to experience quality higher education, but it’s tough to cancel this debt without dedicating years to non-profit, etc. (which is not a bad thing!); the proposal includes the canceling of $10,000 worth of student loan debt, and extending the pause on loan payments;
- THANKFULLY payments have now been paused through September 30, 2021 through an Executive Order recently signed by President Biden; and the pause will be helpful to new graduates who came out of school right when Covid was hitting, and the ability to utilize the degree they worked so hard for became a real challenge, yet they still had to face student debt that they needed to pay after the six-month grace period; so if that’s you, hopefully the pause gives you some much-needed breathing room! The cancellation of $10,000 worth of student loan debt was not included in the Executive Order (*long sigh*), which was disappointing, but I will discuss with you further in a separate post as I’m hoping that the strategy (approach to trying to get some stimulus components passed) that appears to be forming proves to be fruitful!
- Additional funding for reopening schools also state and local government additional funding – there is also a proposal to provide additional funding for the safe reopening of schools, and to provide additional funding to states and our local governments to help to balance their budget; and anything that helps our children’s lives get back to normal is a plus and a positive and highly supported!
And all of this sounds very warm and fuzzy – I’m down with all of the above – but GET GOING! Lol. The impeachment trial has been a HUGE distraction, and what bothers me is the seeming to completely forget that folks are waiting and suffering while both political parties fight for their own interests. So let’s hope and pray that all that is PROPOSED, in terms of relief, is actually CARRIED OUT (passed)!
I recently read a letter written by Senator Marco Rubio to Biden, urging him to get the stimulus check out separately rather than including it with all of the above mentioned items (and more!); he encouraged him not to package everything together in a way that creates an unnecessary delay to the American people in terms of getting additional aid out to us as quickly as possible…
…now, in that regard, I couldn’t have said it better myself!
I am covering several separate updates on these topics within my StimulusPackage Series on YouTube, so be sure to check back often!
Talk with you again SOON!
Shelly
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