MEMPHIS, Tenn. — Many families are still feeling financial impacts of the COVID-19 pandemic, which is why Congress is likely to consider another round of stimulus payments later this month.
When Congress goes back into session at the end of July, both Democrats and Republicans expect a debate over another stimulus package.
“Stimulus payments, part of the CARES package that Congress passed on a wide basis back in March, is a big reason the economy didn’t fall off a cliff,” Rep. David Kustoff (R-Memphis) said.
In the last round of payments, if you made $75,000 per year or less, you received a $1,200 payment, and even those making up to $99,000 got something.
“The second one is something that I think will occur,” Rep. Steve Cohen (D-Memphis) said. “I’m not sure what amount, probably $1,600, and also the question about the additional $600 a week for unemployment compensation, which also expires at the end of July.”
The extra $600 going to those left jobless by the pandemic ends later this month. Kustoff said that part of the stimulus plan needs overhauling because some people make more unemployed than if they returned to work.
“I talked to a business owner just yesterday, and he said he’s got plenty of work and plenty of business, but he can’t do it all because he can’t get enough employees to come back to work because they’re on unemployment,” Rep. Kustoff said.
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Kustoff and others are considering adding a back-to-work incentive.
“One thing I’ve worked on with some other Congressmen is a return-to-work package, or payment where employees could get up to $1,200 for returning, for going back to work,” Rep. Kustoff said.
As for the Paycheck Protection Program and forgivable loans for small businesses, Cohen wants to dispense more funds but with stricter guidelines.
“In my opinion, the money wasn’t spent like it should have been for the small business person, so I’ve got concerns about how we do that,” Rep. Cohen said.
If congress passes another stimulus package, you should expect payments to arrive sometime in August or September.