(BREAKING! NEW DETAILS!) 2ND STIMULUS CHECK UPDATE $600 & $300 UNEMPLOYMENT BENEFITS 12/17/2020

(BREAKING! NEW DETAILS!) 2ND STIMULUS CHECK UPDATE $600 & $300 UNEMPLOYMENT BENEFITS 12/17/2020

We have breaking news updates, with details on stimulus checks, eligibly, those with ITIN’s SSI, SSDI, adult dependents and more. Also congress is proposing reducing the duration for which the unemployed would collect the $300 per week FPUC boost and congress is saying they are inches away to getting a deal, but the deadline is tomorrow or we will see a government shutdown and all benefits from the Cares will expire at the end of the year.

First stimulus checks. Currently we are hearing $600 per adult with same eligibility requirements as last time. $5 per $1000 over the threshold. $600 per child not $1200 per child. Not cap on the number of dependents. Adult dependents do qualify for the $600 stimulus check. Also there has been a modification for those who have ITIN’s, previously if one person did not have a SSN the entire family did not receive stimulus not all will with the exception of the individual with the ITIN (all and only American citizens) including the children.

Now in order to provide these stimulus checks while simultaneously keeping the bill under $900 billion they had to reduce another provision, and that provision is the FPUC $300 per week boost to unemployment. Initially this bill proposed 16 weeks of this boost, extending out from January 1, 2020. However now that checks will be included, we heard yesterday that it could be cut down to 12 or 13 weeks so reducing it by one month in hopes that by March/April another stimulus package would be ready to extend it if needed. But now we have received word this morning that it could be reduced to as low as 10 weeks. So roughly 2.5 months, hopefully if this is the case, they will have another stimulus package ready to roll by mid-March to extend this if needed.

Also a bill to extend the deadline as a stopgap is in place. They are now saying they are not going to be ready in time by Friday, tomorrows deadline. Keep in mind they need to have an official bill with bipartisan agreement, pass it in the House and in the Senate and have it signed into law, just that alone is typically a three-day process minimum. So they are considering extending the deadline to Sunday we have also heard Wednesday. So it looks like this is going to get extended out past Friday however the good news is we are making progress.

Additionally, to clear up any confusion yesterday, the Bernie Sanders issue to clarify was that the Senate was trying to expedite the process to pass any bill ahead of schedule to meet the deadline, and in order to do that there must unanimous approval from all members of the Senate, one Senator could ruin the expedited process, that is why things became so heated yesterday when Bernie Sanders said he wouldn’t support the bill unless larger $1200 stimulus checks were included. He has vocalized the reason he is so admit about larger stimulus checks is that he fears Republicans are giving false hopes that another bill will be passed in a few months with Biden and said we should be thinking about helping people at this present time. However, some senators are saying the opposite, they are saying we should not be spending this amount of money and we will feel the consequences for this spending. Both might vote against the bill so there will likely not be an expedited process.

https://www.washingtonpost.com/us-policy/2020/12/17/stimulus-checks-900-billion-relief-package/

As updates come out, I will be sure to share.
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