Many Americans will receive another round of direct payments in August, the White House confirmed Sunday. White House economic adviser L...
Many Americans will receive another round of direct payments in August, the White House confirmed Sunday.
White House economic adviser Larry Kudlow told CNN Sunday that direct payments are included in another round of legislation aimed at helping families and businesses through the economic hardships amid the ongoing coronavirus pandemic.
“There’s a $1,200 check coming. That is going to be part of the new package,” Kudlow told host Jake Tapper on CNN’s “State of the Union.”
Republicans have finalized a $1 trillion bill, which would also cap extended unemployment benefits and offer liability protection for businesses and funding to help struggling school districts.
In addition, the legislation will offer tax breaks for companies that retain employees.
But Kudlow was clear that checks will again be coming.
“The check is there, the re-employment bonus is there, the retention bonus is there,” Kudlow said.
“There will be breaks, tax credits for small businesses and restaurants.”
The GOP-crafted legislation will also extend a federal eviction moratorium.
“It’s a very well-rounded package,” Kudlow told Tapper. “It’s a very well-targeted package.”
Kudlow also shared his optimism about an economic recovery, even as some states are reporting a surge in coronavirus cases, during the interview with Tapper, who shared his opinion that the country has been too eager to reopen.
“In some places job declines, job increases have been affected, I don’t deny it, but it’s being made up by people calling back employees so that actually, the joblessness rate is going to fall,” Kudlow said.
“I still think the V-shaped recovery is in place,” Kudlow added.
Kudlow said the groundwork for an economic recovery is already in place, and that the next round of economic relief will offer direct help amid a surge in reported COVID-19 cases.
The plan agreed on in principle by Republicans and the White House will send out checks to Americans identical to ones that were received by Americans after the $2 trillion CARES Act was passed in March, Forbes reported.
The new legislation will also scale back enhanced unemployment benefits, which expired this week.
An additional $600 per week for people who have lost their jobs has been viewed by most Republicans as a deterrent to retiring to work.
Some people have made more money drawing unemployment benefits during the pandemic than they did before they were laid off.
Unemployment benefits in the GOP plan will be dropped down to $200 per week in addition to 70 percent wage replacement, people familiar with the new relief package told CNN.
The Republican plan, which is focused on direct relief to struggling Americans, is expected to meet stiff resistance from Democrats, who eyed $3 trillion in pork-barrel spending through proposed legislation in May.
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