While many Americans continue to wait for their coronavirus relief checks or unemployment benefits, there’s a plan in the works to provide another relief payment—and this one would be monthly.
Senate Democrats have introduced a bill that would give most Americans $2,000 each month during the pandemic.
Everyone making up to $120,000 per year would receive a monthly payment of up to $2,000, with married couples eligible to receive up to $4,000 per month. Heads of households with incomes of $150,000 or less would also be eligible.
A phase-out similar to the one in the initial coronavirus relief package would occur for those earning more than $100,000. If you have kids, you could get $2,000 per child per month (up to three children, please).
The bill, called the Monthly Economic Crisis Support Act, was introduced by Senators Kamala Harris (CA), Bernie Sanders (CA) and Ed Markey (MA).
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“The CARES Act gave Americans an important one-time payment, but it’s clear that wasn’t nearly enough to meet the needs of this historic crisis,” Harris said in a statement on her website. “Bills will continue to come in every single month during the pandemic and so should help from government. “
The plan would be retroactive to March and provide a monthly payment through the pandemic and for three months afterward. It would be available to every U.S. resident, and would not require a recent tax return or Social Security number to determine eligibility.
The bill would also prohibit debt collectors from garnishing an individual’s payment.
Although states are starting to announce reopening plans, there will certainly be a long-term impact on the economy. Today’s jobs report alone, announcing a staggering unemployment rate of almost 15%, indicates it will take some time for rehiring to accelerate and incomes to level off.
But while the argument that a one-time $1,200 per-person payment isn’t enough to float the U.S. economy through an international pandemic, don’t expect this bill to gain traction quickly. The legislation that became the CARES Act was proposed in early March, revised a bunch of times before it was passed and only signed into law at the end of that month. And while economic payments started to get sent out to taxpayers in mid-April, the rollout has been slower than many recipients would like.
Other economic accommodations, like federal student loan forbearance, have taken some time to solidify and have gone through several iterations. Some borrowers are still struggling to get clarification from their loan servicers.
So don’t start dreaming about how you’ll spend your $2,000 per month just yet. Before any government agencies start working on the logistics to send monthly cash your way, the bill has to get through 535 members of Congress—who aren’t exactly the best of friends right now, you know?
