On Tuesday, Democrats in the House proposed new legislation to boost state and local funding and give more direct relief to Americans during the coronavirus pandemic.
The new $3 trillion aid package proposed on Tuesday—called the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act offers:
- A second round of direct stimulus payments to individuals, at $1,200 per family member (up to $6,000 per household)
- An extension of the additional $600-per-week unemployment benefits through January 2021
- $200 billion in hazard pay for first responders and frontline workers
- $75 billion for increased coronavirus testing
- $175 billion in rent and mortgage assistance
The House of Representatives could vote on the new bill as early as Friday, May 14.
Why Another Round of Stimulus?
Extremely high unemployment has affected many Americans.
Abrupt business closures and the uncertainty of the coronavirus pandemic has caused unprecedented economic slowdowns across the country.
Congress is hoping to find the sweet spot between providing more economic relief and safely reopening parts of the economy. Experts still disagree about how to inject just the right amount of money into certain sectors of the economy to begin a reset.
For questions about the new stimulus bill and how it might affect your business, fill out our form below, and the experts from Morgan & Associates will contact you right away.