What We Know About The Next Stimulus Checks for Kalamazoo
Today's my first day back from vacation so I've got some catching up to do. While I was off, I made it a point to unplug as much as possible. I was surprised when I plugged back in to find that not much has changed.
I'm not so much talking about how little has changed in a week. I'm talking about how little has changed in 2 months. We're dangerously close to having to shut down again and the economy isn't revitalizing as much as we thought it would by this time.
Judging from the reaction the government has to another round of stimulus checks, they're a little surprised too. Granted, this is our first pandemic so we have nothing to compare it to but trillions of dollars more was unforeseen a couple months ago.
The extra $600 supplement for unemployment has expired and now a new stimulus package is awaiting approval. It looks like another batch of $1,200 checks are headed our way adjusted for income and family size.
Treasury Secretary Mnuchin said Saturday that another package would roll out today and we could be getting another check in August based on the formula from the CARES Act bill. Individuals making $75,000 or less would receive the full amount, those making more would get less depending on their income and those making $100,000 or more would get nothing.
In addition, the package would also include reemployment bonuses, retention bonuses and tax credit for small businesses. This would certainly take the sting out of losing that extra $600 unemployment compensation. We'll have to wait and see how fast the 2 parties can get together on this.