Second stimulus check: Report shows first payment saved thousands from poverty
As Congress continues to work on a second relief package a report showed that the single payment of $1,200 per individual saved thousands of Americans.
Back in March President Donald Trump signed the CARES Act, a bill that sent a one-time payment of $1,200 per individual and $2,400 per household to help Americans during the coronavirus pandemic. Research showed that this payment prevented a large increase in poverty.
A study from the Columbia University estimated the country’s poverty level would have jumped to roughly 16 percent had checks not been distributed. Before the coronavirus pandemic the poverty was 12.8% and according to another study made by the Center on Poverty and Social Policy, researchers say they believe checks and job benefits will provide up to $500 billion in income transfer in 2020.
According to the Department of Health and Human Services, a person living under the poverty line if they earn less than $12,760 per year and that number increases to $26,200 per year for a family of four. In late June President Trump said his administration will push for another stimulus package.
There are very little details known about this stimulus package but it was Trump himself who said “it will be very good. It’ll be very generous.” When asked about how much money was going to be sent in the second stimulus check Trump said “You’ll find out about it. You’ll find out.”
According to comments made last week by Senate Majority Leader Mitch McConnell, we should get a better idea of a relief timeline before the end of the month. Congress and the Senate will recess from July 3 to July 20. It’s unlikely the Senate will consider any additional relief packages before July 20.