Coronavirus

Second stimulus check: what could the new Senate proposal include?

The Senate is drafting the fourth and final stimulus relief package amid the coronavirus pandemic that will include a second round of stimulus checks.

Second stimulus check: what could the new Senate proposal include?
TOM BRENNER REUTERS

Millions of Americans are eagerly waiting for the Senate to draft, approve and sign the fourth and final stimulus relief package amid the coronavirus pandemic. Among many other measures, this bill will include a second round of $1,200 to Americans who qualify and it will be similar to the CARES Act requirements.

It is expected that the Republican-controlled Senate will not extend the $600 a week enhanced unemployment benefits and there will be no forgiveness or extensions for student loan debt. White House economic adviser Larry Kudlow told CNN that the GOP stimulus bill would also include reemployment incentives, retention bonuses and tax credits for small businesses.

"The check is there. The reemployment bonus is there. The retention bonus is there. There will be breaks for small tax credits for small businesses and restaurants. That's all going to be there," Kudlow said to CNN.

Republicans want to send people back to work and under this new bill they want to give return-to-work bonuses of up to $450 a week. For that reason they won’t extend the unemployment benefits amid the pandemic.

President Donald Trump has for months pushed the idea of including temporary payroll tax cuts in the next stimulus package. The proposal could include cutting both the employer and employee share of payroll taxes.

Rental assistance in this new bill

Also expect rental assistance to help stave off evictions because about 5% of renters for April, May and June haven’t paid their full rent, according to the National Multifamily Housing Council. This plan would help renters pay rent and assist landlords with expenses with less rent money coming in, especially as the US faces a potential "tsunami of evictions."