Second stimulus check: what money could Trump use for second payment?
While Congress struggles to reach an agreement over a new stimulus package, Donald Trump plans to use Covid relief funds for a second stimulus check.
Democrats and Republicans remain deadlocked on the finer details and the total amount of expenditure the fifth stimulus relief package should consist of. While negotiations rumble on in Congress, President Donald Trump has suggested using the $300 billion remaining in Covid-19 relief funds to send a second round of stimulus checks to millions of Americans.
“We have $300 billion in an account that we didn’t end up using and we are willing to use that. I would be willing to release, subject to Congress, and use that stimulus money, and it would go right to the American people. So we have $300 billion sitting in an account that we didn't need because things are going well with the economy,” Trump said.
Trump needs Congress approval
Stimulus check update: Trump suggests using extra coronavirus relief money for stimulus payment https://t.co/w6xpCYhmse— WPXI (@WPXI) September 8, 2020
According to multiple sources, Trump was referring to the unused business loan money approved as part of the $2.2 trillion CARES Act signed into law by the president in late-March.
In that bill Congress provided $500 billion to the Treasury and of that $454 billion was earmarked to cover Federal Reserve losses. After the Treasury had seen to that, there was roughly $259 billion remaining.
Democrats and Republicans have so far agreed on little except the the amount a second round of stimulus payments should consist of. During negotiations both parties have agreed that a second round of checks should be worth the same as the first, $1,200 per individual, with the only difference being the amount to be awarded to dependents.
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