When could we expect a third stimulus check?
As the second checks are currently being paid, US President-elect Joe Biden said his economic package will be in the trillions of dollars.
Following a long and drawn-out negotiation process, Congress finally passed a second coronavirus stimulus bill valued at $900bn shortly before Christmas, which included a second round of much-needed stimulus checks that will be sent to tens of millions of eligible Americans.
The IRS has already begun to distribute the new round of payments, which, at $600, are just half the value of the first $1,200 checks that were sent out back in April. With the $600 payments not expected to last long for those struggling with mortgage payments, rent, bills and other expenses amid the coronavirus pandemic, many American citizens are now wondering if there will be a third stimulus check and it would appear that there is an affirmative answer in the pipeline.
Biden stimulus in the works
President elect Joe Biden recently claimed that his administration's economic package will also include unemployment insurance and rent forbearance. The package will be unveiled next Thursday, (14 January) he said. "It is necessary to spend the money now," Biden told reporters. "The answer is 'yes,' it will be in the trillions of dollars, an entire package."
Democrat Biden said the bipartisan covid-19 relief package passed by Congress in December was a very important step, but amounted to just a "down payment" on broader efforts needed to help Americans. The package included $600 checks but Biden wants the amount increased to $2,000.
"Economic research confirms that with conditions like the crisis today, especially with such low interest rates, taking immediate action - even with deficit financing - is going to help the economy, long term and short term, reduce scarring in the workforce, increase growth and reduce our national debt burden," Biden told reporters as he announced his nominees to head the Commerce and Labor departments.
Proposal to be confirmed in the week ahead
Biden, who takes office on Jan. 20, said he would map out plans for the stimulus package next Thursday, including efforts to ensure quicker distribution of coronavirus vaccines.
"We need more direct relief flowing to families, small businesses, including finishing the job of getting people that $2,000 relief direct payment. $600 is simply not enough," he said.
He said action was needed to help Americans get to the other side of the health and economic crisis, and to "avoid a broader economic cost that exists out there, that will happen due to long term unemployment, hunger, homelessness and business failings."