Stimulus Update: Biden’s Stimulus Plan Senate Returns to Washington
Stimulus Update 11–8–2020
Here’s your daily stimulus check, your second stimulus check, your executive action, order, memorandums, moratoriums, and stimulus package update for Sunday, November 8th, 2020.
Honolulu, Hawaii says it has allocated all of their CARES Act money given from the state and federal government by the end of November.
Governor David Ige began outlining plans in May to split up the $1.25 billion of CARES Act funding.
Major Kirk Caldwell outlines that the city will spend money on three categories: helping people, helping small businesses, and protecting people’s health.
The funds have been allocated to the Household Hardship Relief Fund providing almost $25 million in grants to help people negatively impacted by that thing out there.
Qualified households received up to $2,500 a month toward housing, childcare, medical costs, and other emergency expenses.
The Mayor said, “We expect to spend all of the CARES money allocated to Honulu as close to the end of November as possible to make sure that people get help for the holidays.”
In the coming weeks, we hope to see more states allocating their funds to help their residents.
Up next, the Senate returns to Washington Monday which means that the contents of the bill will have a tremendous impact on who would or wouldn’t qualify for a second stimulus check.
The IRS uses your adjusted gross income to determine if you qualify for all or some of the $1,200 stimulus checks.
Under the CARES Act, your AGI cutoff as a single taxpayer is $99,000 per year in order to qualify for a stimulus payment.
Those with an adjusted gross income of over $146,500 were also excluded from the CARES Act.
Those between the ages of 17 and 24, who were also claimed as child dependents, didn’t get a check of their own as they were considered child dependents.
All of these individuals could change as negotiations ramp up again within the next couple of months.
And finally, after everyone received the news that Biden was the projected 46th president.
Biden has already put in motion plans to address the pandemic and economic recovery if Congress does not pass something during their lame-duck session.
Biden’s initial plan features elements from the CARES Act such as the stimulus payments for eligible Americans and more unemployment benefits and envisions new measures to provide additional help.
Biden plans to include more direct stimulus payments, but it doesn’t specify how many or for how much.
He also calls for an additional $200 added to the monthly payments to Social Security recipients.
In regards to Unemployment, Biden does not go into specifics on how much funding would be available.
However, he plans to include more money for small businesses, emergency sick leave for anyone that needs it, fiscal relief for the state, and no out of pocket money for testing and treatment.
That was your stimulus check, your second stimulus check, your executive action, and stimulus package update for Sunday, November 8th, 2020.
Honolulu expects to spend all CARES Act funds by end of November
by: Web Staff Posted: / Updated: [Hawaii's Breaking News-Download the FREE KHON2 app for iOS or Android] HONOLULU…
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