SAN ANTONIO — Two U.S. House representatives have introduced a new bill to give Americans $2,000 a month until employment returns to pre-coronavirus levels. The proposal comes on the heels of the stimulus checks distribution from the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act.
The new bill is called the ‘Emergency Money for the People Act.’ Democratic Rep. Tim Ryan of Ohio and Democratic Rep. Ro Khanna of California are behind the proposal.
“A one-time, $1,200 check isn’t going to cut it,” said Khanna in a news release. “Americans need sustained cash infusions for the duration of this crisis in order to come out on the other side alive, healthy and ready to get back to work. Members on both sides of the aisle are finally coming together around the idea of sending money out to people. Rep. Ryan and I are urging leadership to include this bill in the fourth COVID relief package to truly support the American working class.”
“The economic impact of this virus is unprecedented for our country. As millions of Americans file for unemployment week over week, we have to work quickly to patch the dam – and that means putting cash in the hands of hard-working families,” Ryan added. “Many Ohioans are just receiving – or about to receive – the first cash payment we passed in the CARES Act. Now it’s time for Congress to get to work on the next step to provide relief for those who have been hardest hit in this pandemic.”
Eligible Americans who are 16 years of age and older earning less than $130,000 a year would receive the $2,000 stimulus each month. If you’re married and earn less than $260,000 a year, you would receive $4,000 per month.
Eligible families who have children, meanwhile, will receive an extra $500 per child, per month, for up to three kids. Americans who are unemployed would also be eligible to receive money.
The monthly payments would be distributed for at least six months.
“I don’t see this plan of $2,000 per month really gaining traction at this point, based on how it’s being structured,” said Karl Eggerss, a senior wealth advisor and partner of Covenant. “I think it will create a lot of problems especially long-term. This is meant to be a band-aid. Where is this money coming from? Ultimately, it’s probably going to come in the form of higher taxes.”
Eggerss said even if the bill passed, the checks wouldn't be a cure-all. It will take time for the U.S. economy to fully recover from the pandemic.
“When you reopen businesses, are people really going to go buy products right away? Are they going to go eat right away? It’s going to probably slowly ramp up and so, demand is going to take a while to come back," he said. "It’s a long-term problem, but it’s going to take time for healing. Ultimately, we will get there, but it’s going to take probably well into 2021 to see our economy where it was.”
Canada's prime minister, Justin Trudeau, proposed a similar measure for Canadians who are unemployed due to the coronavirus.
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