'Very generous' and soon: Trump spoke about the second wave of help in connection with the coronavirus

US President Donald Trump spoke with Joe St. George, Scripps National Political Editor and Washington correspondent, and spoke about the prospects of another coronavirus relief package, writes Forbes.

Photo: Shutterstock

St. George asked the president a direct question about whether Trump is planning a second wave of relief for the coronavirus pandemic, and when it is possible.

“We did better than anyone has ever seen. We had the best job performance, the best economy we've ever had, and then we got the virus from China. Now we are rebuilding again. We will be making another aid package. It will be very good, it will be very generous,” the president said.

Asked when a new wave of aid was planned and for what amount, Trump replied: “I think it will be in a couple of weeks, probably.” The president did not specify the amount, adding: “You will find out about it.”

How likely is another help package?

According to the author of the article, Jim Wong, until this day he believed that the Americans would receive another package of financial assistance, but the prospects, such as receiving the equivalent of $ 1200 paid under the CARES law, were small.

This was the first time that President Trump mentioned the possibility that the next package would include widespread assistance. Until now, all of his public statements, as the author notes, have been associated with support related to unemployment. These are bonuses for those who return to work, refusal of payroll tax and even tax deductions for domestic tourism.

In early May, when economic indicators were weaker than they are today, President Trump said there was “no rush” for the next bailout package. Now it appears the idea could be debated in the Senate when it returns to session at the end of July.

Some lawmakers say they don't like the idea of ​​another round of help, as it is very expensive. There are those who say that they do not like to pay people more for lack of work than for work. All this looks like a headwind against future large-scale financial assistance.

On the subject: Unemployment benefits and coronavirus financial assistance: how they are taxed

What can offer as a second round

So far, the HEROES Act is the only coronavirus relief bill passed in both houses. It provides financial assistance similar to the CARES Act - $1200 for adults and dependent children under three years of age, with similar income limits. This means that a family of two adults and three children would be eligible for $6000 in assistance.

This law, including other conditions, will cost the country about $ 3 trillion. The bill is unlikely to be passed for a number of reasons, but mainly because the Republican-controlled Senate led by Mitch McConnell said the next bill on financial assistance would be written by the Senate.

Until now, the only republican bills that have attracted much attention were classified as bonuses for returning to work. These are benefits paid only to those who have returned to work after quarantine.

Senator Rob Portman of Ohio has offered a $ 450 return-to-work bonus that would ultimately give the employee an amount in excess of his regular salary. This will encourage people to return to work, as well as stimulate cash flows in the economy. It is not clear how long the bonus will be paid.

Texas Representative Kevin Brady proposed a shorter bonus in his Reopening America by Supporting Workers Act of 2020. His proposal would provide two payments of $600 per week to returning workers. Because he is the top Republican on the House Ways and Means Committee, his proposal could have more impact.

In addition, there were discussions about lowering the payroll tax, but no one would consider them “generous”.

On the subject: What will replace the 'coronavirus' unemployment benefit: three financial assistance plans

Perhaps there will be no money?

If you want to parse the words really carefully, President Trump said the next "relief" package will be announced in a couple of weeks. He didn't say there would be "financial assistance" in the package.

The question was specifically about the check, and President Trump's response seemed to imply that would be the case. However, if you read the original carefully (“We will be doing another stimulus package. It’ll be very good, it’ll be very generous...”), nothing in President Trump’s response indicates that another stimulus package will be issued. payment to Americans. He implied that there might be help, a generous one, announced in a couple of weeks, but he didn't say it outright.

Whatever is announced, this will be the last round of help. Senator McConnell said the next phase will be the final.

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