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'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 it better than anyone has ever seen. We had the best performance, the best economy ever, and then we got the virus from China. Now we are recovering again. We will be doing another package of help. It will be very good, it will be very generous, ”the President said.

When asked when a new wave of aid is planned and for how much, 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 today, President Trump said that there is no rush with the next financial aid package. Now, it looks like the idea could be discussed in the Senate when he returns to sittings in late 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 Law is the only bill related to "coronavirus" financial aid, passed in both chambers. It provides financial assistance similar to the CARES Act - $ 1200 for adults and dependent children up to three years old, with similar income limits. This means a family of two adults and three children will be eligible for $ 6000.

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 spokesman Kevin Brady offered a shorter bonus in his 2020 Discovery of America by Supporting Workers Act. His proposal provides for a two-fold payment of $ 600 a week to returning workers to their jobs. Since he is the leading Republican on the US House of Representatives Committee on Ways and Means, his proposal may 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 very carefully, President Trump said the next "aid" package would be announced in a couple of weeks. He did not say that this package will include "financial assistance."

The question was specifically about the check, and President Trump's response seemed to imply that it would. 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 produced. payment to Americans. He implied that there might be help, generous, announced in a couple of weeks, but did not say so directly.

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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