Coronavirus stimulus checks: 4 plans for sending Americans more money

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Some of the $1,200 stimulus checks have not yet to arrived and already many are pushing for more – perhaps much more – in the coming months.” data-reactid=”16″>Some of the $1,200 stimulus checks have not yet to arrived and already many are pushing for more – perhaps much more – in the coming months.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Treasury Department says that, as part of the stimulus package passed in March, over 80 million Americans have already received their money via direct deposit. The paper checks – with President Trump’s name on them – began going out this week for those without banking information on file. Subsequent rounds of checks will continue being distributed until September.” data-reactid=”17″>The Treasury Department says that, as part of the stimulus package passed in March, over 80 million Americans have already received their money via direct deposit. The paper checks – with President Trump’s name on them – began going out this week for those without banking information on file. Subsequent rounds of checks will continue being distributed until September.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read more:&nbsp;Coronavirus stimulus check: How to get one if you don’t file your taxes” data-reactid=”18″>Read more: Coronavirus stimulus check: How to get one if you don’t file your taxes

“We are going to need to do more,” Jim Kessler, the executive vice president for policy at Third Way, told Yahoo Finance. Third Way, a moderate Democratic group, is one of the most centrist voices pushing for recurring payments.

“We would like a V-shaped recovery, not a W-shaped recovery,” Kessler said. People are being so damaged economically that, without additional checks, “we start having the domino effect of foreclosures and homelessness,” he said.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="A range of plans for follow-up checks” data-reactid=”21″>A range of plans for follow-up checks

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="There are a range of proposals floating around Washington that could inform any phase 4 deal. House Speaker Nancy Pelosi has said that the next bill should include “giving families additional direct payments.”” data-reactid=”22″>There are a range of proposals floating around Washington that could inform any phase 4 deal. House Speaker Nancy Pelosi has said that the next bill should include “giving families additional direct payments.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Many liberal groups have been pushing the idea for weeks. A recent letter, signed by 62 members of Congress including Sen. Kamala Harris, Sen. Bernie Sanders, and Rep. Alexandria Ocasio-Cortez, argued that “recurring monthly payments is the most efficient mechanism for delivering economic relief to those most at-risk in this crisis.” Sanders has called for monthly direct payments of $2,000 to every person in the United States.” data-reactid=”23″>Many liberal groups have been pushing the idea for weeks. A recent letter, signed by 62 members of Congress including Sen. Kamala Harris, Sen. Bernie Sanders, and Rep. Alexandria Ocasio-Cortez, argued that “recurring monthly payments is the most efficient mechanism for delivering economic relief to those most at-risk in this crisis.” Sanders has called for monthly direct payments of $2,000 to every person in the United States.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read more:&nbsp;Coronavirus stimulus checks: Here’s why you can’t find out your payment status” data-reactid=”24″>Read more: Coronavirus stimulus checks: Here’s why you can’t find out your payment status

This is how The Economic Impact Payment checks will look like. Photo: U.S. Secret ServiceThis is how The Economic Impact Payment checks will look like. Photo: U.S. Secret Service
This is how The Economic Impact Payment checks will look like. Photo: U.S. Secret Service

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="There is also a proposal in the House for $2,000 each month for those making less than $130,000 annually. Rep. Tim Ryan (D-OH), one of that plan’s authors, said that “a direct cash infusion to the American people is the best way to do this” during a recent Yahoo Finance interview, adding that simpler is better because with “these bureaucratic programs, something never quite works out the way we want them to.”” data-reactid=”36″>There is also a proposal in the House for $2,000 each month for those making less than $130,000 annually. Rep. Tim Ryan (D-OH), one of that plan’s authors, said that “a direct cash infusion to the American people is the best way to do this” during a recent Yahoo Finance interview, adding that simpler is better because with “these bureaucratic programs, something never quite works out the way we want them to.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Kessler’s group, which has had a contentious relationship with the Bernie Sanders wing of the Democratic party, has now proposed something similar but more modest. They are calling it a “Coronavirus Safety Net” with direct payments until the pandemic ends and businesses re-open. Payouts would be similar to the current checks: $1,200 (with $500 for dependents) paid out to individuals earning up to $75,000 or couples earning up to $150,000 and then phased out above that.” data-reactid=”37″>Kessler’s group, which has had a contentious relationship with the Bernie Sanders wing of the Democratic party, has now proposed something similar but more modest. They are calling it a “Coronavirus Safety Net” with direct payments until the pandemic ends and businesses re-open. Payouts would be similar to the current checks: $1,200 (with $500 for dependents) paid out to individuals earning up to $75,000 or couples earning up to $150,000 and then phased out above that.

“We should probably be providing that every single month,” Kessler said, “at least for the next three or four months, possibly six months.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Kessler appeared as part of Yahoo Finance’s ongoing partnership with the Funding our Future campaign, a group of organizations advocating for increased retirement security for Americans.” data-reactid=”39″>Kessler appeared as part of Yahoo Finance’s ongoing partnership with the Funding our Future campaign, a group of organizations advocating for increased retirement security for Americans.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Andrew Yang, the former presidential candidate, talked about taking things even further in a Yahoo Finance appearance on Wednesday. "I just think we should do this in perpetuity,” he said. “We can 100% afford it,” he said, especially&nbsp;if the U.S. implemented a value-added tax to force big companies&nbsp;pay more in taxes.” data-reactid=”40″>Andrew Yang, the former presidential candidate, talked about taking things even further in a Yahoo Finance appearance on Wednesday. “I just think we should do this in perpetuity,” he said. “We can 100% afford it,” he said, especially if the U.S. implemented a value-added tax to force big companies pay more in taxes.

Yang became a household name in 2019 thanks to a presidential campaign centered around his plan for a universal basic income of $1,000 a month for every American.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Will Republicans support the idea?” data-reactid=”42″>Will Republicans support the idea?

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Republicans have talked about more checks much less, but many have signaled openness to the idea, without necessarily being on board with recurring payments. “We could very well do a second round,” President Trump said recently. “It is absolutely under serious consideration.”&nbsp;” data-reactid=”43″>Republicans have talked about more checks much less, but many have signaled openness to the idea, without necessarily being on board with recurring payments. “We could very well do a second round,” President Trump said recently. “It is absolutely under serious consideration.” 

During the initial negotiations in March, the White House proposed “two tranches.” The idea at the time was $1,000 per person to go out immediately and another $1,000 to go out 6 weeks later if the president still had a national emergency declared.

UNITED STATES - APRIL 21: Speaker of the House Nancy Pelosi, D-Calif.,stops to speak with Senate Majority Leader Mitch McConnell, R-Ky., as they cross paths in the Capitol after the Senate passed coronavirus relief during a pro forma session on Tuesday, April 21, 2020. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images)UNITED STATES - APRIL 21: Speaker of the House Nancy Pelosi, D-Calif.,stops to speak with Senate Majority Leader Mitch McConnell, R-Ky., as they cross paths in the Capitol after the Senate passed coronavirus relief during a pro forma session on Tuesday, April 21, 2020. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images)
Speaker of the House Nancy Pelosi spoke with Senate Majority Leader Mitch McConnell in the Capitol on April 21. (Bill Clark/CQ-Roll Call, Inc via Getty Images)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For his part, Senate Majority Leader Mitch McConnell has signaled that a phase 4 deal might be down the road a while. He has also said he is focused on the deficit for the next relief bill, which might put a microscope on expensive direct payments. The first round of payments is estimated to cost around $290 billion.” data-reactid=”60″>For his part, Senate Majority Leader Mitch McConnell has signaled that a phase 4 deal might be down the road a while. He has also said he is focused on the deficit for the next relief bill, which might put a microscope on expensive direct payments. The first round of payments is estimated to cost around $290 billion.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="McConnell is also aiming to delay beginning more negotiations until May 4, when the Senate is scheduled to return to Washington, D.C. “We’re going to push the pause button here,” he said Tuesday in an interview.&nbsp;” data-reactid=”61″>McConnell is also aiming to delay beginning more negotiations until May 4, when the Senate is scheduled to return to Washington, D.C. “We’re going to push the pause button here,” he said Tuesday in an interview

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Ben Werschkul is a producer for Yahoo Finance in Washington, DC.” data-reactid=”62″>Ben Werschkul is a producer for Yahoo Finance in Washington, DC.

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Coronavirus stimulus checks: Here’s why you can’t find out your payment status” data-reactid=”66″>Coronavirus stimulus checks: Here’s why you can’t find out your payment status

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the latest financial and business news from Yahoo Finance” data-reactid=”67″>Read the latest financial and business news from Yahoo Finance

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