New Proposal: A $2,000 Stimulus Check Arriving Every Month

Following the warm welcome of the $1,200 stimulus checks by millions of Americans this week, a new legislation proposes to give you a $2,000 stimulus check every month during the Coronavirus pandemic. Representative Tim Ryan (D-OH) and Ro Khanna (D-CA) have introduced a new congressional legislation — the Emergency Money for the People Act — to provide the $2,000 stimulus payments every month to Americans who have been impacted by the coronavirus outbreak.

While the CARES Act was an important first step, the proposed legislation is calling congress to continue monthly cash payments to eligible Americans until employment returns to pre-COVID-19 levels.

“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,” said Congressman Tim Ryan. “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.”

According to Congressman Ro Khanna’s press office statement,  The Emergency Money for the People Act expands relief to more Americans and “fixes a bug in the CARES Act to ensure college students and adults with disabilities can still receive the payments even if claimed as a dependent. The Emergency Money for the People Act additionally recognizes that not everyone has a bank or a home address to receive a check –  so it allows individuals to get this money through direct deposit, check, pre-paid debit card, or mobile money platforms such as Venmo, Zelle, or PayPal.”

How the $2,000 Stimulus Check Would Work

Under the Emergency Money for the People Act, monthly cash assistance payments would be guaranteed for at least six months and would renew for another six months unless the employment-to-population ratio for people ages 16 and older returns to the pre-covid crisis employment level of 60%. These payments would not count as income in order to protect eligibility for any of the income-based state or federal government assistance programs. 

Who Would Be Eligible to Get the $2000 Stimulus Monthly Payment

• Every American age 16 and older making less than $130,000 annually would receive at least $2,000 per month
• Married couples (filed jointly) earning less than $260,000 would receive at least $4,000 per month
• Qualifying families with children will receive an additional $500 per child – families will receive funds for up to three children

For example, a married couple making under $260K with three kids would receive $5,500 per month

• Those who had no earnings, were unemployed, or are currently unemployed would also be eligible
• Those who were not eligible in 2019 or 2018 but would be eligible in 2020, could submit at least two consecutive months of paychecks to verify income eligibility
• College students and adults with disabilities who are still claimed as a dependent would be eligible. The individual will receive the payment and their parent or guardian will receive the dependent credit.

This The Emergency Money for the People Act proposed by the two congressmen would certainly provide sizable and much needed financial relief to eligible Americans. At the moment, it’s not clear whether the act will be green-lighted. Follow TheCreditShifu on social media for the most recent updates.

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