Millions of Americans who have direct deposit information with the IRS have started to receive stimulus payments of up to $1,200 per adult and $500 per child. Individuals who earn between $75,000 and $99,000 a year will receive a reduced amount. For couples, the payments begin to taper off at earnings of $150,000 a year.
But while the money will help many of those who have been made unemployed, lawmakers know that it won't last long. When asked about further rounds of stimulus payments, President Trump stated: “We could very well do a second round. It is absolutely under serious consideration.”
House Speaker Nancy Pelosi has also said that further payments will be needed, telling reporters: "I don't think we've seen the end of direct payments."
If two House Democrats have their way, then that check could be worth $2,000 every month.
Rep. Tim Ryan of Ohio, and Rep. Ro Khanna of California, have proposed a bill named the Emergency Money for the People Act. It would give every American age 16 and older making less than $130,000 annually a check for $2,000 every month. Married couples earning less than $260,000 would receive $4,000.
Families would also get $500 a child every month, for up to three children. The money would not be counted as income, meaning that people on income-based assistance can stay on it.
The payments would be guaranteed for six months and continue until employment rates stabilize.
"This is an opportunity for us I think in a national emergency to both help the American people and explore some of these options that may be out there," Ryan told WKYC on Wednesday. He added that directly giving people cash during this time "makes sense."
"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."
Khanna added: “A one-time, twelve hundred dollar check isn’t going to cut it. 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."
The idea would come as good news for many who will struggle to survive on $1200 for long. "Can’t wait to use this to stimulate the economy by simply paying my past due rent," one Twitter user wrote.
*gets stimulus check* wow can’t wait to use this to stimulate the economy by simply paying my past due rent— ash 🦇🕸 (@ritual_0) April 15, 2020
While another added: "Why is the stimulus check so light? I don’t qualify for one so I’m asking for my friends who can’t pay rent on the East and West Coast?"
Another concluded: "My rent is two weeks late this month already and my stimulus check is only a third of what it costs. And I live in an 'affordable' neighborbood."
Hopefully lawmakers will be able to get more money to those who need it quickly.