The 3 stimulus plans Congress is debating that could put extra cash in your bank account

FILE - In this April 23, 2020, file photo, President Donald Trump's name is seen on a stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak, in San Antonio. Hundreds of thousands of dollars in coronavirus relief payments have been sent to people behind bars across the United States, and now the IRS is asking state officials to help claw back the cash that the federal tax agency says was mistakenly sent. (AP Photo/Eric Gay, File) FILE - In this April 23, 2020, file photo, President Donald Trump's name is seen on a stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak, in San Antonio. Hundreds of thousands of dollars in coronavirus relief payments have been sent to people behind bars across the United States, and now the IRS is asking state officials to help claw back the cash that the federal tax agency says was mistakenly sent. (AP Photo/Eric Gay, File)
Associated Press
  • Congress is expected to debate a phase-four stimulus package next month.
  • Many economists have said additional action is needed to keep jobless people afloat since unemployment remains in the double digits.
  • Three plans under consideration are stimulus checks, extra unemployment payments, and hiring bonuses.
  • Visit Business Insider's homepage for more stories.

2020欧洲杯足彩外围appCongress is expected to debate another economic relief package next month — and lawmakers are rolling out their ideas for what direction it should take.

So far, Congress and President Donald Trump have approved over $3 trillion in emergency spending to confront the coronavirus pandemic and manage its economic fallout. The biggest chunk of that came in March from the Cares Act, a $2 trillion relief package designed to pump cash into every corner of the American economy.

For individuals, it had two pillars — a wave of one-time stimulus checks of up to $1,200, and a $600 federal boost to weekly unemployment payouts — to help shore up their finances during an economic collapse.

2020欧洲杯足彩外围appNow, Congress is looking at three measures that could provide financial relief and put extra cash in people's bank accounts. Here are the details.

Read more: Jefferies says buy these 14 cheap stocks that are financially strong and positioned for market-beating returns

Lawmakers are weighing another round of stimulus checks.

stimulus checks
Stimulus checks.
Jeff Fusco/Stringer

Trump has expressed support for sending another wave of stimulus checks, . However, White House advisers and Republican lawmakers are deeply divided, and there have been no specifics on amounts or thresholds for eligibility.

Treasury Secretary Steven Mnuchin earlier this month opened the door to a second round of stimulus checks. But Larry Kudlow, the director of the National Economic Council, has said the administration might push to send checks only to "people who lost their jobs and are most in need."

There are significant rifts2020欧洲杯足彩外围app among congressional Republicans as well. Many have said they don't think it's needed to boost the economy, but some lawmakers have signaled they would be open to the idea if it were a targeted measure.

A bill from Sen. Marco Rubio introduced on Thursday2020欧洲杯足彩外围app would give mixed-status families with unauthorized immigrants $1,200 stimulus checks.

Read more: The stock market's fear gauge is sending a persistent warning that has a 30-year track record of signaling meltdowns ahead

2020欧洲杯足彩外围appUnder the Cares Act, individuals earning under $75,000 a year ($150,000 for couples) got checks of $1,200, plus an extra $500 for dependent children. Payments phased out at $99,000 for single filers and $198,000 for couples.

By the beginning of June, over 159 million Americans had received direct payments, .

Read more: From a late-night infomercial to a 1,040-unit empire worth $188 million, how Jacob Blackett perfected his real-estate-investing strategy after losing $70,000 on his first deals

An extension of boosted unemployment payments is also under consideration.

FILE PHOTO: People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston
People lining up at an unemployment office in Kentucky.
Reuters

2020欧洲杯足彩外围appDemocrats are seeking to extend the $600 federal boost to weekly unemployment benefits — set to expire on July 31 — through January.

But many Republicans have argued that the boost should be phased out or the amount should be lowered so workers don't earn more on unemployment than they were making at their old jobs.

2020欧洲杯足彩外围appThe nonpartisan Congressional Budget Office would get more money from the government than from their previous employer if the supplement were extended through the end of the year.

Unemployment, though, is expected to remain in the double digits for much of the year, according to the CBO and the Federal Reserve.

A group of top bipartisan economists recently called on Congress2020欧洲杯足彩外围app to implement a federal boost of up to $400 per week past July but to tie it to the economic health of individual states.

Read more: A market-crash expert known as 'Dr. Doom' warns a 10-year depression is coming — and says investors are far too confident about a possible recovery

Republicans are pushing for a "back to work" bonus of up to $1,200.

Coronavirus restaurant
Brendan McDermid/Reuters

Several Republicans have rolled out proposals for a hiring bonus, arguing that it would be effective in getting people off unemployment rolls and back to work.

Rep. Kevin Brady introduced a plan for a $1,200 bonus, which is equivalent to a jobless person collecting two weeks of expanded unemployment benefits.

Another bill from Sen. Rob Portman of Ohio would put the bonus at $450 a week for up to six weeks.

"The $600 was necessary, in my view, to get us started in this, but now we have a situation where the economy is starting to reopen, people are looking for workers," Portman earlier this month.

Read more: The chief strategist of $2.5 trillion State Street recommends 7 ETFs for investors looking to profit from a permanently altered post-coronavirus landscape

More: Economy Policy Features Rob Portman
Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.