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Trump: Send Second Stimulus Checks With Covid Relief Funds

second stimulus checks

President Donald Trump (Photo by MANDEL NGAN/AFP via Getty Images)

AFP via Getty Images

President Donald Trump says Congress should send second stimulus checks now and use $300 billion in remaining Covid relief funds.

Here’s what you need to know.

Stimulus Package

During remarks Friday at The White House, Trump said Congress should redirect unused Coronavirus relief funds to fund second stimulus checks for the American people.

“We have $300 billion in an account that we didn’t use,” Trump said. “I would be willing to release it, subject to Congress, and use that as stimulus money and it would go right to the American people.”

According to Fox Business, Trump may be referring to money appropriated for small business loans. As part of the Cares Act — the $2.2 trillion stimulus package that that Congress approved in March — Congress appropriated $500 billion. Of that amount, $454 billion was appropriated to cover losses on lending programs. Of that funding, $259 billion remains uncommitted.

“It’s money that we have — money that we built up and money that we haven’t spent, and I would love to give it to the American people as a very powerful stimulus,” Trump said. “I think there is a theory that I could do it without having to go back, but I think it would be appropriate to go back, and I would ask Congress to approve it. It’s a very simple approval. It’s literally, it’s a one-sentence approval, and the Democrats should do that. The Republicans will do that. They would be glad to do that.”

Democrats and Republicans in Congress have agreed in principle on a $1,200 second stimulus check for individuals and $2,400 check for married/joint filers, which is the same amount as the first stimulus check. However, Republicans want $500 for dependents, while Democrats called for $1,200 for each dependent, with a maximum of three dependents. After an impasse on a broader stimulus package, Congress has not approved a second stimulus check since leaving for summer recess in mid-August.

Stimulus update: Congress back in session

The Senate is back in session tomorrow. What’s the latest update on the stimulus? Senate Republicans may propose a new “skinny” stimulus bill as early as this week. The new stimulus legislation could be approximately $500 billion, which is roughly half the size of the Heals Act, which Senate Republicans proposed earlier this summer. This new stimulus bill could include several areas where there is bipartisan support:

  • enhanced unemployment benefits
  • school funding
  • small business loans
  • Coronavirus testing and vaccines

However, the new stimulus bill would not include any stimulus checks. However, it’s possible after Trump’s remarks that Republicans could alter the proposed legislation to include a second round of checks. Will this new legislation pass? It’s unlikely. While more Senate Republicans would support a smaller legislative proposal, Democrats want a larger bill. Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-CA) are likely unwilling to agree on an even smaller bill than the Heals Act, which at $1 trillion, was deemed too small. Democrats initially proposed a $3 trillion stimulus package (the Heroes Act), although Pelosi said Democrats would be willing to agree to a $2.2 trillion bill.

“The speaker has refused to sit down and negotiate unless we agree to something like a $2.5 trillion deal in advance,” Treasury Secretary Steven Mnuchin said on Fox News Sunday. “Let’s do a more targeted bill now and if we need to do more in 30 days we’ll continue to do more, but let’s not hold up the American workers and the American businesses that need more support.”

Related Resources

Payroll tax cut starts today

Pelosi: We are not budging on stimulus—$2.2 trillion or nothing

Will Biden’s Kamala Harris pick give boost to a monthly stimulus check?

Why you got a $500 stimulus check this week

Here’s when $300 a week unemployment benefits may start

Will you get a second stimulus check in Trump’s executive order?

This second stimulus check would pay the most

When will my second stimulus check come?

Trump: I’m ready to take action on stimulus checks, rental assistance

Trump suspends student loan payments until December 31

New stimulus today: second stimulus checks, unemployment benefits and more

15 secrets to refinance student loans

Second stimulus checks: 4 plans compared

Trump: Student loans may be extended for “additional periods of time”

Trump: Second stimulus checks may be higher than $1,200

What the new stimulus package means for your student loans

Stimulus: here are the latest numbers for second stimulus checks and more

Second stimulus checks may be less than $1,200

Second stimulus checks: your questions answered

Trump wants at least $2 trillion for next stimulus

Don’t expect student loan forgiveness in next stimulus bill

Student loan refinancing rates are incredibly cheap

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