The next round of coronavirus relief will include stimulus payments of $ 1,200, and the Trump administration will extend the federal eviction moratorium, White House economic adviser Larry Kudlow said Sunday.
“A $ 1,200 check is looming, which will be part of the new package,” Kudlow said in an interview on CNN’s “State of the Union.”
Republicans have finalized the next aid bill, worth about $ 1 trillion, and will present it on Monday. The legislation is intended to provide a temporary and reduced extension of unemployment benefits, another round of stimulus controls, liability protection for businesses, and funds to help schools restart. It will also include $ 16 billion in new testing funds and tax incentives to encourage companies to hire employees.
“The check is there, the reemployment bonus is there. The withholding bond is there, ”Kudlow said of the upcoming relief legislation. “There will be breaks, tax credits for small businesses and restaurants.”
“It is a very complete package,” added Kudlow. “It is a very well-run package.”
Kudlow also said the administration plans to extend the federal eviction moratorium, which has protected millions of tenants in the past four months from being evicted.
Cities across the United States have been preparing for a wave of evictions when the moratorium expired on Friday. The moratorium covered tenants in buildings with government-backed mortgages. Lawmakers and housing advocates have called for a nationwide eviction ban along with rent cancellations and other forms of housing assistance.
Cities across the United States had been preparing for a wave of evictions when the moratorium expired.
The $ 600 weekly supplement to state unemployment checks that was imposed in March ended over the weekend. Democrats want to extend aid, while Republicans will cut the subsidy, arguing that extended aid is a disincentive for unemployed Americans to find work.
Kudlow said the administration’s plan to limit unemployment benefits to about 70 percent salary replacement is “quite generous by any standard.” Last week, Republicans were considering extending the insurance benefit to a reduced level of $ 400 per month, or $ 100 per week, for the rest of the year.
As negotiations continue, it remains unclear when the potentially reduced unemployment supplement would go into effect. The unemployment rate in the US has risen above 10 percent due to the pandemic, with nearly 32 million Americans now receiving unemployment benefits, according to the Labor Department.
Even as cases in the south and west increase, Kudlow remained optimistic about the US economic recovery: “The odds favor a large increase in job creation and a large reduction in unemployment,” he said.
