Emergency Money for the People Act: $2,000 Every Month

Under normal circumstances, you go to work, earn a wage, and have enough to pay your bills and feed your family. But nothing is normal since the Covid-19 outbreak. Lockdown orders have seen the economy go into freefall. Millions have been laid off. Many are working reduced hours with others scraping by on benefits. If you’ve been hit hard by the coronavirus crisis, more help could be on its way. The Emergency Money for the People Act might provide you with a lifeline. This coronavirus aid package proposes to give individuals $2,000 a month while the pandemic is crippling the economy.

A New Financial Reality for Many During the Coronavirus Pandemic

While income has all but virtually dried up, the bills haven’t. They just seem to keep coming and coming. Millions of Americans are struggling in the new reality of not being able to pay their bills. The unemployment checks are not stretching from month to month. Even the coronavirus stimulus check may seem like a drop in an ocean of bills and debt. Some hard-up folks haven’t yet received their Covid-19 relief rebate. Others didn’t even qualify for the cash.

At some point, the coronavirus will be over. We’ll get back to shopping without face masks, not bothering about social distancing, and hopefully still have a job. Until then, you still have to buy groceries, cover your rent or mortgage, pay medical bills, and put gas in the car. 

This article answers your question on what the Emergency Money for the People Act is. You’ll also find out if you can do anything to get relief money during the Covid-19 catastrophe. 

The Proposed Emergency Money for the People Act

Getting a couple of grand in free cash every month seems too good to be true. But that’s what’s been proposed in a new coronavirus stimulus package. Many people — politicians included — realize that $1,200 in the first coronavirus payment wasn’t enough. 

So, the Emergency Money for the People Act aims to give more than the original stimulus check. It also proposes to expand who can receive the new Covid-19 stimulus checks. 

What does the Emergency Money for the People Act include? Here’s a brief summary:

  • The act applies to any American over the age of 16 who earns less than $130,000 a year
  • Individuals would receive $2,000 a month
  • Married couples receive $4,000 a month
  • Families with children would get $500 per child up to three children
  • Anyone earning over the threshold would receive 5% less for every $1,000 they earned

Congressmen Ro Khanna and Tim Ryan proposed the bill. It was introduced to the House on April 14, 2020. If approved, everyone eligible would receive their relief cash payment 14 days after it’s passed. You would receive a monthly check for up to six months. If the economic and employment situation hasn’t improved, the scheme would be extended for another six months.

There are four major differences between the Emergency Money for the People Act and the financial help in the CARES act. These are:

  • Each taxpayer receives more money
  • The payments are monthly — not one-off — and could last for up to 12 months
  • Anyone over the age of 16 can receive relief cash, even if they’re listed as a dependent.
  • Payments could be made via mobile money apps such as PayPal or Venmo

Who Qualifies to Receive Money Under the Proposed Emergency Money for the People Act?

Knowing that regular money is coming every month is going to ease a lot of distress. Even just knowing that you can make that rent payment or avoid stacking up debt on your credit card will give needed relief. Will you qualify for the second stimulus check if it gets passed?

As already mentioned, any taxpayer earning up to $130,000 a year would be eligible. So, you could qualify for relief payments even if you didn’t get money under the CARES act. 

Here are a few examples of how you would qualify for coronavirus relief cash. 

Under the CARES act, if you were a high school student or an adult with disabilities, you didn’t get any Covid-19 emergency money if you were classed as a dependent. So, at present, you don’t get relief even though you may be working and paying taxes. Under the proposed Emergency Money for the People act — someone in your situation would qualify for monthly cash payments. 

The first stimulus check was based on your 2018 or 2019 tax returns. For example, some taxpayers didn’t qualify for the stimulus payment because of changes in their tax returns or status. However, under the proposed Emergency Money for the People Act, you would qualify for the monthly relief income if you’ve not submitted any tax returns or are unemployed. 

Many folks missed out on the stimulus check, or it hasn’t come yet, because their filing status changed during the year. Even if you did qualify for the $1,2000 stimulus check, you may still not have received it. In fact, it could still take many months to process all payments. So, you may still be wondering where your coronavirus check is.

Is Universal Basic Income (UBI) the Answer to Crises like Coronavirus?

The proposals for the Emergency Money for the People Act are similar to the ideas of universal basic income. This idea of UBI would guarantee everyone a minimum income without any conditions. 

Because the Covid-19 pandemic sent the economy into meltdown, politicians in the US are floating the idea of UBI. In some ways, the first coronavirus stimulus payments were a form of UBI — albeit a one-time payment. Others are suggesting that every person in the US receives $1,000 every month, even after the coronavirus crisis has gone.  

It’s important to remember that, at the time of writing, the bill has only been proposed. There is currently no second coronavirus stimulus check. However, it’s clear that while businesses remain shut and millions are out of work, managing day-to-day finances is going to be a struggle. 

Many citizens are voicing their opinion in a petition to the US government. People can sign the petition at Change.org, Pass the Emergency Money for the People Act.

In Conclusion

It’s clear that the first round of stimulus payments is not going to be enough to get most people out of the financial black hole that Covid-19 has created. If the proposed Emergency Money for the People Act is passed, it will be a relief to millions in the country.