Business, Financial & Legal News - Page 4
If you happened to miss the news, a new stimulus plan was unveiled by House Democrats on the day of the presidential debates, and this new plan includes new $1,200 stimulus checks for struggling Americans.
Originally, talks for a new stimulus package seemed all but dead, as lawmakers on both sides couldn't come to terms on the price of a new package as well as its contents. Now, Democratic House Speaker Nancy Pelosi has proposed an updated HEROES Act package that is priced at $2.2 trillion - down from the previously proposed package of $3.4 trillion.
Unfortunately, Pelosi and Treasury Secretary Steven Mnuchin failed to reach an agreement during a more than 90-mute meeting this past Wednesday. More positively, both Pelosi and Mnuchin are scheduled to continue negotiations on Thursday, and after more talks have occurred, a vote will take place. So, what is stopping the new plan from passing?
Millions of Americans are still out of work due to the coronavirus pandemic, and with financial struggles being more than apparent, a new stimulus check could be what saves many families.
Nancy Pelosi, the Democratic House Speaker, unveiled yesterday a new stimulus plan that would grant struggling Americans the second round of $1,200 stimulus checks. This new package also included funding for schools, small businesses, restaurants, performance spaces, and airline workers. The newly proposed deal is currently being negotiated between Nancy Pelosi and Treasury Secretary Steven Mnuchin, who have both said they have made big steps towards striking a deal.
Originally, Democrats planned on reaching an agreement on Wednesday night, but then the vote was postponed until Thursday to allow for more bipartisan discussions. There are few details in the package that still need to be ironed out, and these are disputes over state and local government aid and liability protections for businesses. Other than those topics, Mnuchin said that the White House and Democrats had found common ground on the direct payments (new $1,200 stimulus checks), small business loans, and airline aid.
A new plan has been announced by the World Bank that will see a $12 billion initiative put forward that allows poor countries to purchase a COVID-19 vaccine when it's ready.
The new initiative is an attempt on the World Bank's behalf to make sure poor countries don't miss out on a COVID-19 vaccine. The World Bank has asked its shareholders to back the initiative as the pandemic is affecting the low and middle-income countries more than the ones in the developed world. According to David Malpass, the World Bank president, "Having this finance available will be a game-changer because once a safe and effective vaccine is available, it will allow people to resume their lives with confidence."
The idea behind this new plan is that the World Bank recognized that countries that have higher-income had reserved many of the COVID-19 vaccine doses. The World Bank wants to make sure low and middle-income countries have access to the vaccine as well. Additionally, the bank believes that the global economy will not recover fully until everyone, including low and middle-income countries, can live, socialize, work, and travel with confidence.
For quite some time, it looked like negotiations for a new stimulus bill were dead in the water, but now perhaps not, as an updated version of the HEROES Act has been unveiled.
House Speaker Nancy Pelosi has said in a press release that the Democrats have unveiled an updated HEROES Act as a "proffer" to Republicans to return to negotiations. Pelosi says that the updated HEROES Act would cost $2.2 trillion, which is a reduction of $1.2 trillion from the original bill that was proposed at the price of $3.4 trillion. This updated plan includes funding for schools, small businesses, restaurants, performance spaces, airline workers, and $1,200 stimulus checks.
The $3.4 trillion HEROES Act was passed by the house back in May, but the price was too high for the Republican Senate. The original $3.4 trillion HEROES Act was never voted on and was later countered with a $500 billion plan from Republicans. This $500 billion was later blocked by Democrats.
Negotiations for a second coronavirus stimulus plan seemed all but dead, but now it could be possible Americans could receive a second stimulus check.
We have reported for a while that an agreement for a second stimulus plan didn't seem likely before the election, but now House Speaker Nancy Pelosi has put forward an updated version of the HEROES Act that was originally priced at $3.4 trillion. The updated HEROES Act comes in at a price of $2.2 trillion and has served as almost a peace offering to the Republicans for negotiations to continue.
Reports from CNN indicate that Pelosi and Treasury Secretary Steven Mnuchin have already discussed the updated HEROES Act proposal and will continue to do so this Tuesday. Additionally, Pelosi has stated that since lawmakers are planning to leave Washington ahead of the coming election campaign, she is willing to call them back for a vote if a deal can be made.
The coronavirus pandemic is causing big strain on theme parks, and as the pandemic has continued, businesses are losing big money.
Disney has closed the California park and has reduced its capacity at the ones it does have open. Now, the entertainment company has confirmed that as a result of the strain of the COVID-19 pandemic, it will be laying off 28,000 employees. The news has come to employees via a letter, and the layoffs will be targetted at park employees in the consumer and experiences segment.
CNBC reports that 67% of 28,000 employees laid off were part-time workers, but the full breakdown for how each department hasn't been revealed by the company. Josh D'Amaro, head of parks at Disney, wrote in a memo to CNBC, "For the last several months, our management team has worked tirelessly to avoid having to separate anyone from the company. We've cut expenses, suspended capital projects, furloughed our cast members while still paying benefits, and modified our operations to run as efficiently as possible, however, we simply cannot responsibly stay fully staffed while operating at such limited capacity."
It's quite shocking to know that there are millions of Americans out there who are yet to receive their $1,200 coronavirus stimulus payment.
Back in March, the CARES Act was passed that granted most Americans the ability to claim a $1,200 stimulus from the US government. This payment was to be issued by the Internal Revenue Service (IRS), who has recently announced that there are still millions of Americans who haven't yet claimed for the stimulus. The IRS has said the deadline for anyone wanting to receive this payment is October 15th.
It should be noted that this is stimulus payment is for Americans who don't file a tax return, which is usually because they are low-income earners. Since these people don't file a tax return, the IRS doesn't have any of their personal details. This is why the IRS has set up the "Non-Filers" tool so these people can send the IRS their information so they can get the $1,200 check out to you as soon as possible.
A new proposal for a stimulus plan has been talked about, and it could be what every struggling American needs right now.
The new plan has been talked about on KNX 1070 News Radio and comes from the billionaire owner of Dallas Mavericks, Mark Cuban. Cuban is also known for his involvement in the ABC show Shark Tank. More importantly, the proposed stimulus plan would give every American $1,000 every two weeks for two months, totaling a $4,000 stimulus injection.
The twist with this stimulus plan is that every recipient of the stimulus would be required to spend the $1,000 stimulus within the first ten days of receiving it. The idea behind this stimulus plan is to stop recipients from saving the money and not putting it back into the economy. Many Americans who received the CARES Act stimulus decided to save the money if they could, as rainy-day money doesn't seem like such a bad idea considering the state of which the US is in right now.
A new coronavirus stimulus plan has been proposed, and its nothing like any other stimulus plan you have heard about before.
The new stimulus plan proposal has come from the billionaire owner of the Dallas Mavericks, Mark Cuban, who told KNX 1070 News Radio about his idea. The proposed plan was to give new stimulus checks of $1,000 to every American every two weeks for two months. The total would equal to $4,000, but there is a catch with this plan.
Cuban says that every American would be required to spend the cash of each stimulus check within ten days of receiving it. The idea here is to get the money back into the economy and stop people from saving it. If the money isn't spent within the ten days, it wouldn't be usable anymore. Cuban told the news radio station, "I don't care what they spend it on. It could be candy, it could be rent, it could be their mortgage, it could be anything they deem necessary or that they want."
If you remember back in March when the CARES Act was passed it included a $1,200 stimulus checks for eligible Americans.
Now, it has recently been discovered through a report by the Government Accountability Office (GAO), an auditing arm for Congress, that there is 9 million Americans that are yet to receive their $1,200 payment. The GAO report goes on to say that the largest demographic found who haven't yet received their payments, but can, was low-income Americans who aren't filing taxes.
Low-income Americans who aren't filing taxes are eligible for a $1,200 stimulus check, yet the the report notes that 8.7 million Americans are yet to be identified by the Internal Revenue Service (IRS), as they aren't on its records. This is why the IRS has setup the Non-Filers tool. If you are one of these millions of Americans, or you know of someone who is one of these people, advise them to check out the IRS website tool here.