Two separate proposals, Emergency Money for the People Act and Rent and Mortgage Cancellation Act, were introduced to help many Americans who have been impacted by the Coronavirus. The first one was introduced by Representatives Ro Khanna (D-CA) and Tim Ryan (D-OH) the Emergency Money for the People Act. This Act, if passed, would provide additional cash payments to Americans who have been impacted by the COVID-19 pandemic. The Emergency Money for the People Act would provide a $2,000 monthly payment to every qualifying American over the age of 16 for up to 12 months.
Emergency Money for the People Act Eligibility:
- Every American age 16 and older making less than $130,000 annually would receive at least $2,000 per month.
- Married couples earning less than $260,000 would receive at least $4,000 per month.
- Qualifying families with children will receive an additional $500 per child – for up to three children.
- Those who had no earnings were unemployed, or are currently unemployed would also be eligible for the stimulus even if they didn’t file a tax return.
- Those who were not eligible in 2019 or 2018 but would be eligible in 2020, could submit at least two consecutive months of paychecks to verify income eligibility.
The second one was introduced by Representative Ilhan Omar (D-MN) the Rent and Mortgage Cancellation Act. This Act, if approved, would call for a nationwide cancellation of rents and home mortgage payments through the duration of the coronavirus pandemic, or up to one year.
Rent and Mortgage Cancellation Act:
- Full rent payment forgiveness for your primary residence
- Full mortgage payment forgiveness for your primary residence
- No accumulation of debt for renters or homeowners
- No negative impact on their credit rating or rental history.
- It would establish a relief fund for landlords and mortgage holders to cover losses
- It would create an optional fund to finance the purchase of private rental properties to increase the availability of affordable housing.
These bills could help many Americans because there have been many lay-offs and the unemployment applicants are increasing daily. Do you think these will be passed through to help our community?