Second COVID-19 Relief Bill Expected by August

CNBC reported that Democrats and Republicans in the House cast doubt on Tuesday whether Congress will pass a second COVID-19 relief bill.

“I envision that this bill doesn’t get done by the end of July,” House Minority Leader Kevin McCarthy (R-California) said on CNBC’s “Squawk Box.”

McCarthy added he expects Congress to approve legislation “probably in the first week of August.”

House Speaker Nancy Pelosi said Tuesday she hopes parties “can resolve our differences and have a bill by the end of the next week,” CNBC reported, referencing the week of July 31.

According to CNBC, Democrats have called for a package to offer additional aid to jobless workers, send another direct payment to individuals, offer hazard pay to essential workers, give aid to state and local governments, and offer assistance to renters and homeowners as moratoriums on evictions and foreclosures expire.

Republicans have said they want to keep the price tag of a new second relief bill around $1 trillion. Measures to support households were included in the $2 trillion CARES Act passed earlier this year.

A study from Up For Growth said among the funds receiving money, the Community Development Fund was given $5 billion, rental-assistance programs were given $1 billion, $50 million was set aside for housing for the elderly, $15 million was set aside for housing for those with disabilities, and $2.5 million was appropriated for fair housing activities.

However, the report says one of the most beneficial sections of the bill is the increase in unemployment insurance benefits. The bill includes an additional $600 per week for up to four months, which brings the monthly average to $3,769 from $1, 369.

Up For Growth says this money is essential to help people stay in their homes and provide financial stability.

“Boosting and expanding eligibility for UI benefits efficiently gets money into the hands of the people who need it most, whether for housing costs or other expenses. This money also helps stabilize the housing ecosystem as landlords, owners, and lenders depend on rental and mortgage income,” the analysis said.