Heroes Act 2.0: New Stimulus Package, Inclusions
Heroes Act 2.0 is the Democrat's reworked bill that cut the final cost of the stimulus package to get a deal with the lawmakers.
The Democrat-controlled House of Representatives passed the Heroes Act in May with a $3 trillion relief bill that would have extended the then $600 weekly unemployment benefits to Americans until 2021. It would also have issued the second round of stimulus checks, as per Fast Company.
The House bill was quickly shut down by Republicans who are currently in control of the Senate. The main reason for not approving the bill in the Senate came down to the $3 trillion costs that they said was too high.
However, in the spirit of compromise, the House Democrats unveiled Heroes Act 2.0 yesterday. The Act is a reworked bill that has the final cost of $2.2 trillion. Here are the inclusions of the Democrat's new stimulus package, as per the report from The Hill:
- Another round of stimulus checks: The bill provides a second round of $1,200 stimulus checks to most eligible Americans.
- Emergency aid for local and state governments: The bill also has $436 billion for struggling local and state governments.
- Unemployment benefits: The bill would extend the extra $600 weekly unemployment benefit until January 2021.
- Support for passenger airline contractors and employees: The bill would give $25 billion to support avoiding layoffs at passenger airlines and $3 billion for contractors who serve the passenger airlines.
- Support for childcare and schools: The bill includes $225 billion for childcare and schools.
- Restaurant boost: The bill provides $120 billion in aid to the struggling restaurant industry.
Heroes Act 2.0 is the Democrats' attempt to compromise with Republicans, who said that the first bill cost too much, House Democrats say.
By Thursday, the bill is expected to reach a vote and pass in the House. But it's unlikely that the Republican-controlled Senate will bring the Heroes Act 2.0 to a vote there if it passes the House. The second round of $1,200 stimulus checks have been long-resisted by the Republican lawmakers or even bringing back the $600 weekly unemployment benefits.
Meanwhile, NORML reported that House leadership's proposed stimulus package maintains provisions that will allow licensed cannabis businesses to legally and explicitly partner with banks or other financial institutions. The Heroes Act 2.0 includes the SAFE Banking Act (HR 1595) from its initial bill passed in May. The Secure and Fair Enforcement Banking Act makes legal pathways so that state-licensed marijuana businesses could legally engage with banks and other financial services.
This inclusion will mark the third time the SAFE Banking legislation has been approved if passed by the House. Initially, the House members passed the legislation as a stand-alone bill in 2019. In May, House members passed the language in the initial Heroes Act.
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