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Is It Time for Another Stimulus Package?

It’s almost been a year since the statewide lockdowns began to spread across the country. Since then, qualified Americans only received one stimulus payment. Now, we are entering the second wave of the pandemic, leaving Americans wondering when they’ll receive any sort of aid. On Millennial Minute, David Grasso discussed the matter of a second stimulus package with Nia Miranda and Ajay Bruno.

The first stimulus 

In March, Congress passed a $2 trillion stimulus bill that gave qualified Americans a one-time payment of $1,200. Half of the $2 trillion budget was set aside for businesses. According to the Department of Small Business Administration, “The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.” While this was meant to help small businesses, Miranda personally knows of businesses that were denied aid and are now permanently closed. As these small businesses were closing, celebrities such as Kanye West, Tom Brady and Reese Witherspoon were receiving PPP loans for their businesses. On top of that, major food chains were receiving millions of dollars in aid. The CEO of Shake Shack returned their $10 million dollar loan to the government.  Bruno found this bill to be a “huge disaster.”

Making the second stimulus better

Bruno and Miranda think both parties need to come together and compromise on a stimulus package. Bruno emphasizes that the compromise needs to be executed well. How does this happen? By determining which individuals and businesses are in immediate need. Bruno thought the income cap in the first bill was effective for individual aid. For businesses, Miranda suggests looking into their track records. By looking into how much money the business made prior to the pandemic, it will be easier to determine how much money was lost due to this unforeseen illness. Bruno says it best: “We need an actual, effective bill that really boosts the economy and doesn’t help people who take advantage of the system.”

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