Policy Committee Chairman Roy Blunt told reporters on June 29 that Senate Republicans are now planning to create another coronavirus stimulus package and it will be ready for distribution by the end of July.
Second stimulus package
According to Blunt, the bill is expected to include lifelines for small businesses and health care systems that have been greatly affected by the coronavirus pandemic and it could authorize another round of stimulus checks for the American taxpayers, among other provisions.
CQ Roll Call reported that Blunt thinks the timing of the second stimulus package is going to be right for them to know what they need to know for a package that moves the American taxpayers into the coming months, at least until October.
On June 29, Blunt told reporters that he has already asked his Senate Appropriations subcommittee panel that are in charge of the funding of the Departments of Health and Human Services, Labor, Education and other related agencies to create a legislative package that is focused on bolstering testing resources, treatment and vaccine development for COVID-19.
President Donald Trump has hinted that he would like to give more stimulus checks for American taxpayers, which is similar to the $1,200 checks given out to most Americans earlier this year.
Last year, the President was asked whether he was considering signing legislation that included new stimulus checks, he said yes. He added that they will be doing another stimulus package and that it will be very generous and it will be good. He did not specify the amount of the check.
Explore America tax credit
The Explore America tax credit is an idea that the tourism and food industry loves, and it is an idea that President Trump is excited for too, but will Congress approve it?
According to Forbes, if the Congress does go with it, the said tax credit would give up to $4,000 to American taxpayers so that they can go on vacation domestically and spend it at theme parks, restaurants, hotels, and other tourism-related businesses through the end of 2021.
The tax credit would cover up to 50% of a family's total vacation expenses. Last month, President Trump brought up the tax credit idea during a White House roundtable with restaurant industry leaders and he mentioned an Explore America tax credit that the people can use for domestic travel and for dining out at local restaurants.
The approval of the Explore America tax credit can help boost the economy of the country, which has been greatly affected by the coronavirus pandemic. Before the crisis, the tourism industry contributed at least $2.6 trillion to the U.S economy and it supported around 15.8 million jobs. It also delivered up to $69 billion trade surplus in 2019, according to the U.S Travel Association.
However, travel businesses, tourism, and the employees working in the industry were among the first ones to get hit during the start of the coronavirus outbreak. Around 40% of people in the industry lost their job.
Kevin Hassett, a White House economic advisor, told the Wall Street Journal, that the odds of a new stimulus package before the recess of Congress this August are very high.