Another large round of stimulus checks could help the faltering U.S. economy rebound this fall, said Goldman Sachs analysts this week.
Goldman Sachs analysts predicted that the payments would be distributed in late August.
“We expect the bulk of these payments to reach consumers in late August, which should boost consumption in September in particular,” the Goldman analysts noted, according to CBS News. “It is well documented that the $1,200 stimulus payments paid out in early Q2 had noticeable effects on consumer spending, especially for lower-income households.”
Under both the GOP-proposed HEALS Act and Democrat-proposed HEROES Act, $1,200 stimulus checks and payments would again be distributed to tens of millions of people.
As of this week, however, top Democrats and Republicans in Congress have remained in a stalemate over key provisions including expanded unemployment benefits of $600 per week and liability protections for businesses and hospitals. The stalling prompted White House chief of staff Mark Meadows to declare to reporters that it’s likely the extra unemployment benefits will expire at the end of the month, which is Friday.
The GOP bill would allow U.S. citizens and U.S. residents with adjusted gross income up to $75,000 to get $1,200 payments. Married couples could receive up to $2,400 as long as their income is less than $150,000, according to a Senate Finance Committee memo released earlier this week.
Dependents like children will receive $500 payments.
“Unlike under the CARES Act, where the additional $500 was limited to taxpayers with a dependent child under 17, the additional $500 will now be provided to taxpayers with dependents of any age,” said a summary of the proposal released by the committee.