Air Force President Sara Nelson discusses her prospects for the airline industry amid the coronavirus pandemic and vaccine deployment.
President Biden on Thursday signed a comprehensive coronavirus relief package that includes $ 1,400 stimulus checks for many Americans, but some individuals with unpaid debt could seize the money this time around.
Debt collectors will be able to decorate the third round of cash payments expected to be delivered to Americans by the end of the month as part of the Democrats’ $ 1.9 billion U.S. bailout plan. But unlike the first two payments, which explicitly prevented creditors from snatching the money, the checks were not exempt from decoration.
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This is because the Congressional Democrats passed the legislation using a process known as budget reconciliation, which enabled them to circumvent a filibuster by Republicans of the Senate. Consumer and banking groups, including the American Bankers Association, are appealing to lawmakers to adopt a stand-alone account and close the gap with which creditors can take the money.
“The economic impact payments are intended to help families purchase food and other necessities to get themselves going,” the American Bankers Association and a coalition of groups wrote in a letter to congressional leaders Tuesday. “Many people have struggled before the coronavirus crisis and millions have now been fired or their hours cut off.”
Sen. Ron Wyden, D-Ore., Chairman of the Senate Finance Committee, said he plans to introduce a separate bill that will protect the money from private debt collectors. He urged Republicans to support the measure, although no GOP legislators are voting for the stimulus bill.
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“While the Democrats plan to protect the third payment from private debt collectors, the Senate rules did not allow us to incorporate the protection into the U.S. bailout plan,” Wyden said in a statement Monday. “I will enact independent legislation to ensure families receive their much-needed emergency relief.”
The first round of stimulus checks, worth up to $ 1,200, which was distributed last year as part of the $ 2.2 billion CARES law, did not prohibit creditors from decorating the money. But many state and local governments have accepted protection to prevent collectors from gaining access to the money.
Congress included a provision in the $ 900 billion relief package it passed in December that limited $ 600 stimulus payments to private creditors.
The cash payments included in the $ 1.9 billion stimulus account are the largest yet, with individuals earning $ 75,000 or less eligible to receive $ 1,400. Couples earning $ 150,000 or less receive a $ 2,800 check. Households receive an additional $ 1,400 for each dependent child claimed on their most recent tax returns.
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