How do you spell relief? M-A-Y-B-E ?

Taxes

Treasury Secretary: We’ll likely need another relief bill. Treasury Secretary Steven Mnuchin told The Hill yesterday that there is a “strong likelihood” that the nation will need another coronavirus relief bill. But, he said, “We’re going to step back for a few weeks and think very clearly how we need to spend more money and if we need to do that.”

Meanwhile, 2.4 million more Americans filed for unemployment benefits. Over the  nine weeks spanning the coronavirus crisis, 38.6 million Americans have filed for unemployment benefits. White House officials and GOP leaders in the Senate remain reluctant, however, to include more jobless   assistance in the next relief package. Senate Majority Leader Mitch McConnell has decried the “policy that is paying people more to remain unemployed than they would earn if they went back to work.”

Next week on the Hill: The House may vote to broaden the PPP. Tax Notes reports (paywall) that the House plans a vote next week on a bipartisan bill to extend the loan forgiveness period of the Paycheck Protection Program and allow businesses that take those loans to defer payroll taxes.

Request for Proposals: WorkRise, a new research-to-action network on jobs, workers, and mobility hosted by the Urban Institute, has issued a Request for Proposal (RFP) for research projects on low-wage workers that address both their 1) short-term economic security of low-wage workers in the context of the Covid-19 crisis and the long-term potential for their upward mobility. WorkRise has also issued a Request for Information (RFI) to create an information clearinghouse  on policies, programs, and practices that would benefit from research evaluation and potentially, additional funding. The deadline to submit a letter of intent in response to both requests  is  June 29.

The Daily Deduction will not publish on Monday in observance of Memorial Day. Stay tuned for the next edition on Tuesday, May 26.

For the latest tax news, subscribe to the Tax Policy Center’s Daily Deduction. Sign up here to have it delivered to your inbox weekdays at 8:00 am (Mondays only when Congress is in recess). We welcome tips on new research or other news. Email Renu Zaretsky at dailydeduction@taxpolicycenter.org.

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