A second round of stimulus checks is on the table, U.S. Treasury Secretary Steven Mnuchin confirmed Thursday.
The Wall Street Journal reports the Trump administration is waiting to see whether President Donald Trump plans to push for direct payments in Congress’ next coronavirus relief package. The primary HEROES Act would again distribute $1,200 per person, via paper checks, direct deposit or debit cards, to help Americans who’ve lost income due to the Covid-19 pandemic.
“It’s something that we’re very seriously considering,” Mnuchin told the press Thursday.
The first round of stimulus checks, which gave qualifying American adults a one-time direct payment of $1200 plus $500 for each child under the age of 17, was part of Congress’ $2.2 trillion CARES Act passed in March.
According to PennLive.com, at least three proposals are being considered.
The $3 trillion Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act"), already passed by the House, would again distribute $1,200 payments per person with taxable income under $75,000 (or $150,000 for couples filing jointly); eight in 10 Americans would be eligible, similar to the first round. Dependents would also qualify for $1,200 this time, regardless of age, so the second round could include parents of college students that were excluded the first time; a family of four could potentially receive $4,800.
Senate Majority Leader and Republican Mitch McConnell said earlier this month that the legislation will likely be tweaked from its current form. If direct payments are included, it will be the last round, he said.
A second proposal, from Ways and Means Republican Leader Kevin Brady of Texas, is the “Reopening America by Supporting Workers and Businesses Act of 2020,” which turns unemployment benefits into a back-to-work bonus. Brady’s proposal also includes a direct payment of $1,200 -- one week of unemployment benefits and $600 federal aid, as the additional federal payment is set to expire on July 31.
Former presidential candidates Sen. Kamala Harris (D-Calif.) and Andrew Yang have pitched the Monthly Economic Crisis Support Act, which would give $2,000 to anyone earning less than $120,000 per year. Married couples who file jointly would receive up to $4,000, and a maximum of three dependents would get $2,000 each.
When will I get my second stimulus check?
It’s unclear when the Senate will consider a second round of payments, but the checks would likely be delivered faster this time after millions verified their information on the IRS “Get My Payment” site. The Hill reports the IRS has paid all eligible Americans that it had enough information on for checks from the first round, for a total of $267 billion.
The first round of payments took about a month to begin arriving in people’s bank accounts after President Donald Trump signed the CARES economic relief package in March. McConnell said in late May that Congress would need about a month to negotiate a deal that includes the new payments; if approved within the next two weeks, Americans could start seeing payments in late July or early August.
CNBC reports talks aren’t expected to get serious until early July, though, so a second payment may not come until early fall.
“I definitely think we are going to need another bipartisan legislation to put more money into the economy,” Mnuchin told the U.S. Senate Committee on Small Business and Entrepreneurship on Wednesday. “We don’t want to rush into that because we want to be both careful at this point in seeing how the money is in the economy."
“A lot of the money is still not in it," he said, referring to $130 billion in unclaimed Paycheck Protection Program funds and as much as 35 million checks that still haven’t reached people.
How much would I get?
Under the current HEROES Act, each American would receive $1,200; married couples would receive $2,400; and parents would receive $1,200 per child, regardless of the dependent’s age.
You can find out how much you would be eligible for by using the free Omni Calculator tool embedded below. It’s also located on their site here.
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