With thethrough the financial crisis brought on by the pandemic, Congress is prepared to act on a second stimulus package in the next few weeks. The timing Congress will set for when exactly , and how much you might get won’t be settled until the Senate returns to work next week and begins crafting the bill.
The size of another relief package — and how Congress will divide up the money — will determine the amount that individuals and families are eligible to receive in a second economic impact payment. The, which was approved in March, sent each person who met the requirements up to $1,200 apiece and a maximum of $6,000 for families.
White House economic advisor Larry Kudlow said July 10 that a second stimulus check will be smaller than the first, according to Fox Business. That aligns with Majority Leader Mitch McConnell, a Kentucky Republican, who has indicated that the next stimulus package would have a $1 trillion cap, but it runs contrary to the president’s stated wish for a larger check.
House Speaker Nancy Pelosi, a California Democrat and Speaker of the House, disagrees.
“A trillion dollars is, OK, that’s an interesting starting point, but it doesn’t come anywhere near,” Pelosi said July 9. “We need $1 trillion for state and local [assistance]. We need another $1 trillion forand direct payments. We need something like that, but probably not as much, for the , , treatment,” she said. “What doesn’t measure up is, ‘Oh, it can only be a trillion dollars.'”
For the last two months, proposals have surfaced over how big a second stimulus check should be, ranging from a single $1,200 payment up to $2,000 a month through the end of the pandemic.
Read on for what we’re hearing from the Senate, House of Representative and the White House about the next relief check. And here’s more information onand if a new economic bill passes.
How much money would a second stimulus check get you?
Washington leaders are talking about these possible stimulus figures for individuals:
These figures represent the maximum sum we’ve heard. As with the first stimulus check, it’s almost certain that Congress will includebased on how much money you make annually, your age, the number of dependents you have and your US citizenship or residency status.
What does President Trump and his administration say about a second stimulus check?
The president has, over the past few weeks, come out as a firm advocate of a second round of direct payment to Americans.
“I support actually larger numbers than the Democrats,” the president said July 1, referring to the $1,200-per-person amount the Democrat-led House of Representatives proposed in May. The Washington Post reported in June that the president has told aides he is largely supportive of sending a second round of checks to Americans.
National Economic Council Director Larry Kudlow echoed the president’s support, telling Fox Business last week, “Direct checks are probably going to be part of it, as far as the president is concerned right now.”
Treasury Secretary Steven Mnuchin also expressed support, telling reporters at a White House briefing, “We’re going to serious[ly] consider whether we’re going to put more payments and direct payments over. It worked very well.”
Further, Chair of the Federal Reserve Jerome Powell made the case for more stimulus money in prepared remarks before the House committee on Financial Services on June 30. “A full [economic] recovery is unlikely until people are confident that it is safe to re-engage in a broad range of activities,” Powell said. “The path forward will also depend on the policy actions taken at all levels of government to provide relief and to support the recovery for as long as needed.”
The Senate’s view: A smaller second stimulus check
“I’ll be unveiling something, which will be a starting place, in a few weeks,” Senate Majority Leader Mitch McConnell said July 6 about a new stimulus package. And a new payment for individuals and families “could well be part of it,” he added. In fact, we.
And while the Senate has not offered many specifics on what it will include in its proposal, McConnell has been clear what it won’t offer.
“I can’t tell you what the amount is likely to be at this point, but it won’t be $3 trillion,” McConnell said late last month. McConnell also proposed setting a $40,000 income ceiling to qualify for a check. “I think the people who have been hit the hardest are people who make about $40,000 a year or less. Many of them work in the hospitality industry,” he said.
McConnell had previously stressed that the focus of another bill will be narrow and, if approved, will be the last. Republican senators are focused on including incentives to bring people back to work.
A $1,200 one-time payment from the House’s Heroes Act?
The Democrat-led House of Representatives passed the Heroes Act on May 15. The bill, which has not passed the Senate and is not law, seeks larger payments for more family members, according to a fact sheet from the House Appropriations Committee (PDF). McConnell has already dismissed the bill, as has the president, who has called it DOA. Here are the broad outlines of the Housebill:
- Individuals: An eligible person could receive up to $1,200.
- Children and dependents: Each dependent could qualify for a $1,200 payment.
- Families: Households would qualify for a maximum payment of $6,000 total, capped at five family members at $1,200 apiece.
- People who aren’t US citizens: Noncitizens who file tax returns, pay taxes and otherwise comply with federal tax law using an individual taxpayer identification number (ITIN) instead of a Social Security number would qualify for a payment.
The bill would also extend.
Second stimulus check: What comes next?
It’s July, which puts us on the month-long deadline McConnell set for the Senate to decide on a second stimulus check. The House passed its Heroes Bill in May. With the Senate on a planned break till July 20, McConnell and the Republican-leduntil Aug. 7 to craft its own stimulus package, if it does decide to move forward.
If you’re still waiting for your first, and or has fallen through the cracks.