A “Generous”, Second Stimulus Check On The Way?
In a blog post from earlier this month, we reported a possible second stimulus check. And on Monday, President Trump promised one is indeed, on the way.
Forbes reports Trump confirmed a second round of direct payments to Americans that will be included in Congress’ next coronavirus relief package. “We will be doing another stimulus package. It’ll be very good, it’ll be very generous,” Trump said. No specific amount has been cited, however, the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”), passed by the House, indicates $1,200 is likely.
Who Gets A Check?
Similar to the first round, U.S. citizens with taxable income under $75,000 (or $150,000 for couples filing jointly) are eligible, and dependents also qualify for $1,200 this time, regardless of age.
The first round of stimulus checks gave qualifying American adults a one-time direct payment of $1,200 plus $500 for each child under the age of 17. This was part of Congress’ $2.2 trillion CARES Act passed in March.
A family of four could receive $3,400, while the second package would potentially send them $4,800.
When Will I Get My Second Stimulus Check?
With senate talks not expected to get started until early-mid July, a second payment may not arrive in your account until early fall. Senate Majority Leader Mitch McConnell said in late May that Congress would need about a month to negotiate a deal that includes the new payments; debates still haven’t started but if approved by the end of July, Americans could start seeing payments in late August. Earlier this month McConnell said the HEROES legislation will likely be tweaked from its current form. If direct payments are included, it will be the last round, he said.
“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,” U.S. Treasury Secretary Steven Mnuchin told the U.S. Senate Committee on Small Business and Entrepreneurship earlier this month.
I Still Haven’t Received My First Check!
Frustrating as this can be, there could be a few issues at play causing the delay. If you still have not received your 1st stimulus check, read our March blogpost on ways to receive your check faster.