An Update On The Second Round of Stimulus Checks — And When To Expect Them
The next round of stimulus checks will reportedly resemble the initial May delivery with the same 160 million Americans receiving aid, according to reports. The funds could arrive as soon as next month in a plan being worked out by Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell — if Congress can approve the proposal before its recess.
The details of the checks would include: Individuals earning up to $75,000 would receive a $1,200 payment for themselves and $500 for their dependent children, couples earning up to $150,000 would also qualify, and the payment amounts phase down for singles earning up to $99,000 or $198,000 as a couple — just like the May aid.
“We’re talking about the same provision as last time, so our proposal is the exact same proposal as last time,” Mnuchin said to The Hill.
This bill would result in the IRS pouring nearly $300 billion into the economy, via direct deposits and mailed checks. While this would help Americans, a big question stands: Will this proposal be approved before the Senate recess starting August 10 and lasting into mid-September?
The House approved a proposal, the Heroes Act, in May to send out the second round of checks. Republicans raised concerns over the price tag — over $3 trillion — and McConnell has reportedly been working on different methods in the Senate for weeks.
This new proposal is expected to be detailed on Thursday after a meeting between McConnell, Mnuchin, and White House Chief of Staff Mark Meadows was held, where the administration and Senate Republicans reached an agreement. The aid bill will include the second round of checks and funding to schools to assist in recovering from the pandemic.
One feature that won’t make it in the bill is a cut in payroll taxes — a big point of contention after President Trump continually expressed his support for the cuts.
Mnuchin said the cuts won’t be included as in would take longer to negotiate and the checks need to get sent out.
The stimulus and school aid are expected to be finalized Thursday. Whether Congress can approve the bill before going on break, has yet to be seen.