When is a second stimulus check coming? How much will you get?
President Donald Trump told Fox Business on Wednesday that another round of direct payments to Americans will be included in Congress’ next coronavirus relief package, and it may be even more than $1,200 per American.
“I support actually larger numbers than the Democrats, but it’s got to be done properly,” Trump said. “I want the money getting to people to be larger so they can spend it. I want the money to get there quickly and in a non-complicated fashion.”
Trump didn’t specify how much “larger” the payments could be, but the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”), already passed by the Democrat-led House, 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. People with taxable income under $75,000 (or $150,000 for couples filing jointly) would be eligible, similar to the first round, and dependents would also qualify for $1,200 this time, regardless of age.
The first round of stimulus checks, which gave qualifying American adults a one-time direct payment of $1,200 plus $500 for each child under the age of 17, 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.
Senate Majority Leader and Republican Mitch McConnell said last month that the HEROES legislation will likely be the last round of direct payments. McConnell said Tuesday the bill is expected to be tweaked and approved this month.
According to Fortune, Trump said Wednesday that he doesn’t want Congress to extend jobless benefits with an extra $600 per week in unemployment insurance, currently set to expire at the end of July.
“We had something where it gave you a disincentive to work last time,” he told Fox Business. “You’d make more money if you don’t go to work. That’s not what this country is all about … We want to create a tremendous incentive for people to want to go back to work.”
When will I get my second stimulus check?
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 or early fall.
“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 last month.
“A lot of the money is still not in it,” he said, referring to unclaimed Paycheck Protection Program funds and stimulus checks that still haven’t reached millions of people.
The good news is checks would likely be delivered faster this time after millions verified their information on the IRS “Get My Payment” site. The IRS recently said it 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 Trump signed the CARES economic relief package in March.
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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