New Stimulus Package Expected Monday—$1,200 Second Stimulus Checks, Unemployment Benefits Proposed
Updated July 23, 2020
Senate Republicans are expected to introduce their long-awaited, proposed stimulus package on Monday—and here’s what’s likely inside.
Here’s what you need to know.
Second stimulus checks
The stimulus package, which was supposed to be released today but was later postponed to Monday according to CNN, includes second stimulus checks. How much is the second stimulus check? Treasury Secretary Steven Mnuchin confirmed that the amount of the second stimulus check in the proposal will be a one-time $1,200 stimulus check. The good news is that Democrats want the second stimulus check also to be $1,200. The requirements to receive the second stimulus check will be the same as the first stimulus check under the Cares Act, which was the $2.2 trillion stimulus package in March.
Who is eligible for a second stimulus check?
If the second stimulus check is the same as the first stimulus check under the Cares Act, then the second stimulus check would be based on the following:
Since the Cares Act, there have been countless proposals about second stimulus checks, including keeping the same $1,200 one-time stimulus check to $2,000 a month second stimulus checks. Previously, McConnell suggested that second stimulus checks may only be available to Americans who earn up to $40,000 a year. However, that $40,000 threshold won’t be in the new stimulus.
Updated July 23, 2020
Senate Republicans are expected to introduce their long-awaited, proposed stimulus package on Monday—and here’s what’s likely inside.
Here’s what you need to know.
Second stimulus checks
The stimulus package, which was supposed to be released today but was later postponed to Monday according to CNN, includes second stimulus checks. How much is the second stimulus check? Treasury Secretary Steven Mnuchin confirmed that the amount of the second stimulus check in the proposal will be a one-time $1,200 stimulus check. The good news is that Democrats want the second stimulus check also to be $1,200. The requirements to receive the second stimulus check will be the same as the first stimulus check under the Cares Act, which was the $2.2 trillion stimulus package in March.
Who is eligible for a second stimulus check?
If the second stimulus check is the same as the first stimulus check under the Cares Act, then the second stimulus check would be based on the following:
- a one-time stimulus check up to $1,200 for each individual;
- $2,400 for married/joint filers;
- up to $500 for dependents under age 17.
- Democrats have called for $1,200 second stimulus checks for dependents (compared to $500 under the Republicans proposal), up to a maximum of three dependents.
- Income requirements: If you earned less than $75,000 (individuals) or $150,000 (married/joint filers), you would receive a $1,200 second stimulus check.
- The first stimulus check phased out by $5 for every $100 of adjusted gross income above those income limits until $99,000 of adjusted gross income for individuals and $198,000 for married/joint filers.
Since the Cares Act, there have been countless proposals about second stimulus checks, including keeping the same $1,200 one-time stimulus check to $2,000 a month second stimulus checks. Previously, McConnell suggested that second stimulus checks may only be available to Americans who earn up to $40,000 a year. However, that $40,000 threshold won’t be in the new stimulus.
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