It has been months since COVID-19 was first presented as an internal threat, and its impact on the US economy has been enormous. Not only has it caused a recession, but it has also brought millions of Americans to unemployment. And although the country is slowly but surely opening up, our recovery could still be a long way off.
It is for this reason that there has been much expectation about a second stimulus check. Americans began receiving a first round of cash stimulus in April, and at this point, most people who were eligible for those down payments already have them on hand. But will a second stimulus check be done? This is what we do and do not know until now.
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1. Has a second stimulus control been officially approved?
No. Lawmakers have been debating whether a second stimulus check is necessary, and different aid packages are currently being proposed. There has been no official vote on a stimulus package and there likely will not be one before July.
2. What is the difference between a stimulus package and a stimulus check?
A stimulus package will describe relief measures that could include, among other things, additional unemployment benefits or payroll tax relief for American workers. But it won’t necessarily include a stimulus check that will be sent directly to Americans. The first stimulus payments that came out were part of the CARES Act, which was a $ 2 billion aid package.
3. Who decides if a second stimulus check will be done?
For a stimulus package to pass, it must approve the Senate vote. The HEROES Act, which requires a round-up of stimulus payments, has already been passed by the House of Representatives. But since Republicans control the Senate and have already voiced opposition to the HEROES Act, it is unlikely to be voted on.
4. If a second stimulus check is approved, how much will it be worth?
We really don’t know. The HEROES Act requires $ 1,200 in stimulus cash per adult whose income falls below a certain threshold, plus another $ 1,200 per child, up to a maximum of three children per household. With that proposal, some families could receive a lump sum of $ 6,000. But, once again, the HEROES Act is unlikely to get anywhere, and although President Trump has hinted at a bipartisan aid package, it is too early to know exactly how much, if any, cash stimulus it will include.
5. Who will be eligible for a second stimulus check?
Again, we don’t know. People with higher incomes were excluded from the first round of stimulus payments that was made under the CARES Law. Specifically, to receive a full $ 1,200 stimulus check, recipients needed an adjusted gross income of $ 75,000 or less as individual taxpayers, or $ 150,000 or less as couples filing jointly. We do not know if these same thresholds will come into play if a second stimulus payment is approved. We also do not know if dependents age 17 or older will be eligible for cash stimulation in a second round; they were excluded from the first round.
Sit back and hope for the best
President Trump recently stated that he hopes a second stimulus bill will be passed in the not-too-distant future, and he even went so far as calling it generous. Whether that aid package includes stimulus controls has yet to be determined, but we should know much more in July when lawmakers meet to draft a proposal.
