Once the COVID-19 outbreak hit American soil, it quickly became apparent that Americans would need a certain amount of financial help to cope with widespread unemployment and loss of income. The solution came in the form of the CARES Act, which required a one-time stimulus payment of $ 1,200 that millions of Americans have received in the past two months.
But many people quickly blew that stimulus cash, and with the unemployment rate hanging in double-digit territory, it’s clear that Americans need additional relief. Democratic lawmakers agree, so they have introduced the HEROES Act, which requires, among other provisions, a round of cash stimulus tracking that is actually more generous than the first.
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Under the CARES Act, stimulus payments were worth up to $ 1,200 per qualifying adult and up to $ 500 per qualifying child under the age of 17. Under the HEROES Act, stimulus checks will be worth $ 1,200 per qualifying individual, including children. And while that benefit reaches a maximum of three children per household, it means that some families could be online for a $ 6,000 check if the HEROES Act approves a Senate vote.
Unfortunately, however, the latter is unlikely to happen. Republican lawmakers have voiced opposition to the HEROES Act, and Senate Majority Leader Mitch McConnell has already spoken out and says it is unlikely to pass in its current form.
Still, that doesn’t mean the public should lose hope in a second stimulus package. In fact, news of a follow-up stimulus will likely be available in July, which would at least give desperate Americans something to look at.
Is there a second stimulus payment on the cards?
Critics of the HEROES Act have pointed to the fact that it is too costly, and that with states easing restrictions and companies reopening, that level of aid is not necessary. Still, that does not mean that lawmakers will not join in some form of aid package, albeit less generous, especially as the nation continues to grapple with a recession.
Also, last week, McConnell himself came out and said that if a follow-up aid package is approved, that decision will be made in July. Okay, that doesn’t mean that stimulus testing really outside in July, but if an aid package is decided next month, Americans could be on the receiving end of a second stimulus payment for August, especially now that the IRS has a tool for unregistered taxpayers to register your bank details to get your money through direct deposit.
Of course, the amount of that second stimulus check is up for debate, and Americans shouldn’t assume they’ll get $ 1,200 each (or more) like they did the first time. Additionally, McConnell has expressly stated that if there is a second round of stimulus payments, recipients can count on it being the last they have on their hands while dealing with the COVID-19 crisis. That may not be the news that desperate Americans want to hear, but a second and final stimulus check is better than no further relief.
