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Home / Tips and Tricks / Is there a second stimulus check? Timeline, $ 1,200 payment and more

Is there a second stimulus check? Timeline, $ 1,200 payment and more

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If all goes well, Congress could pass a second set of economic checks in June.

Angela Lang / CNET

Visit the WHO website for the latest news and information on the coronavirus pandemic.

Congress seems to be drawing closer to a decision on a second round of economic stimulation payments for individuals and families, but details have not yet taken shape. We have heard since last week that Washington is likely to decide this month whether it will begin preparing a second financial rescue package in response to the coronavirus pandemic toll on jobs and businesses .

If Washington approves a new coronavirus stimulus check, it could be the last one. Senate-majority Mitch McConnell said last Friday that if Congress includes another round of stimulus payments, it will be the "last" round, CNBC reported. The Senate leader also said that senators could decide in "about a month" whether to proceed with a second emergency response check, CNBC said.

Congress leaders are already making a different financial package. One law, the Heroes Act, has been passed by the Democratic-led House of Representatives. It's worth $ 3 trillion in total, 50% more than the first $ 2 trillion package. The bill now lies with the Republican-dominated Senate, which has not yet adopted the proposed legislation.

So what's in the current bill and what's happening now? We will outline general arguments for and against the bill, how much money the Heroes Act proposes, and what you can expect to happen in the coming weeks. This story is regularly updated with new information and is intended to provide an overview of the situation. If you are waiting for your money, you can track the status of your stimulus check with the IRS see some possible reasons why you don't have a check yet, and use a free USPS service to to see when your check arrives .

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The purpose of a second stimulus check

The first stimulus checks for up to $ 1,200 each were initially intended as a one-time payment to help the people and businesses affected by the coronavirus outbreak . This also applies to people who were unable to work because they became ill, had limited working hours or lost their jobs when companies closed as a measure to slow down the spread of COVID-19.

Now, with rising unemployment and a potential global recession some wonder if the first check has done enough for individuals, families, businesses and and those who are unemployed see how best to distribute supplementary aid

The US Bureau of Labor Statistics reported in its monthly assessment that 38.6 million Americans have claimed unemployment benefits (PDF) in the past 10 weeks. That number reached 42 million people, CBS News reported last week.

Earlier this month, White House economic adviser Kevin Hassett predicted that unemployment could reach 20% by June. That already seems to be the case for Nevada, Hawaii and Michigan. At a recent Senate hearing, Federal Reserve Chairman Jerome Powell called for additional economic relief. And earlier this month, the International Monetary Fund predicted a deep global recession that could become the worst since the Great Depression.

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Is a second stimulus check sure?

A second stimulus payment is not given. Senate leader McConnell said his congress group has yet to decide if another package is coming. If so, he has suggested that it will be smaller than the previous CARES law and not larger, as the Heroes Act proposes.

"It will be painstakingly made, designed to help us where we are in a month, not where we were three months ago," McConnell said Friday, CNBC reported.

Is the Senate likely to pass the Heroes Act?

The pressure on the Heroes Act is already strong among members of the Republican-controlled Senate. In May, Senate Majority Leader Mitch McConnell said the House-proposed bill would not be passed as it is, but he is open to a second package.

Possible results include the Heroes Act which is changed by two parts into another aid package. negotiation. It can also fail with a new proposal. Or it can disappear completely until a future proposal appears and the process starts again.

It is also possible that the Senate or the president could destroy a second bailout package, although the White House has indicated it would support a second type of stimulus control, CNBC said, although Trump called the Heroes Act "DOA." Read on for what the Heroes Act proposes and arguments for and against the bill.

Has the IRS finished sending the first wave of stimulus checks?

The IRS has split the majority of the relief checks, with the last few million going. If you haven't received your money yet, here are 10 possible reasons for a delay . If you are concerned you should receive your check and not, here's what you can do .

Heroes Act Proposal: Who Could Get a $ 1,200 Check?

If legally signed, the Heroes Act could include a wide variety of benefits, such as a second direct payment to individuals and households of up to $ 1,200 per family member, according to an information sheet from the House Appropriations Committee (PDF). Since it is still a proposal, the details of the stimulus package are inconclusive, but here are the main features of the bill as it stands today.

Individuals : Under the proposed law, an eligible person would receive $ 1,200 as their adjusted gross income, or AGI, from their 2019 or 2018 federal tax return (if you tax return ) was less than $ 75,000. As with the current incentive package payments would gradually decrease as your AGI increases. A graph from the Congressional Research Service shows proposed payments by income (pdf)

Children and Dependents : Any dependent would be eligible for a $ 1,200 benefit. That includes students, children over 17, disabled family members, and a taxpayer parent. This detail deviates from the previous CARES law, which raised a $ 500 payment for children ages 16 and under. Under the bill (PDF), family members would receive retroactive payments to compensate for passing the first incentive package.

Families : Households would be eligible for a maximum amount of $ 6,000 in total, with a maximum of five families being members for $ 1,200 each. Your scale of your payment allowance would start to drop as you exceed an AGI of $ 150,000 for married couples filing jointly, or $ 112,500 for heads of families.

Non-Citizens: To be eligible for payment under current CARES Law, US residents must have a Social Security number. The Heroes Act allows those without a Social Security number to use an individual tax identification number instead, which allows non-nationals to qualify for payment. As with the dependents provision, people eligible in this category would receive retroactive payments from the first incentive package.

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The hope is that a second incentive check would help keep individuals and small businesses solvent.

Angela Lang / CNET

What other benefits does the Heroes Act propose?

The Heroes Act, officially the Omnibus Emergency Solutions Act for Health and Economic Recovery, includes a handful of additional measures in support of individuals and companies.

Unemployment Benefits: The bill would increase the current unemployment benefit of $ 600 per week (on top of the typical state unemployment payout) until January 2021.

Pay Protection: [19659048] The Heroes Act would extend the employee retention tax credit to help employers keep employees on the payroll

Funds for Essential Workers: By law, local and local governments would receive $ 1 trillion to pay salaries. pay for first responders, health workers, teachers and other essential workers at risk of losing their jobs. The bill would also fund risk payments for workers with high-risk jobs.

Coronavirus testing, tracking and handling: The bill would include $ 75 billion to provide for comprehensive testing and contact tracking .

Business Support: The bill would strengthen the Payroll Protection Plan, which provides pay support to small businesses and would provide additional funding for the U.S. postal service.

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Even with some companies starting to open, the US has reached an unemployment rate of 17.2%.

Angela Lang / CNET

Arguments for and Against a Second Incentive Bill

Now that the House of Representatives bill is going to the Senate for debate, here are some of the arguments on both sides of the discussion.

Which Proponents of the Heroes Act Says: Since mid-March, more than 38 million U.S. workers who have lost their jobs have filed for unemployment. The actual number of unemployed could be millions higher, according to the Economic Policy Institute, because many eligible people were unable to file an unemployed claim. With the job losses, the nation's unemployment rate reached 17.2% (PDF), according to the United States Department of Labor. New unemployed and others who are hit economically by the pandemic would benefit if they now have more money to spend.

What Opponents of the Heroes Act Say: Some in Washington, including McConnell, wonder if the previous emergency measures have achieved their goals and want to focus on short-term economic measures. McConnell and others have also expressed concerns about how additional stimulus packages will increase the historic federal deficit. Because that payment is available in addition to regular unemployment benefits and the increased unemployment benefits of $ 600 a week, some critics are concerned that it will be more difficult to reduce unemployment if people do not have an incentive to return to work.

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For many, the stimulus check help to pay the rent and groceries.

Sarah Tew / CNET

What is needed for a second stimulus check to take place?

It is clear that a second stimulus check will not take place immediately. If the Senate doesn't make a decision for a month, it may take weeks for a law to come before a check-up.

It is widely believed that Republicans will partially or completely reject the Hero Act, and reports previously indicated that the Senate may work with the White House on their own stimulus package. McConnell has said that more help may be needed, but it can take a different form than the House bill – and one that's worth less than a third of the bill. Congress is also working to make it easier to forgive small business loans that are part of the CARES law passed in March. still need a signature from President Trump before it can take effect. After that, the IRS now has a system to organize and distribute those controls.

We will continue to update this story with new information as it occurs. While the future of a second incentive bill is still inconclusive, we would like to share the available resources on unemployment insurance what you can do if you lose your job what you need to know about evictions and late car payments and how you can take control of your budget .

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