Second Stimulus Check Is Happening - But How Much, For Who And When?

The House of Representatives passed the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act in May, but the Senate quickly shot it down because of its $3 trillion price tag. Since much of that cost came from a second stimulus check, many politicians were hoping to get rid of the relief payment and instead do a tax cut. In fact, for the past couple months, there have been many reports that another stimulus check was not going to happen. However, as the coronavirus pandemic has continued and millions of Americans are still struggling, it must have become apparent that another check is necessary and now, it is going to happen.

In an interview with Nexstar on Tuesday, President Trump was asked if there would be more stimulus checks and he stated, "The answer is yes, we're working on it right now with Congress." As for when it will happen, he added, "That'll take place, I think, very soon."

While Trump did not say who would be getting a second check, Senate Majority Leader Mitch McConnell gave a big hint to that earlier this week during an appearance in Kentucky. There, he spoke about possible payment recipients explaining, "I think the people who have been hit the hardest are people who make about $40,000 a year or less. Many of them work in the hospitality industry." He's right too - a Federal Reserve study showed 40% of households earning under $40K lost a job in March.

The first stimulus check was sent to Americans earning under $99,000 a year, or households making less than $198,000, but McConnell's comments have insiders thinking it is unlikely that the threshold for the second check will be as high as the first one.

As for how much the check will be for, there is no word on that but last month, Trump described a possible second check as "very generous."

We'll have to wait to find out just what the Senate decides to do. They return from their current recess on July 20th. When they get back, they plan to finish out the month by hashing out what will be in this next bill. If they agree on something by early August, checks will be sent soon after. However, if they can't come to a consensus by then, they'll have to pick it back up after their next recess, which ends on September 7th. Thankfully, McConnell previously said he plans to have everything set by the end of this month.

Photo: Getty Images

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