While millions of Americans are waiting for a second stimulus check and with the economy starting to get back on its feet, the possibilities of a new stimulus bill to support the nation is looking to be highly likely.
Second stimulus check
According to Forbes, the next stimulus bill that officials would pass would most likely include a second stimulus check. Treasury Secretary Steven Mnuchin revealed that the good news about the potential second stimulus check is that it would be distributed relatively quickly.
The bad news is the payments would have income eligibility that is severely more restrictive than the previous stimulus check given under the CARES Act. Mitch McConnell, the Senate Majority Leader on Monday, stated that the second round of stimulus checks could only be received by individuals who earn $40,000 or less every year.
Citizens waiting for the second stimulus check would be relieved to know that the HEROES Act, which brings $3 trillion in financial support has been passed by the White House and is only waiting for the Senate to make its final decisions.
The proposal, however, would unlikely be approved due to the sheer size of funds it would provide that would only further hurt the economy. The more plausible outcome would be the Senate putting forward their own proposal for a stimulus package which would be reviewed by the White House where the final decision would be the responsibility of the president.
Also Read: $600 Unemployment Benefit Extended? May Depend on How It Affects Economy
Officials of the Senate are currently taking their annual break. They will return by July 20, where they will continue their work until August 7, which is a relatively small timeframe to review and make their decision on the stimulus bill.
The earliest that a decision would be announced is in late July; however, a more realistic expectation would be an August decision. If the Senate members do not finalize on the bill by August 10, they would only come back by September 7 after another recess.
Fewer recipients
The new limits on how many Americans could receive the second stimulus check would be dramatically reduced and could work to assist the GOP to keep the funding required to about $1 trillion, as reported by CNBC.
Following the Senate's return from recess, officials will also most likely decide on whether or not extend the weekly $600 unemployment benefit given to citizens.
Congress previously passed the CARES Act, which brought $2 trillion to support the United States' economy by financially helping its citizens. The first stimulus checks took up approximately $300 million of the total initial funding of the act.
The Government Accountability Office reported that by June, the US government had distributed about 160 million stimulus payments that amounted to $269 million.
The CARES Act sent stimulus checks to individuals who earned up to $75,000 and couples that earned up to $150,000 every year.
On Thursday, Mnuchin revealed in an interview that while they support a second stimulus check, the level and criteria of the payments would be discussed by the Senate at a later date.
