Rumors of a Second Stimulus Check for Workers Making Less than $40,000
Almost three months after the first government stimulus check, most have been spent, and the government is trying to decide if Americans can expect a second check. Recent sources say eligibility may be capped at $40,000 a year.
A $1,200 stimulus check seemed nice at the start of the pandemic, but for many people in the U.S., those funds did not go very far—especially since many lost their jobs or got pay reductions. Now, there is talk of a potential second stimulus check for Americans, and Senate Majority Leader Mitch McConnell said he expects a new stimulus package to be debated when Congress is back in session starting July 20.
As a Forbes piece explains, this means that those who get a second stimulus check likely would not receive it until late August at the earliest if the check is approved.
But this stimulus check is supposedly aimed at helping targeted groups of Americans, like low-income individuals. McConnell mentioned that individuals making less than $40,000 a year have been hit hardest.
This more targeted plan for specific American groups struggling is likely to gain support from all sides, but it also will keep United States financial costs down. McConnell told President Trump that the next relief bill cannot exceed $1 trillion.
The first round of CARES Act stimulus payments sent checks to nearly 159 million Americans, totaling almost $267 billion. Still, an estimated 35 million payments that have not been issued yet.
There is no question that McConnell hopes to avoid direct payments to American taxpayers, but it is also clear that the coronavirus is not going away anytime soon—not until an effective vaccine is mass-produced. It is hard to say if this coming stimulus check will be approved and actively help Americans, and if more will be needed.