A second round of stimulus checks could very well be on its way, but will that payment be the last?
On Friday, Senate Majority Leader Mitch McConnell said that the next round of stimulus legislation would be the “final” bill Congress passes.
It’s worth noting, however, that a stimulus package that includes another round of checks has yet to be passed.
The HEROES Act, a relief package led by Speaker Nancy Pelosi, passed in the House in early May, but must still pass in the Senate and be signed by President Donald Trump in order to be a law. The legislation would provide another round of $1,200 stimulus checks per person and would issue payments of $1,200 per dependent for a maximum of three dependents, according to Forbes.
Both the White House and Senate Republicans have dismissed the HEROES Act. Trump has called it, “dead on arrival”, as has Senator John Kennedy, a Louisiana Republican, reports WWLTV.com. It’s likely that the final proposal for the bill will look different than what passed in the House.
Still, in mid-May, two senior administration officials told CNBC that the White House would likely support another round of checks. In a statement, the White House said, “As President Trump has said, we are going to ensure that we take care of all Americans so that we emerge from this challenge healthy, stronger, and with economic prosperity, which is why the White House is focused on pro-growth, middle-class tax and regulatory relief.”
McConnell Has Described the Next Package as the “Final” Bill
On Friday, according to Forbes, McConnell said that the next bill would be written in the Senate and have the support of the Trump administration with input from Democrats.
CNBC quotes him as saying, “We’re taking a careful look at a fourth and final bill… You could anticipate the decision being made on whether to go forward in about a month. And it will be narrowly crafted, designed to help us where we are a month from now, not where we were three months ago.”
Congress is split over what the next stimulus package should entail. While McConnell states that he wants to see how reopening plans pan out across the country, Democrats have said millions of Ameican citizens need to be able to pay for essential expenses, according to CNBC.
The CARES Act was intended as a “onetime boost” to help alleviate economic distress caused by the coronavirus pandemic, according to CNET. To date, over 152 million Americans have received stimulus checks.
When Would Another Round of Payments Be Issued?
A House schedule that was released on Friday suggested that another relief bill would not become law for weeks, according to CNBC.
In a letter to representatives, House Majority Leader Steny Hoyer wrote, “I expect, then, that the House will be in session at some point in June, once the Senate does act, for further Floor action on this critical issue.”
Height Capital Markets analysts have echoed those sentiments, stating, “… We expect a final package to come together successfully but note that passage will likely be delayed into June.”
It’s only a matter of time before the Senate decides on the proposed legislation and another round of payments. Even if the bill does pass, it would likely take months before people see that money in their accounts.