On Thursday, Treasury Secretary Steven Mnuchin said the Trump administration is working alongside the Senate to pass another stimulus relief package by the end of July, according to The Wall Street Journal.
In an interview with CNBC, Mnuchin said, “I had a very productive call with [Senate Majority Leader] Mitch McConnell yesterday. As soon as the Senate gets back, we’re going to sit down on a bipartisan basis with the Republicans and the Democrats, and it will be our priority to make sure between the 20th and the end of the month that we pass the next legislation.”
But will that legislation include another round of coronavirus relief checks?
According to The Wall Street Journal, Mnuchin said the administration “supports a second round of economic impact payments to households.”
Senate Majority Leader Mitch Mcconnell Expressed His Support for Another Round of Checks
On Tuesday, Senate Majority Leader Mitch McConnell expressed support for another round of relief payments.
He specified, however, that the next round of checks could be intended solely for low-income Americans.
Forbes quoted McConnell as saying, “I think the people who have been hit the hardest are people who make about $40,000 a year or less,” McConnell said. “Many of them work in the hospitality industry. The hospitality industry, as all of you know, just got [decimated]—hotels, restaurants—and so that could well be a part of it.”
President Donald Trump, for one, has voiced his support for a second stimulus check on a number of occasions. On July 1, he told Fox Business Channel, “I support actually larger numbers than the Democrats, but it’s got to be done properly.”
He added, “I want the money getting to people to be larger so they can spend it. I want the money to get there quickly and in a noncomplicated fashion.”
An Income Eligibility Gap May Be Imposed
Under the CARES Act, qualifying Americans received $1,200 with an additional $500 for dependent children only, according to Forbes. Individuals with up to $75,000 in income were eligible for the full $1,200 checks, and for married couples, the limit was $150,000.
As CNBC pointed out, those with earnings “above those levels would see their checks gradually reduced and then fully phased out at $99,000 in income for individuals and $198,000 for married couples.”
Earlier this week, Mitch McConnell suggested the possibility of imposing a $40,000 income cap.
Forbes quoted McConnell as saying, “I think the people who have been hit the hardest are people who make about $40,000 a year or less.” The outlet continued by pointing out that if this income cap was implemented, this would reduce the number of Americans eligible for a second round check to approximately 80 million Americans. It’s unclear if an income phase-out would be in effect if a $40,000 cap was implemented.
At this point, it is a waiting game to see how negotiations over another stimulus package evolve in the Senate.
This article will be updated with more information as it becomes available.