The details of the upcoming stimulus check were confirmed by Treasury Secretary Steve Mnuchin on July 23 during a press conference with reporters. The second round of stimulus checks will be for the same amount as the first round, he confirmed, which means that hundreds of millions of Americans will receive another check for $1,200 in the months to come — if this package is approved.
Mnuchin also said the cutoff point for income eligibility will not be $40,000, as many speculated. Rather, it will be the same cutoff point as the first round of stimulus checks: anyone with an individual income under $75,000 will receive $1,200, and this number will slowly phase out up to an income of $99,000.
To reporters on Thursday, Mnuchin said, “We’re talking about the same provision as last time, so our proposal is the exact same proposal as last time,” The Hill reported.
If this stimulus package can be signed into law before August 8, then Americans could see another stimulus check by the end of August. For comparison, the CARES Act was signed into law on March 27th, and Americans began to report receipt of stimulus payments 13 business days later. However, if the stimulus package is not signed into law by August 8, Americans will have to wait much longer. This is because Congress is going on another break on August 8, and will not return until September.
Here’s what you need to know:
The Second Round of Stimulus Checks Will Be Exactly the Same as the First Round, Mnuchin Says
Mnuchin has confirmed that the second round of stimulus checks currently under consideration is exactly the same as the first round, giving a very clear idea of who will qualify for this round if the package passes, as well as how much they can expect to receive.
Eligibility will be based on your most recent adjusted gross income. The general structure of the stimulus check amounts, as established in the CARES Act, is:
- Single filers who earn $75,000 or less annually will get $1,200.
- Single filers who earn more than $75,000 will see their payment amount reduced by 5% of the amount they earn over $75,000, up to $99,000 as the cutoff point.
- Joint filers who earn less than $150,000 a year will get the full benefit.
- Joint filers who earn more than $150,000 will see their payment amount reduced by 5% of the amount they earn, up to $198,000.
The total stimulus package being considered includes unemployment benefits, payroll tax cuts, and more. The total cost of the package will be about $1 trillion, Forbes reported.
The Entire Stimulus Package Is Expected to Be Revealed Next Week
Congress is currently in session and will be until early August, after which it will go on break until September. That means that the House of Representatives and Senate have a few short weeks to vote on a stimulus package that hasn’t yet been announced to the public.
Mnuchin told reporters on Thursday, “The [Trump] administration has requested additional time to review the fine details, but we will be laying down the proposal early next week. We have an agreement in principle on the shape of the package.”
McConnell confirmed this timeline in a tweet on July 23, writing, “The Senate majority has assembled a framework for CARES 2. It is tailored precisely to this phase of the crisis to deliver more relief to the American people. It represents an agreement in principle with the administration, and will be introduced next week.”
On the Senate floor on Tuesday, July 21, McConnell said he believed there would be “Democratic support” for the bill, and that the goal was to “carve out a new normal,” NPR reported.
”We can’t go back to April,” he said.