If you haven't heard the news, President Trump recently confirmed a second coronavirus stimulus package exists, and it will be rolled out to struggling Americans. The question is, when will it be rolled out, and how much assistance will be given to citizens.
This past Monday, President Trump was interviewed by a reporter who asked if a second coronavirus stimulus check was in the works behind closed doors, and if he was planning on rolling out a new package to Americans. Trump replied, saying, "Yeah, we are." Unfortunately, Trump didn't disclose when the package will be rolled out, its contents, or its form. We do know that an announcement is coming within the next couple of weeks, but what can we expect?
We have heard several different proposals for what the next stimulus package could entail, and how much struggling Americans could see arrive in their pocket. The Democratic House of Representatives passed the HEROES Act, which would give $1,200 to each person, or $2,400 to married couples. The amount received would be adjusted based on the resident's income. For a citizen to receive the full stimulus package under this act, they must not earn over $75,000 a year, and that figure is doubled ($150,000) for married couples. The HEROES Act would need to be approved by the Republican-controlled Senate, which is somewhat unlikely.
A very handy calculator has been created to estimate how much you would be eligible for under this legislation, check it out here.
So, when can we expect a second stimulus check to be announced? Trump said, "over the next couple of weeks, probably," which seems likely as the Senate will be going on a two-week recess from July 3rd - July 13th. Over this time frame, they will be coming to an agreement for what the next relief package will entail, as they will need to have something in mind due to the CARES Act (first stimulus check) expiring on July 31st.
It's unlikely that the HEROES Act will be completely approved by the Senate, but from what Trump has said, we can expect the next relief package to be "very generous" and "dramatic". The expectation is that Americans will receive the same sort of relief package as the first one that is rolled out with additional benefits. Possibly even an incentive to Explore America.
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Last updated: Jun 30, 2020 at 06:57 pm CDT
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