Here's what you need to know about the $1200 stimulus coming in August

COVID-19 has struck the world almost like an asteroid, with Americans being in a position where they don't even know the extent of the damage yet -- which is where stimulus checks have been helping millions of Americans around the US.

But now the Trump administration are stamping their seal of approval on a new round of $1200 stimulus checks, explained White House economic advisor Larry Kudlow on a recent interview with CNN.

Kudlow explained: "The check is there, the reemployment bonus is there, the retention bonus is there. There will be breaks, tax credits for small businesses and restaurants. It's a very well-rounded package. It's a very well-targeted package".

If you making over $100,000 per year you will not receive a new round of $1200 stimulus checks, but if you make $75,000 or less you're guaranteed to get the whole $1200 COVID-19 stimulus check.