Stimulus Check: Will You Get A Second 1 200 Payment From The IRS The Update Today
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How much money the government could send in a second stimulus check is a topic of intense speculation.
For the most up-to-date news and information about the coronavirus pandemic, visit the [ WHO website].
How much money could Congress authorize for [/news/whens-the-earliest-you-could-get-a-second-stimulus-check-the-dates-to-know/ a second IRS stimulus check] in 2020? The dollar amount depends on who you're listening to. President Donald Trump this week said he's in favor of a bigger payment than the $1,200 the Democrat-led House of Representatives [ passed in May], a proposal [ Trump called DOA] at the time.
"I support actually larger numbers than the Democrats, but it's got to be done properly," the president told [ Fox Business]. "So we're working on that and I'm sure it will all come together."
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Trump's latest statement in support of a second government stimulus check may help shift the momentum, but it doesn't settle the matter of how much money individuals and families could get. Negotiations with the Senate and House over the size of the bill, [/news/stimulus-check-round-2-who-would-qualify-for-the-second-payment-here-are-the-options/ who could qualify for another payment] and the size of individual checks are expected to grow heated.
Read on to see what the current proposals offer in the way of extra stimulus money. This story updates frequently in light of new information. If you're still waiting for your first [/news/stimulus-check-update-status-eligibility-amount-deadline-everything-to-know/ stimulus check], [/news/wheres-your-stimulus-check-10-reasons-for-a-delay-and-what-you-can-do-about-it/ here are 10 possible reasons for a delay] and [/news/is-your-stimulus-check-lost-or-missing-heres-how-to-report-it-to-the-irs/ what you can do if you think your payment is lost] or has fallen through the cracks.
Could you expect a lot or a little? The final decision could come by the end of the month.
The situation in a snapshot
Keep reading for specific measures and dollar amounts. This brief overview helps set the stage.
The White House: Trump's clarification that he wants to provide more than a $1,200 maximum stimulus check for struggling Americans is a shift from vague statements of support over the last few weeks. For example, in June he characterized another stimulus package as "[ very good]" without a sense of scope. "It will be very generous," the president said.
The Senate: Senate Majority Leader Mitch McConnell [ has repeatedly said] he'll keep to [ a July deadline] to make a decision on whether Americans will see a second stimulus check or not. Following its midmonth recess, the Senate is expected to take up discussion on a second package the last two weeks of July. [/news/whens-the-earliest-you-could-get-a-second-stimulus-check-the-dates-to-know/ Here's a possible timeline], based on Senate dates and the timeline of the first stimulus checks.
The House: The House of Representatives has already acted, passing the [ Heroes Act] (PDF) in May. If adopted in full, it would authorize a second round of sweeping payments in addition to other broad measures. It faces strong opposition from the Senate and the president, and is not expected to pass.
Want more stimulus check money? Who wouldn't?
How much money could you get from a second stimulus check?
Here are the possible amounts being discussed in Washington:
An extra check of up to $1,200 for individuals. Proposed by the [ Heroes Act] passed by the House of Representatives. (This is not law. More below.)More money than the Heroes Act, [ referenced by Trump] on July 1.A [ $2,000 monthly payment] through the end of the pandemic and for three months after. Proposed by Sen. Kamala Harris.
$2,000 a month [ for up to 12 months]. Proposed by Rep. Ro Khanna.
[ $4,000 temporary travel tax credit] (PDF). Proposed by the US Travel Association, after [ Trump embraced the idea in May].A payroll tax cut, [ proposed by Vice President Mike Pence and other White House officials], that would allow workers to keep more of their paychecks.
$0 -- tax breaks for businesses instead, as a way to get people back to work.
Remember that how much you get will eventually depend on your situation. For example, even if the bill passes, https://momfuture.bookmark.com/my-mom-loves-me-like-a-crazy-lady there will certainly be eligibility restrictions based on, for example, how much money you make annually, your age, your dependents and your US citizenship or residency status.
How could a second stimulus check help the economy?
With some states reinstating lockdown measures as [/news/coronavirus-cases-spiking-in-45-us-states-what-that-means-for-a-second-wave/ coronavirus cases soar in 45 states], [/news/extra-600-cares-act-unemployment-benefit-ends-july-31-heres-what-to-know/ financial protections such as $600] in enhanced unemployment [/news/one-coronavirus-benefit-ends-earlier-in-july-than-expected-heres-everything-that-goes-away/ running out] and the [/news/the-coronavirus-recession-is-real-what-that-means-for-2020-and-how-to-prepare/ coronavirus recession] raging on, the question of more stimulus money for individuals and families is a pressing one.
"A full [economic] recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities," Chairman of the Federal Reserve Jerome Powell said [ in prepared remarks before the House committee on Financial Services] on June 30.
"The path forward will also depend on the policy actions taken at all levels of government to provide relief and to support the recovery for as long as needed," Powell added.
Stimulus Checks Helpline
The Labor Department last week reported [ first-time unemployment claims topped 1 million] (PDF) for the week ending June 27, making 15 straight weeks that more than 1 million US workers filed new claims.
It's not just the US that is suffering through [/news/the-coronavirus-recession-is-real-what-that-means-for-2020-and-how-to-prepare/ a recession]. According to the World Bank, we are in [ the deepest global recession in decades].
Read more: [/news/best-tax-software-of-2020-turbotax-h-r-block-tax-slayer-and-more/ Best tax software for 2020: TurboTax, H&R Block, TaxSlayer and more compared]
What are Republican leaders offering?
Senate Republicans, led by McConnell, have yet to share clear guidelines they want to follow for a second round. Talk has focused on limiting the size of the bill, liability protection for businesses and a strong message that this coronavirus stimulus package would be the last.
"I can't tell you what the amount is likely to be at this point, but it won't be $3 trillion," [ McConnell said on June 27]. In comparison, the [ CARES Act] is a $2 trillion package, the same amount the president targeted for this next round. The Heroes Act proposes to spend $3 trillion.
The Senate package could include provisions to reduce liability for doctors and businesses from coronavirus-related lawsuits, [ The Wall Street Journal reported] in May. It could also include assistance for small businesses and health care.
The White House vision for the second stimulus check
The president has grown more vocal in supporting another direct payment to individuals. "I want the money getting to people to be larger so they can spend it. I want the money to get there quickly," [ the president told Fox Business this week].
Do this first if you've been laid off or furloughed
Trump and his economic advisers are looking to boost the US economy with incentives for workers to find new employment or return to their preexisting jobs. The White House is also considering tax breaks for [ those who take a vacation in the US] (PDF) this year to encourage spending, the Journal reported. Japan has taken a similar approach to [ encourage domestic travel].
White House adviser Peter Navarro tweeted last month [ that the president is looking for at least $2 trillion] for the next stimulus package, "with a bulk of that focused on bringing home our manufacturing base," Navarro said.
The White House is also considering reducing unemployment payments to $250 or $300 a week during the second half of the year, which Republicans believe will induce people who lost their jobs to find work. Currently, payments are $600 a week, as part of the [ CARES Act] passed in March. The [ enhanced benefits expire at the end this month].
The president continues to push for payroll tax cuts, [ an idea he brought up in March]. "We will be going for a payroll tax cut," he said [ in June], "which will be incredible in terms of what we are doing because we are going to be bigger and better than we ever were."
What does the Heroes Act propose?
The House of Representatives, which has a Democrat majority, passed the [ Heroes Act] on May 15. The bill, which has not passed the Senate and is not law, seeks a wide range of benefits for households, renters and people who live in the US and are not citizens, according to a [ fact sheet from the House Appropriations Committee] (PDF). [ McConnell has already dismissed the bill], as has the White House, saying the House package is "more concerned with delivering on longstanding partisan and ideological wishlists."
Here are its outlines:
Individuals: An eligible person would receive up to $1,200 if their adjusted gross income, or AGI, from their 2019 federal tax filing or 2018 filing (if you [/news/coronavirus-and-tax-day-deadline-extended-but-you-can-file-now-for-a-refund/ haven't filed taxes yet]) was less than $75,000 and incrementally decrease as the AGI goes up.
A House plan would mail out another round of payments.
Children and dependents: Each dependent would qualify for a $1,200 payment, unlike the first stimulus bill, which capped up to three children at $500 apiece. It would apply to college students, children over 17, disabled relatives and a taxpayer's parent.
Families: Households would qualify for a maximum payment of $6,000 total, capped at five family members at $1,200 apiece. The amount you'd be eligible to receive would decline the higher your AGI is.
People who aren't US citizens: Noncitizens who file tax returns, pay taxes and otherwise comply with federal tax law using an [ individual taxpayer identification number (ITIN)] instead of a Social Security number would qualify for a payment.
Unemployment benefits: The bill would carry over the current enhanced unemployment benefit of $600 per week (on top of states' typical unemployment payout) to January 2021.
Second stimulus check: What comes next?
The House has made its move and now we wait on the White House and the Senate to share their full proposals, which should be up for debate sometime this month. Here's the timeline as we know it today, including the [/news/will-there-be-a-second-stimulus-check-and-if-so-when-what-we-know-today/ Senate's blackout dates for weeks of planned recess].
While the prospects for a second package seem promising -- "The odds of a Phase Four deal are very, very high," [ White House adviser Kevin Hassett told the Wall Street Journal in June] -- until Congress actually passes the bill and the president signs it into law, we'll have to stand by.
While we wait to learn more about a second proposal, here's information about [/news/coronavirus-unemployment-furlough-payments-applying-more/ unemployment insurance], [/news/you-lost-your-job-because-of-coronavirus-these-resources-can-help/ what you can do if you've lost your job], [/news/june-rent-payment-will-you-be-evicted-and-when-do-benefits-end-what-to-know-and-do/ what to know about evictions] and [/news/how-late-can-you-be-on-your-car-payment-what-to-do-if-you-cant-pay-your-bills/ late car payments] and how to [/news/how-to-master-your-2020-budget/ take control of your budget].
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