The second set of stimulus checks are desperately needed by millions who are struggling financially. But when will they come?
If you’re waiting on the next stimulus check to keep your family afloat, it can be frustrating because the timeline keeps changing and we aren’t really getting any concrete answers. In the United States, there are currently over 11 million people without jobs. Though the unemployment numbers have fallen a bit, our economy is still struggling and unfortunately, it is disproportionately affecting people of color.
This next set of stimulus checks can be the difference between if a family is able to stay in their home for another month or if they get evicted from their rental. So many people are waiting on the edge of their seats for the next stimulus check so that they can take care of just the very basics for their household. In fact, there are an estimated 9 million Americans who are still waiting on their first stimulus check.
The second set of proposed stimulus checks is supposed to provide 26 million people with cash to help with the financial burden of the pandemic thanks to HEALS (Health, Economic Assistance, Liberty Protections, and Schools Act). Since both the HEALS Act (Senate led) and the HEROES Act (House approved) include money for a second stimulus check for certain people up to $1,200 there is a good chance for that second stimulus check to come through eventually. However, we’re still waiting to find out the exact details about when they will come out and who will be getting them.
Though we don’t have definitive answers as to who is definitely getting them, and when they will be sent out to people, we do have some information to go on that we can use to make some educated guesses.
How Much Will The Next Round Of Stimulus Checks Be?
It’s predicted that the amounts being handed out in the next set of stimulus checks will be similar to the first round. This could provide $1,200 for each adult in the household, plus $500 per child with a cap of $6,000 per family. However, this is just an educated guess based on the last check and the very little information that is available for the next round.
Who Is Going To Get The Next Stimulus Checks?
It hasn’t been released who will qualify for the second set of checks, however, if you received a stimulus check during the first chance you do have a good chance of getting another. Once this next set of checks gets the green light, details will be provided on who exactly qualifies for another stimulus check.
During the first round, those who earned up to $75,000 per individual, or $150,000 per family, were eligible to receive the full amount. Meanwhile, individuals who earned more than $99,000, or married couples who earned over $198,000, were not eligible for a check at all. This may still apply for the next stimulus checks, or we may see the thresholds to qualify go down for the next set of checks.
When Will The Next Stimulus Checks Be Coming?
There is nothing concrete out yet, but the government does seem to slowly be making progress towards getting the next stimulus checks out to those who qualify. Since the U.S. Senate’s recess is over, there is a good chance they may come to a decision soon.
While there is a small chance they may be hitting bank accounts in September, it’s more likely that a bill will be passed in September with checks starting to go out sometime in October. However, the concerning thing is that CultureBanx has reported that they think if it doesn’t happen before the election in November there’s a good chance we won’t see the next set of checks until 2021, if it ends up happening at all.
According to Treasury Secretary Steven Mnuchin, once another stimulus check gets approved it will take about a week to start depositing the first payments. When that green light will come through is up in the air, but there’s a good chance that it will be in September or October.
So while we don’t have any definitive answers as to when the next stimulus checks are coming, it does feel like they should be coming soon according to the information being put out there. Hopefully, it’s sooner than later so that it can help provide economic relief to those who truly need it as soon as possible.