At the end of March, President Trump signed a $2.2 trillion coronavirus relief bill that provided Americans with financial relief due to the pandemic. This bill included $1,200 stimulus checks for most adults, plus an additional $500 per child in the household.
Now our government is working on negotiations for a second round of checks in the coming weeks to further provide relief to Americans who qualify. Here’s what we know so far about the second round of Coronavirus relief checks.
Will There Be A Second Round Of Stimulus Checks?
While it isn’t official yet, there is a high chance that there will be a second round of stimulus checks coming in the next few weeks according to the news that has been circulating.
How Much Will The Second Round Of Stimulus Checks Be For?
The HEROES Act includes a second round of $1,200 stimulus checks for each person in the household with a cap of $6,000 per family. So it’s most likely that the amounts will be similar to the first round.
If that’s the case if you’re single with an adjusted gross income of $75,000 or less, you’ll get $1,200. If you’re married and file a joint return, you’ll receive $2,400 as long as your combined income is $150,000 or less. In addition, households with children 16 or younger will get another $500 per child.
How Long Will It Take To Get My Stimulus Check?
It all depends on how quickly negotiations are finalized. Treasury Secretary Steven Mnuchin has promised that they will get the majority of the second round of Coronavirus stimulus aid out in August. However, no official dates have been released.
Once the second round of checks are approved, those who have direct deposit information on file with the IRS via their 2018 or 2019 tax return will be first in line to get their money. Just like with the first round, it will probably take several weeks for everyone to get their money.
Who Is Eligible For The Stimulus Checks?
The people who are eligible for the second round of stimulus checks may be the same as the first round. If this is the case then those who earn up to $75,000 per individual, or $150,000 per married couple filing jointly, will receive the full amount. Anyone who makes more than that may receive a reduced payment.
However, individuals who earn more than $99,000 or married couples who earn over $198,000 will not be eligible for the stimulus check if this second round matches the first.
This is just an educated guess, however, as there has been some talk about lowering the income threshold to those making $40,000 or less per year which would disqualify millions of people from getting the second set of stimulus checks.
What’s Happening To The $600 Per Week Unemployment Bonus?
Many people who are receiving unemployment at this time are also getting a $600 per week bonus, but this may not last much longer. The $600 per week bonus was provided by the $2 trillion CARES Act and, though it may not go away, it will likely be cut down significantly.
Technically, the $600 weekly unemployment bonus ends on July 31st, 2020 unless it’s extended through additional legislation. Without this bonus, people will only continue to get their state benefits. As of April 2020 the average weekly benefits were about $333 nationwide, but ranged from $101 in Oklahoma to $531 in Massachusetts, according to the Center on Budget and Policy Priorities.
The HEROES Act, which passed the House of Representatives in May, called to extend the $600 per week bonus until January 2021. However, many think that it won’t get past the Senate and President Trump called the act “dead on arrival”. There are a lot of Republican lawmakers who would like to eliminate this bonus all together due to the thought that it’s stopping people from returning to work. So whether or not the bonus will get extended is still in negotiations.
We're still waiting for official information to be released about the second round of stimulus checks. While it seems it’s likely that at least some people will get them, who will get them and how much they will get is still something that needs to be determined by our government.