According to President Donald Trump, the second stimulus check could be coming over the next couple of weeks. Based on the updates given by the Republican Senate, it looks like the government is preparing a second round of stimulus check payments for all eligible Americans.
In June, the overall unemployment rate dropped from 14.7% to 12.3%. While some had questioned whether another stimulus check would be needed at this point, the coronavirus cases across the country have started to increase again. There is concern that the economic impact of the coronavirus pandemic is still being felt.
According to Senate Majority Leader Mitch McConnell, ff the government passes the second stimulus check, it would be a part of the last Act that was passed to help the Americans financially.
The House passed the relief package amounting to $3 trillion and was called the Heroes Act. The act includes support for front line workers and checks for up to $1,200 per individual and $2,400 for married couples.
The Act was passed two months ago, and the Senate is still deciding whether to go through with a new stimulus plan. It is taking time because it will take a few more weeks before making a final decision and passing the bill off to President Trump.
So will you qualify for the next stimulus check if it passes? There are no criteria announced yet, but the first stimulus check was given to those who make less than $75,000 a year and it was detected through their most recent tax returns. Married couples got $2,400 as long as they have a joint total income of $150,000 or less every year.
According to a WalletHub Survey, the public is now demanding a second round of stimulus checks. Around 84% of Americans need another round. If you still have not received your first stimulus check and you are qualified, you can check the IRS Get My Payment app to track the status of your check. You can also call the IRS to get your questions answered.
Stimulus checks 2
The Senate is now debating whether to pass the Heroes Act, draft a new stimulus bill, or just cancel the idea of sending another check. President Donald Trump is backing the idea of a second stimulus check according to an interview with Fox Business. President Trump said that he supports it but it has to be done properly.
According to Forbes, Trump wants $2 trillion for the next stimulus bill. Even though the total is only two-thirds of the first stimulus check budget, it seems that the second round is going forward in the Senate.
Larry Kudlow, the National Economic Council Director, said that plans for the second stimulus check could take more than a month to finalize. She said that the negotiations around the second stimulus check would resume after July 4.
The next stimulus package could also come in the form of a travel tax credit worth $4,000. The credit would apply to expenses such as transportation, food, and lodging, encouraging Americans to travel domestically to help boost the economy, according to the US Travel Association.