Stimulus check 2 is included in a revised relief proposal put forth by House Democrats on Monday. Along with a second round of $1,200 direct payments, the $2.2 trillion bill also restores the $600 per week in federal unemployment benefits that expired in July.
CNN (opens in new tab) reports that this bill, presented by House Speaker Nancy Pelosi, comes amid pressure to pass aid legislation ahead of November's election. It's basically a slimmed-down version of the $3.4 trillion HEROES Act that the House passed in May, but it's more substantial than the Senate's $500 billion 'skinny' bill that struggled to receive support in early September. (You can read the text of the new bill here. (opens in new tab))
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The stark difference in spending could stand in the way of the Democrats's new bill being passed. But time might be on its side. With only a few weeks left before the presidential election, the White House is searching for a legislative accomplishment, according to CNN.
This comes quickly after Pelosi and Treasury Secretary Steven Mnuchin, who is representing the White House in negotiations, reportedly resumed stimulus check 2 talks. Both sides left the negotiations at an impasse over the summer, but now Pelosi is expressing optimism over finding common ground.
In addition to a second round of $1,200 stimulus payments and $600 per week in enhanced unemployment benefits, Pelosi's bill includes funding for the Paycheck Protection Program (PPP), the USPS and coronavirus testing. A large part of the cuts from the original version of the HEROES Act comes from scaling back aid to state and local governments from more than $900 billion to $426 billion.
Pelosi and Mnuchin are scheduled to talk on Tuesday, according to the Chicago Tribune (opens in new tab). That means we could hear more about the state of this new stimulus bill's support soon.
Second stimulus check amount: How much would you qualify for?
Although the stimulus check 2 amount won't be solidified until legislation is passed, Pelosi's bill seems to propose similar eligibility guidelines to the first stimulus check.
Single taxpayers making less than $75,000 per year and married taxpayers making less than $150,000 annually would qualify for the full $1,200 benefit, which begins to phase out as income increases. Taxpayers earning more than $99,000 (if single) and $198,000 (if married) wouldn't receive a payment.
This stimulus check 2 calculator can help you figure out how much you might qualify for, should a new relief bill be passed.