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Stimulus check 2 amount is set: Get ready for another $1,200

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After much uncertainty about the status of stimulus check 2, it’s likely that Senate Republicans will include another round of $1,200 direct payments to individuals and families in their upcoming proposal. 

According to The Hill, the language in the Senate bill will mirror the Cares Act passed earlier this spring. In that round of stimulus checks, single taxpayers earning less than $75,000 per year and married taxpayers earning less than $150,000 per year received $1,200 per individual, with prorated benefits for those earning up to $99,000 and $198,000, respectively. 

“We're talking about the same provision as last time, so our proposal is the exact same proposal as last time," Treasury Secretary Steven Mnuchin, who is negotiating with lawmakers on behalf of the White House, told reporters. 

Who will be eligible for stimulus check 2?

The New York Times reports, however, that an initial draft summary of the bill does not include specifics about who would be eligible for stimulus check 2 and how much they would receive. 

Previously, Senate Majority Leader Mitch McConnell (R-Kentucky) had hinted at the possibility of stimulus check 2, though he suggested that benefits would be limited to workers earning less than $40,000 a year.

The tentative Senate proposal for stimulus check 2 differs slightly from the Heroes Act passed by the U.S. House of Representatives in May. That bill also provides $1,200 direct payments, but it expands benefits to include all dependent children (for up to $6,000 per family) and workers with taxpayer identification numbers. 

Assuming the benefits formula in the Senate bill is the same as what was used in the Cares Act, you can see what you’re eligible for with this stimulus check calculator. Obviously, whatever you received in the first check is what you’ll get with stimulus check 2. 

Payroll tax cut off the table

A payroll tax cut, which was heavily favored by the White House and a sticking point in the negotiations, is no longer under consideration. The Washington Post reports that Senate Republicans nixed the provision on Thursday—but this didn’t necessarily bring the two sides closer to finalizing an agreement. 

The extension of the $600-per-week federal unemployment benefit, which is set to expire on July 31, is also up in the air. 

Senate lawmakers are on a tight timeline to finalize a proposal, as benefits begin to wane and the start of their August recess looms. If a bill doesn’t pass before Aug. 10, Americans could be waiting on benefits well into September. 

Still missing your first stimulus check?

While stimulus check 2 is on the horizon, it’s possible that some higher-income Americans have yet to receive their first relief payment. If you believe you're eligible, check your status using the IRS's Get My Payment app or call a representative at the IRS stimulus check phone number