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Stimulus check 2 good news — income cap could surpass $40,000

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Stimulus check 2's specifics haven't been smoothed out yet, but we have good news for those who worried the eligibility threshold would be significantly lower than it was for the first stimulus check.

Although Sen. Majority Leader Mitch McConnell suggested last week that a $40,000 stimulus check 2 income cap would let the economic impact payments reach those who need it most, a source familiar with the Senate's discussions told Bloomberg (via Forbes) that "a cap at that level is not seen as likely."

McConnell's comments on stimulus check 2 has provided much of what we know regarding a potential second round of direct payments to Americans to assist with the financial hardships of the coronavirus.

In May, the GOP leader said if stimulus check 2 passed it would be a part of the last stimulus act Congress passes related to the pandemic. 

But as coronavirus case counts continue to rise across the country, interest in a stimulus check 2 has encouraged reporters to prod both McConnell and President Trump for more details — including a potential timeline and amount — during interviews.

On July 13 McConnell said that lawmakers will take up a stimulus bill as early as next week, but it will look different than the Heroes Act passed by the House passed in May.  

As such, there's concern from House Democrats that McConnell's cohort isn't moving fast enough to set a stimulus check 2 date. Rep. Alexandria Ocasio-Cortez (D-New York) has called on Senate Majority Leader Mitch McConnell to “get to work,” on a new stimulus package that includes a second round of direct stimulus check payments.

Stimulus check 2 income requirements

The Heroes Act gives $1,200 to each adult earning under $75,000, and $2,400 to married joint-filers earning under $150,000. It also grants $1,200 per dependent, with a cap of $6,000 per family.

McConnell and the Senate could amend those thresholds in its version of stimulus check 2, and could look to the White House for direction. On July 1 President Trump said he favors “larger numbers" than the Democrats.

If you want a more exact idea of how much you might be eligible for from a second stimulus check, you can use the stimulus check 2 calculator from Omni Calculator. This tool allows you to enter your filing status, number of dependents and income, and then receive an estimated amount based on the guidelines of the Heroes Act.

Still no stimulus check?

Still don't have your first stimulus check? There are several reasons you might not have received your payment. Enter your information into the IRS's Get My Payment app to determine your payment status. You may also be able to reach a representative at the IRS stimulus check phone number if you have additional questions about your benefits. 

If you see your check is in transit, consider using the USPS’s Informed Delivery tool to sign up for stimulus check notifications, which will tell you when your check or stimulus check debit card lands in your mailbox.