Stimulus check 2 plan coming today — here's how much you could get

Stimulus check 2 plan coming today — here's how much you could get
(Image credit: Getty Images)

A formal proposal for stimulus check 2 will be unveiled by Senate Majority Leader Mitch McConnell today, according to a source familiar with the GOP's stimulus check 2 negotiations.

Speaking anonymously with the Associated Press (via Chicago Tribune), a Republican said McConnell is prepared to share plans for a second round of the stimulus check and other stimulus initiatives.  The Senate leader reportedly has a “handful” of coronavirus bills lined up to announce this afternoon.

Treasury Secretary Steven Mnuchin said on Wednesday evening that meetings about McConnell's stimulus package have been "very productive."

Mnuchin also said that those involved in direct payment discussions have agreed on the stimulus check 2 amount. The Treasury Secretary did not provide further details, but his comments could mean good news for those hoping the stimulus check 2 date will come soon. 

Reports on Wednesday suggested the White House and Senate Republicans are at odds over the next steps to take with stimulus funding. Disagreements over Trump's tax cuts and other funding measures suggested a stimulus check 2 delay would prevent direct payments from being passed before the Senate goes on recess.

"We want another round," says McConnell

McConnell confirmed stimulus check 2 on Tuesday, saying his plan for the next economic impact package includes direct payments.

"Speaking of building on what worked in the Cares Act, we want another round of direct payments to help American families keep driving our national comeback," McConnell said (via ABC 11).

Despite the GOP leader's interest in a second round of stimulus checks, there's no guarantee Americans will see more direct payments until legislation is agreed upon and enacted. However, it seems lawmakers are recognizing the pandemic is far from over.

Stimulus check 2 amount

McConnell's stimulus plan may target a $1 trillion budget, whereas the Heroes Act passed by the House in May suggested $3 trillion in stimulus money is needed.

The smaller budget could mean fewer Americans will be eligible for stimulus check 2, or that the stimulus check 2 amount will be less than the first one. The Senator has suggested a lower income threshold ($40,000, to be exact) though President Trump has called plans for the next round of direct payments "very generous."

If the Senate approves direct payments as outlined in the Heroes Act, people who earned $75,000 or less per year will qualify for the entire $1,200 stimulus check. Married people, or joint filers, who earn under $150,000 per year will be eligible for $2,400. Dependents will also be eligible for $1,200 with a cap of $6,000 per family. 

You can use the stimulus check 2 calculator to see how much you could expect from a second round of stimulus checks. Keep in mind that these amounts may change as soon as today, so check back here for the latest stimulus check 2 update.

Kate Kozuch

Kate Kozuch is the managing editor of social and video at Tom’s Guide. She covers smartwatches, TVs and audio devices, too. Kate appears on Fox News to talk tech trends and runs the Tom's Guide TikTok account, which you should be following. When she’s not filming tech videos, you can find her taking up a new sport, mastering the NYT Crossword or channeling her inner celebrity chef.