Stimulus check 2 will bring a second round of $1,200 direct payments to eligible Americans — that is, if lawmakers can agree on a relief package. Despite the continued impact of the coronavirus, negotiations surrounding a new stimulus bill haven't made much progress.
With cases counts still on the rise in some areas, there is concern that the hardships of the pandemic are far from over. With this in mind, the House of Representatives, the Senate and the White House are attempting to agree on a plan, but struggle to come to terms on spending.
- Stimulus check 2 calculator — see how much you'll get
- Stimulus check 2 date: Here’s when you could get a direct payment
- Just in: Trump ready to spend 'bigger' than Democrats
The House recently passed a $2.2 trillion bill that includes a second stimulus check. CNN reports that the new proposal also boosts federal unemployment benefits back up to $600 per week.
Instead of the Senate bringing the bill to a vote, the President has asked that hearings for his Supreme Court nominee take priority. He plans to resume stimulus bill negotiations after the election, if he wins. Members of both parties spoke out against the President's move, so it seems the White House has reversed course.
Will you meet stimulus check 2 eligibility guidelines? If passed, those who received the first stimulus check would most likely receive the second one. People who make less than $75,000 a year, according to their most recent tax returns, qualify for the first round's entire payment. Married couples, meanwhile, received a a larger payment if they have a joint total income of $150,000 or less.
You can use a stimulus check 2 calculator to see how much you might get.
Here's everything we know about stimulus check 2, including when it might be approved by the Senate and sent out.
Stimulus check 2 status and update today (Oct. 20)
The Senate is set to vote on a $500 billion stimulus relief bill this week, according to Senate Majority Leader Mitch McConnell. As reported by CNBC, The GOP bill includes funding for schools, expanded unemployment benefits and a second round of the Paycheck Protection Program, but not a stimulus check 2.
The White House says it wants more money on the table. President Trump is ready to go up to $1.8 trillion for the cost of a comprehensive coronavirus-relief stimulus package as he is pushing Democrats and the White House to reach a deal that would include $1,200 stimulus checks.
That figure is $400 billion less than the Democrats' current $2.2 trillion proposal in the revised HEROES Act the House of Representatives recently passed. However, House Speaker Nancy Pelosi (D-California) has said she is not willing to go below $2 trillion.
Still, Pelosi and Treasury Secretary Steven Mnuchin seem to be inching closer to a compromise between the Democrats' $2.2 trillion figure and the White House's proposal of $1.8 trillion. The two reportedly negotiated for nearly 90 minutes on the phone this week, discussing possible solutions and obstacles with Senate Republicans.
This comes after Pelosi told CNN that she believes she and Treasury Secretary Steven Mnuchin "can come to an agreement" on the size and scope of the second stimulus bill.
Stimulus check 2 eligibility: Who qualifies for a second payment?
If you were eligible for the first stimulus check, you should also be eligible for stimulus check 2.
People who earned $75,000 or less per year according to their most recent tax returns qualified for the entire $1,200 stimulus check. Married people, or joint filers, who earn under $150,000 per year were eligible for $2,400.
Those who earn more, up to $100,000 per year, received a prorated amount.
You can use the stimulus check 2 calculator to see how much you could expect from a second round of stimulus checks.
Stimulus check 2 date: What's the timeline?
The stimulus check 2 date could come into focus now that Congress is back in session. Whether negotiators agree on a new package before the end of this week, or this month, will determine how soon stimulus check 2 will come.
Stimulus check 2 amount requirements
It seems the stimulus check 2 amount will mirror the amount of the first stimulus check.
“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 when the Senate's HEALS Act was announced.
The $1.1 trillion HEALS Act, supported by the Republican leadership doesn't support the expansion of eligibility like the Democrats' $3.4 trillion Heroes Act does. The Heroes Act proposes each member of a household — including children — $1,200 with a cap of $6,000 per family.
As CNBC explains, this is an expansion of benefits over the first round of stimulus payments. Under the Cares Act that became law in March, dependent children ages 16 and younger were eligible for just $500 each.
This means that a family of four (two adults and two children under 17) that received $3,400 with the first stimulus payment would get $4,800 under the Heroes Act. Similarly, a family of four with two children in college would get $4,800 compared to just $2,400 allowed under the Cares Act.
If you want a more exact idea of how much you might get from a second stimulus check, you can use this HEALS Act 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 HEALS Act.
The Heroes Act was passed by the Democratic-controlled House in May. It was introduced into the Senate, but has not been considered for a vote. Neither has the HEALS Act, however.
Meanwhile, a group of Democratic and Republican moderates in the House has put forward a compromise bill that would include stimulus check 2 and resume federal unemployment-benefit supplements, but it has not been taken up by the full chamber.
That bill would cost between $1.5 trillion and $2 trillion, depending how long the unemployment benefits continue. President Trump said he liked the bill, but didn't give it his full endorsement.
Stimulus check 2 calculator: See how much you're eligible for
There’s no guarantee that stimulus check 2 will pass, but it could be useful to know how much you money you'll get as you look into your next few months of personal finances. It’s also useful to read up on the best ways to spend your stimulus check if you don’t already have a plan for your payment.
Although the stimulus check 2 qualifications haven’t been set by the government, this free stimulus check 2 calculator offers a value estimate based on the criteria for the first check.
How it works: Go to https://www.omnicalculator.com/finance/stimulus-check-heals. Complete the short questionnaire. Enter how you filed your taxes (single/joint), how many children you have and your adjusted gross income (AGI) for 2019.
Stimulus check 2 vs. stimulus check 1
Wondering what's different between stimulus check 2 vs. stimulus check 1? The stimulus check 2 in the HEALS Act would provide a $500 benefit for dependent children of all ages, including college students and adults with disabilities.
The first round of stimulus checks limited this payment to dependent children ages 16 and younger. This means that families with older dependents could receive more money with stimulus check 2.
House Democrats put forward a similar proposal in the HEROES Act, but it would have increased the benefit amount to $1,200 per dependent but limited total payments to $6,000 per family. The initial draft of the HEALS Act does not appear to cap the number of eligible dependents per family.
CNBC also reports that stimulus check 2 is protected from garnishment by debt collectors and banks, though unpaid child support can still be taken out of benefits. In addition, prisoners who are incarcerated in 2020 will remain largely ineligible.
Stimulus check 2: Why do we need round 2?
While the pace of job loss is slowing, a record-breaking 43 million people have already filed for unemployment since the pandemic began, according to CNN. However, regular initial claims have fallen in every report over the past 10 weeks.
More people could still be laid off though. Financial technology firm SimplyWise reported that 63% of Americans require a second stimulus check if they're expected to pay bills.
70% of Americans also believe the government should issue a second stimulus check, according to The Motley Fool.
While Senate majority leader Charles Schumer (NY) said he supports another round of rebate checks, Sen. Christstiopher Coons (D-Del.) is leaning towards alternatives.
“My concern is that [a second stimulus check is] not focused in a way that is designed to help create or help sustain jobs, to deal with rental housing or education,” Coons said. “My top priority is a robust round of assistance to state and local governments.”
Monthly stimulus check: Is $2,000 per month possible?
Forbes reports that a bill to provide monthly payments of $2,000 to Americans within a certain age and income bracket is "gaining steam" with some congressional supporters. The House bill was put forth by Rep. Time Ryan (D-OH) and Rep. Ro Khanna (D-CA.)
Sens. Kamala Harris (D-CA) and Bernie Sanders (D-VT) lead another Senate bill that proposes $2,000 for every U.S. citizen each month until the pandemic ends.
Despite both the House and Senate working on monthly payment bills, there could be too many roadblocks for either to pass. Not only would $2,000 create an enormous expense for the government, but it would be difficult to identify those who truly require financial support.