Second $1200 stimulus check expected to be unveiled in new bill
Treasury Secretary Steven Mnuchin says the $600 weekly unemployment benefit will not be extended, but reduced substantially; believes it stopped people from looking for work
Negotiations for the second stimulus package tied to the coronavirus pandemic will begin in earnest this week. CARES 2 is expected to include a second $1,200 payment to taxpayers.
The last payment was $1,200 for single taxpayers and $2,400 for married couples who filed together. The first payment also provided $500 for each child up to three. However, there are still details about the new payment that remain unclear.
READ MORE: Trump administration wants next stimulus package to protect unemployed
According to CNET, the House bill has broad outlines that include $1,200 for any eligible person. In the new legislation, dependents could also be eligible for $1,200 versus $500 in the first bill. Families would cap out at $6,000. Non-citizens would be eligible for payments if they utilize a tax-id number versus a social security number which was required in the initial act.
The Senate proposal for CARES 2 is expected to be announced today. However, it will be sent to the House for debate and then will need to be signed by President Donald Trump. Congress has until Aug. 7 to pass the package before a month-long recess.
During the recess, both parties will also host their national conventions. Republicans will formally name President Trump as their presidential candidate, and Democrats are expected to formally name Joe Biden.
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Treasury Secretary Steven Mnuchin said Saturday that the next round of $1,200 checks is likely to be sent out during the month of August.
“We’re prepared to move quickly,” Mnuchin told reporters outside of the Capitol. He also stated that the $600 weekly unemployment benefit will not be extended, but reduced substantially. He said that the $600 amount was “ridiculous.” Mnuchin has claimed that the benefit is disincentivizing people from returning to work.
READ MORE: The federal government sent $1.4B in stimulus checks to deceased people
The White House has floated the idea of reducing the payment to $100 per week. Senate Republicans are expected to proposing reducing it to $200.
Mnuchin also said the $1,200 direct payments would be based on the same formula from the earlier aid bill. Individuals making $75,000 or less, for example, received the full amount and those making more than $75,000 received less than $1,200 depending on their income. Individuals earning above $100,000 did not qualify for the payment.
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