Stimulus Check 2: Will You Get An Extra 1 200 Payment From The IRS Here s The Latest
id="article-body" class="row" section="article-body">
The first stimulus checks, for up to $1,200, have mostly gone out. Now the government is considering a second payment to get us through the coronavirus pandemic.
Angela Lang/CNET
For the most up-to-date news and information about the coronavirus pandemic, visit the [ WHO website].
While others in Washington continue to debate the pros and cons of [/news/second-stimulus-check-could-be-very-generous-todays-update-on-another-irs-payment/ a second stimulus check] for 2020, President Donald Trump seems sold on the idea of additional help for Americans. [ The Washington Post] reported Tuesday that the president is "largely supportive" of another round of [ coronavirus] [/news/stimulus-check-amount-status-eligibility-payment-timeline-everything-to-know/ stimulus payments] to help raise up the [/news/the-coronavirus-recession-is-real-what-that-means-for-2020-and-how-to-prepare/ US economy].
The president is telling other reporters something similar. "We will be doing another stimulus package. It will be very good. It will be very generous," [ Trump said in an interview] with Washington correspondent Joe St. George on June 22.
CNET Coronavirus Update
Keep track of the coronavirus pandemic.
The problem is that the Senate, House and White House advisers can't seem to agree on the details, and deliberation isn't yet underway. Even if Round 2 does arrive, different people might qualify for an extra payment.
Here's what we know about three competing government proposals and how much money they could provide. This story updates frequently and is intended as an overview of the current situation. If you're still waiting for your first stimulus check, [/news/wheres-your-stimulus-check-10-reasons-for-a-delay-and-what-you-can-do-about-it/ here are 10 possible reasons for a delay] and [/news/is-your-stimulus-check-a-no-show-when-and-how-to-report-your-missing-payment-to-the-irs/ what you can do if you think your payment is lost or has fallen through the cracks].
Coronavirus updates
[/personal-finance/second-stimulus-check-update-dramatic-and-very-generous-but-when-will-it-come/ Second stimulus check could be 'very generous']
[/news/three-months-into-the-pandemic-price-gouging-is-still-a-real-problem/ Three months into the pandemic, price gouging is still a problem]
[/news/movie-theaters-will-look-vastly-different-if-they-survive-covid-19/ Movie theaters will look vastly different if they survive COVID-19]
[ ]
Want more stimulus check money? Who wouldn't?
James Martin/CNET
How much money could I get from a second stimulus check?
Here are the numbers that have been tossed around:
An extra check of up to $1,200. Proposed by: The [ Heroes Act] passed by the House of Representatives in May. (This is not law. More below.)A [ $2,000 monthly payment] through the end of the [ coronavirus pandemic]. Proposed by: Sen. Kamala Harris.
$2,000 a month [ until the pandemic ends]. Proposed by: US Representative Ro Khanna.
[ $4,000 temporary travel tax credit] (PDF). Proposed by: US Travel Association, after Trump [ put forward the idea in May].$0 -- tax breaks for businesses instead, as a way to get people back to work.
Remember that how much you get will eventually depend on who you are. For example, even if the bill passes, there will certainly be eligibility restrictions based on criteria like how much money you make annually, your age and your US citizenship or residency status, to name a few qualifications applied to the first stimulus check.
How could a second stimulus check help the economy?
The goal of the second stimulus check would be the same as the first: to help individuals and businesses affected by the coronavirus outbreak. That includes people who couldn't work because they got sick, were furloughed or cut to part time or lost their jobs when businesses closed to slow the spread of COVID-19.
"This direct support can make a critical difference not just in helping families and businesses in a time of need, but also in limiting long-lasting damage to our economy," Chairman of the Federal Reserve Jerome Powell said [ in remarks before the Senate Banking Committee] earlier in June.
Now playing:
Watch this:
Stimulus Checks Helpline
2:58
[ First-time unemployment claims topped 1 million] (PDF) for the 13th straight week, the Department of Labor revealed on June 18 and the [/news/coronavirus-recession-2020-is-official-what-that-means-and-how-to-prepare/ US is now in a recession], according to another US agency. Earlier in June, https://footballandcricketonline.blogspot.com/2020/06/zaheer-khan-in-world-cup.html the department reported that the national unemployment rate [ slightly dropped in May] as more people went back to work, declining from 14.7% in April to [ 13.3% in May], as states allowed businesses to reopen and hire or rehire employees.
According to the World Bank, we are in [ the deepest global recession in decades]. Americans continue to show concern about the state of the economy since the start of the pandemic, according to a June 5 [ poll by the Financial Times], with more than a third now saying a global slowdown is the biggest threat to the US economy.
Under the backdrop of [ high unemployment] and a [ potentially lengthy recession] ahead, some wonder if the first check did enough for individuals, families, businesses and [/news/coronavirus-unemployment-furlough-payments-applying-more/ those who are out of work]. The question of future stimulus checks rests in part on [ how best to distribute additional aid].
What are Republican leaders offering?
Senate Republicans, led by Majority Leader Mitch McConnell, have sketched out the guidelines they want to follow for a second round, including a cap on the size of the bill and a stipulation it will be the final stimulus package related to the coronavirus pandemic.
And if the Senate decides to start work on a second stimulus package, it will be in July, [ McConnell said] on June 19: "If there is something going to happen, it will emerge in the Senate, it will be written beginning in my office, it will be done in July."
McConnell said a second bill would be narrowly focused and not exceed $1 trillion, [ Axios reported] in late May. In comparison, the [ CARES Act] is a $2 trillion package, the same amount the president targeted. The Heroes Act proposes to spend $3 trillion.
The Senate package could include provisions to reduce liability for doctors and businesses from coronavirus-related lawsuits, [ The Wall Street Journal reported] in May.It could include assistance for small businesses and health care.If the package is approved, McConnell said it would be the last coronavirus stimulus package Congress passes.
