Second Stimulus Check Confirmed - Here's How Much You Can Expect

Economic Stimulus Package Tax Rebate Checks Printed

Economic Stimulus Package Tax Rebate Checks Printed

Officials with the White House said Sunday that Americans can expect a second stimulus check in the next month or so. Republicans say their second stimulus package that includes a second round of $1,200 checks, will be rolled out later Monday afternoon.

The second coronavirus relief bill, which currently costs around $1 trillion dollars, will also include an extension on the federal eviction moratorium as well as an extension of the temporary unemployment benefits at a reduced amount.

“There’s a $1,200 check coming, that’s going to be part of the new package,” Kudlow told CNN’s “State of the Union.

That means if you received a check earlier this year, you'll likely see another one later this month. Americans who qualify will receive another $1,200 check, with an additional $500 for every dependent child they have under 17-years-old. Like the first round of payments, the second check will only be sent to those who made under $75,000 in 2019 (or your last tax year filed).

Single filers who earn less than $75,000 will receive the full $1,200 payment, with those who earn more seeing their check reduced by 5% of the amount they earn over $75,000.

Joint filers who earn less than $150,000 will also receive the full benefit of $2,400, with those who make more than that will see their check reduced by 5% of the amount they earn over $150,000.

The bill also includes liability protection for businesses as well as funding for schools to help them restart classes amid heightened health restrictions brought on by the pandemic. Another $16 billion in funding will also be provided for testing and tax incentives for companies to rehire employees that were laid off or furloughed due to COVID-19.

“The check is there, the reemployment bonus is there. The retention bonus is there,” Kudlow said. “There will be breaks, tax credits for small businesses and restaurants.”

“It’s a very well rounded package,” he added. “It’s a very well targeted package.”

The federal eviction moratorium will also be extended. The program has already assisted millions of renters over the last four months in helping them avoid eviction, but as the program was set to expire on Friday, cities around the country have been preparing for a potential surge in evictions.

While extra unemployment benefits have been extended, the amount will be far less than the $600 weekly supplement Congress passed in March. Republicans say the extra money is disincentivising Americans to go back to work. Kudlow says the current plan is to cap the amount of unemployment benefits someone can receive with an approximately 70 percent wage replacement, which he called "quite generous by any standard."

Nearly 32 million Americans are currently receiving unemployment benefits, according to data collected by the Labor Department.

Senate Republicans plan to roll out the new bill later Monday afternoon. However, Democratic leaders in the House have already derided the Senate GOP plan as an insufficient response to the COVID-19 pandemic. In April, the House passed its second coronavirus relief bill, the HEROES Act, which was worth approximately $3.3 trillion.

Should the stimulus bill pass, it would take the Treasury Department about 13 days to begin sending out checks. As this is their second time, the process might even be faster thanks to a streamlined process.

Photo: Getty Images

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