As we move closer to the unofficial deadline for the next stimulus package, things are starting to become a little clearer. From developments earlier this week, we knew that there would be another round of stimulus checks. Now, the consensus seems to be developing on the coronavirus stimulus checks amount.
Coronavirus stimulus checks amount to be $1,200?
The CARES Act, which was passed in mid-March, offered a one-time stimulus check of up to $1,200. Similarly, the Democrats backed-HEROES Act, which passed the House in mid-May, also proposes giving $1,200 stimulus checks to Americans. President Donald Trump, previously, also promised “generous” stimulus checks, but so far, he hasn’t shared any specific amount.
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For weeks, there was uncertainty if the next relief bill would include stimulus checks or not. Democrats and Trump were in support of it, but Senate Republicans did not make their stand clear until a few days ago.
Earlier this week, Senate Majority Leader Mitch McConnell finally confirmed that stimulus checks would be a part of their proposal.
“And 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. McConnell did not share any more details on it.
Now, it is being reported that the proposed stimulus check would be the same as the first one. The source of information is claimed to be Treasury Secretary Mnuchin.
According to The Hill, Mnuchin yesterday confirmed that proposed stimulus checks would be the same as were offered under the CARES Act. “We're talking about the same provision as last time, so our proposal is the exact same proposal as last time,” Mnuchin said while talking about the Republican version of the bill.
No $40,000 income cap?
Americans received coronavirus stimulus checks in the amount up to $1,200 under the CARES Act. Those earning up to $75,000 per year got the full check of $1,200, while the amount of coronavirus stimulus checks was scaled down until an income level of $99,000 per year.
With Democrats also proposing $1,200 stimulus checks, it wouldn’t be wrong to say that the next stimulus checks will most likely be $1,200 as well.
Along with the coronavirus stimulus checks amount, Mnuchin's comments also seem to confirm that the income cap would not be at the $40,000 level. Following McConnell’s comment that the coronavirus pandemic has hit hard those earning $40,000 or less, there were speculations that the income cap for the next check could be at this level.
Democrats have opposed lowering the income cap. “I think families making over $40,000 probably need assistance ... depending on their family situation,” House Speaker Nancy Pelosi said.
Now, with Mnuchin saying their proposal is the “exact same” as last time, we can expect the same income cap as well.
So now we know that both Democrats and Republicans want coronavirus stimulus checks of an amount the same as the CARES Act. However, we must not jump to any conclusions yet but wait for the final bill, which will likely come next week.