Talk about eligibility for the second round of coronavirus stimulus checks has been going on for weeks. There was an uptick in speculation when Senate Majority Leader Mitch McConnell said he thought individuals earning less than $40,000 were the hardest hit by the pandemic.
Now we have confirmation about eligibility for the second round of coronavirus stimulus checks, and it's good news for those making over $40,000 a year.
Stimulus check eligibility to be the same for the second round
Treasury Secretary Steven Mnuchin told reporters that eligibility for the second round of coronavirus stimulus checks would be the same as it was for the first round, according to Bloomberg. In fact, he said the GOP's proposal is "the exact same provision as last time," which means the second round of checks will also be $1,200 for individuals and $2,400 for couples.
As far as eligibility for the second stimulus check, it means individuals earning up to $75,000 and couples earning up to $150,000 would receive one. The direct payments would phase out after those levels and end at $99,000 and $198,000 in annual income, respectively. The fact that it's the same provision as the first round also means that children up to age 16 would receive payments of $500.
By using the same eligibility requirements as the first round and making it the same as the first round, it should make things easier for the IRS to send out payments. The agency has direct deposit information for millions more Americans than it had when it started sending out the first round of payments.
That means the money can get into people's hands much faster the second time around. The provision has the Treasury pouring about $300 billion in additional funds back into the economy over the next several weeks.
When might the second check arrive?
So now that we know about eligibility for the second round of coronavirus stimulus checks, the next question is when those checks will start arriving in bank accounts. The GOP released its version of the phase four stimulus package on Thursday, but Senate Republicans must still negotiate with Democrats before a final version of the bill will be sent to the House of Representatives.
The House starts its August recess on Aug. 3, so lawmakers are on a tight timeline to get the bill passed. The Senate must first come to an agreement before it will go to the House, and then the House will have to negotiate.
If any changes are made, it will have to return to the Senate. Finally, President Donald Trump will have to sign the bill to make it law.
If everything goes smoothly and Congress passes the bill by the end of the month, the second round of coronavirus stimulus checks should start landing in bank accounts at some point in mid- to late August.