Coronavirus

Second stimulus check: how much money could I get from a second round of payments?

More than 160 million Americans have received their first round of stimulus checks for up to $1,200 but most of them have already spent that money.

Second stimulus check: how much money could I get from a second round of payments?
Polaris - Archivo EUROPA PRESS

In late-March lawmakers approved the CARES Act to help millions of Americans get through the coronavirus pandemic. According to the Internal Revenue Service more than 160 million people have already received their first stimulus payment worth up to $1,200 per individual and $2,400 per family.

What to expect from second stimulus check

Three months later there has been talks of a second round of stimulus payments as the official unemployment rate is in the double digits now. In the middle of May, House Democrats approved the HEROES Act, a $3 trillion bill that among other measures would send a second round of checks to millions of Americans, college students and tax paying immigrants in the United States.

President Donald Trump and the Republican-controlled Senate called that bill ‘dead on arrival’ not  only because they hadn't had any say in the measures proposed, but because of the cost of it to the country. The White House, however, is working on its own bill to help Americans as the economy reopens.

Last week there was a press conference to discuss unemployment and President Trump said his administration would be “asking for additional stimulus money,” while his economic adviser Kevin Hassett told the Journal this week that the odds of another stimulus package “are very, very high.”

Add to this the fact that last Thursday the Treasury Secretary, Steven Mnuchin, said the administration is “very seriously considering” a second round of stimulus checks, as reported by The Wall Street Journal. These comments are all especially important given that the extra $600 in unemployment benefits approved by lawmakers during the pandemic is set to expire at the end of July. So struggling Americans are keen to understand what they can expect from a second round of aid. As well as timescales, key doubts remain over the amounts, the conditions and the eligibility.

Advocators for a second check

The majority of Democrats and some Republicans want to give Americans a second round of checks. Among those advocating for bigger payments is Senator Bernie Sanders of Vermont, who, along with Democratic Senators Kamala Harris of California and Ed Markey of Massachusetts, have introduced a bill to provide $2,000 per month for every U.S. resident until the coronavirus crisis ends.

In the meantime, it's clear that most households across the country have taken an economic hit from the pandemic. About 54% of consumers said their income has been affected by the Covid-19 crisis, according to a recent survey from Betterment.

Find out more about the potential options being worked on for a second stimulus payment.