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Second stimulus check $40,000 limit: calculate how much you can get

A couple of researchers have come together to create an online calculator to see how much you could get from second stimulus check taking everything into account.

Second stimulus check $40,000 limit: calculate how much you can get

A second stimulus check seems a foregone conclusion at this point. The only problem for millions of Americans is that it will only be delivered to people making €40,000 or less. The first stimulus check was far more generous with those in the €75,000 bracket and below being delivered aid.

Nothing is agreed yet but after Democrats passed the HEROES Act in the House of Representatives, Republicans rejected the idea of how generous that act was. Now, however, they seem more open to giving Americans 'one last boost' as Mitch McConnell, the Senate's Majority Speaker said.

"I think the people who have been hit the hardest are people who make about $40,000 a year or less. Many of them work in the hospitality industry. The hospitality industry, as all of you know, just got rim-racked - hotels, restaurants - and so (more stimulus checks) could be part of it," McConnell said.

This is not just an off-the-cuff remark either. McConnell used the amount mentioned specifically to warm Americans up to the idea. 

“Multiple sources say McConnell didn’t just throw out $40,000 as a cut-off haphazardly—consensus within GOP is moving that direction, which would sharply limit eligibility,” The Washington Post’s White House economics reporter said on social media.

How to calculate how much I could get from second stimulus check?

That leaves millions of Americans wondering if they will be eligible and how much money the might receive.

Researchers Jasmine Mah and Bogna Haponiuk have created a stimulus check calculator with a $40,000 income limitation as part of the Omni Calculator Project. It takes everything from tax status to number of dependents into account before detemining both if you are eligible and how much you might receive.

“The latest update of a $40,000 cap triggered a lot of curiosity about what it could mean to millions of Americans,” Mah said. “I wanted to paint a picture to let people see how it could impact their lives, if it is ultimately voted in by the Senate,” she added.

There is nothing agreed upon and while we seem to be moving in the right directon on an agreement, a lot could change once the two parties get together and start to debate what are the most important issues to them in the HEROES Act.

“I’m sure there will be changes to the bill before it is ultimately passed, but even if we get a general idea of how our lives will be over the coming months, it can be helpful,” Mah said. “In precarious times, it is important to know if there will be help, and when it’s on its way.”

Regardless of who is eligible, we should have a deal before or on 7 August as the Senate resumes on 20 July before recessing again on 8 August for a month.