Coronavirus

Second Stimulus check: How much will it be and what is the income limit?

The fourth and final stimulus relief package is expected to be announced this week and it should include a second round of stimulus checks amid the pandemic.

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Second Stimulus check: How much will it be and what is the income limit?
J. Scott Applewhite / POOL EFE

Congress returned back to work on 20 July and since then they have been working on the fourth and final stimulus relief package that among other measures, it will send a second stimulus check of $1,200 per individual. Senate Majority Leader Mitch McConnell is expected to lay out a $1 trillion stimulus package this Monday.

This bill will address financial assistance to schools, more money for Covid-19 virus testing and a second direct payment stimulus check to millions of Americans. McConnell is calling the fourth and final stimulus relief package CARES 2 and it will be presented by eight senators.

Just like the CARES Act signed back in March, CARES 2 will send direct payments to millions of American households and funds to shore up small businesses. The specifics about the amount and just who qualifies for the direct payment were not announced.

Treasury Secretary Steven Mnuchin said last week that the second stimulus check, in CARES 2, will be the same as the stimulus check in the CARES Act, so the speculation is that Americans who qualify will receive $1,200 for adults and $5000 per dependent child for those making less than $75,000 per year.

Couples that qualify got $2,400 plus $500 per child on incomes combined of $150,000 per year. CARES 2 should be drafted and approved this week because in August Congress takes a two-week break and when they return to work it will be time for the elections in the United States.