Thursday, July 23, 2020

New Stimulus Package Expected Today—$1,200 Second Stimulus Checks, Unemployment Benefits May Be Included

From Forbes:

Here's what inside the new stimulus package.

Senate Republicans are expected to introduce their long-awaited, proposed stimulus package Thursday—and here’s what’s likely inside.
Here’s what you need to know.

Second stimulus checks

How much is the second stimulus check? According to the Associated Press, Senate Majority Leader Mitch McConnell (R-KY) wants second stimulus checks of $1,200 included in this proposed stimulus package. However, McConnell and White House negotiators, Treasury Secretary Steven Mnuchin and Chief of Staff Mark Meadows, have not confirmed the amount of the second stimulus checks or the criteria to receive a second stimulus check.
The first stimulus check under the Cares Act was up to $1,200 for each individual, $2,400 for married/joint filers and up to $500 for dependents. If you earned less than $75,000 (individuals) or $150,000 (married/joint filers), you could receive $1,200 for the first stimulus check. The first stimulus check phased out above those income limits until $99,000 of adjusted gross income for individuals and $198,000 for married/joint filers. Since the Cares Act, there have been countless proposals about second stimulus checks, including keeping the same $1,200 one-time stimulus check to $2,000 a month second stimulus checks. Previously, McConnell suggested that second stimulus checks may only be available to Americans who earn up to $40,000 a year. However, that $40,000 threshold likely won’t be the in the proposed stimulus.

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