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While the president recently gave statements that strongly suggested a second round of stimulus checks will be coming, we still don’t know 100% for sure if they will be.
And we definitely don’t know the details regarding eligibility and the amounts of the checks if they are indeed passed.
So here are a few things we are waiting on.
First, just to give you a brief refresher.
The bill containing the next round of potential stimulus checks is a $3 trillion bill called the HEROES Act and it has been approved by the House of Representatives.
The next step is for it to be approved by the Senate and signed into law by the president.
After President Trump’s recent remarks, it seems extremely likely that the president supports more stimulus checks and that he would approve a bill presented to him.
The big question right now is what is the Senate going to do?
The Senate is controlled by Republicans who have been less inclined to pass a stimulus package containing more stimulus checks.
One of their big points is they want to see how the economy begins to recover and whether or not those checks will be needed.
This makes a lot of sense because nobody wants to waste government funds in recovery efforts.
One of the major things that has developed over the past few weeks is the huge uptick in coronavirus cases. Even though that definitely just happened.
I think lawmakers probably anticipated a rise in cases when things re-opened but I don’t think many envisioned the rate of increase that we are seeing as we are now facing more daily coronavirus cases each day then we were in the prior peak.
The fact that we were worse off when the first round of stimulus checks were being discussed will probably play a huge role in the Senate passing more stimulus checks.
Many businesses are going to have to close down once again and a lot of jobs will be lost as people struggle.
I think this is why we are seeing senators sound more open minded like Rep. Greg Pence (R-Indiana) who recently stated, “I’m open to anything that helps Main Street, if we need to help them going forward.”
A lot of those senators who claimed more checks would be unlikely will likely start changing their tune as these horrible virus numbers keep rolling in into July.
The timeline for when another stimulus package will be approved is set for July although it could take until August 8th for a final decision to be made.
But given the state of the coronavirus and how quickly it is spreading, I can’t see how the Senate could not approve another package with more checks.
We will likely know more in a couple of weeks but I would be very optimistic about the chances of more stimulus checks.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.