Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers.
We just heard some very interesting and potentially illuminating remarks from Senate Majority Leader Mitch McConnell regarding a second round of stimulus checks.
Based on these remarks, it’s possible that fewer Americans will qualify for a second round of stimulus checks or that some Americans may qualify for more funding, although we do not know for sure yet.
We’ve already heard some extremely positive remarks from the White House when it comes to more stimulus checks coming out.
We know that the president has been a vocal supporter of them and other people within his administration have also expressed a willingness to send out more direct payments.
But arguably the most important person that we need to hear from is the leader of the Senate: Senate Majority Leader Mitch McConnell.
And it looks like he has finally given us some information on how things might go. So this is pretty big in my opinion.
First, he stated that more stimulus checks “could well be” a part of the next package.
While not earth shattering news based on what we already know, it is encouraging to hear the majority leader finally reaffirm that stimulus checks may very well be coming out.
But it was his next statement that I think is really telling.
“I think the people who have been hit the hardest are people who make about $40,000 a year or less,” McConnell said. “Many of them work in the hospitality industry.”
This statement is backed up by a Federal Reserve study that was published in May finding that 40% of households earning under 40,000 a year had lost a job in March.
It also echo statements from policymakers that we have heard over the past couple of months which have expressed a desire to focus on a narrowly tailored approach when it comes to more relief.
Basically, they want to help the people who need the help the most which makes a lot of sense.
Now, it is still too early to tell whether or not this statement means that fewer individuals will qualify for stimulus payments or if those who were hit the hardest may qualify for more.
I honestly could see it going either way.
But I think this is really good news for people who are truly hurting the most because it’s a strong indication that they will be taken care of.
If you are on the fringes of eligibility for more stimulus checks, meaning that you have income on the higher side, the messaging here could be that you could expect less with this next round of stimulus checks.
Again, we still don’t know for sure what will happen but I think it is very interesting that we finally heard from Senate Majority Leader Mitch McConnell with respect to the prospects of more stimulus checks.
And that what we heard was not negative.
UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
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.