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.
President Trump just reiterated that another stimulus package will be coming “very soon.”
“We are working on another stimulus package, and that will take place … very soon,” Trump told Jessi Turnure, a reporter for the Nexstar Washington, D.C. Bureau.
Right now, lawmakers are on a recess but they are set to return July 20th. They will be in session until the end of their annual recess which is scheduled to take place August 8th.
Senate Majority Leader Mitch McConnell just hinted that the Senate would have something ready to go at the time that they arrive on July 20th.
“I’ll be unveiling something which will be a starting point in a few weeks and we’ll be dealing with the administration and the Democrats,” McConnell said.
Based on McConnell’s statements I wrote about yesterday, it looks like there’s a possibility that eligibility for the next round of stimulus checks could be limited to those making at or around $40,000 per year.
“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 that could well be a part of it,” McConnell said.
So it seems like there could be a targeted focus for people at a certain income bracket and also perhaps in certain industries.
Personally, I can’t see them putting a strict cut off at $40,000 per year for eligibility.
In the worst case, I could see them phasing out eligibility beginning at around that income threshold. But we will see what they do.
I also thought McConnell had interesting comments about whether or not the Senate would be coming together quickly to agree on these terms when they re-convene.
“I can’t comfortably predict we’re going to come together and pass it unanimously like we did a few months ago,” McConnell stated.
“The atmosphere has become more political than it was in March, but I think we will do something. The country needs one last boost.”
So it sounds like when lawmakers come back together on the 20th, there still may have to be some spirited debates that takes place before they agree to pass anything.
That debate could push out the arrival of more stimulus checks to September if things do not move quickly.
But at least McConnell is optimistic that they will be able to get something passed, as only a month or two ago many Republicans were doubtful that more stimulus checks would happen.
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.