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July 23, 2020 update: #2
The Republicans have proposed a second round of stimulus checks in their proposal and it has the same eligibility as the first round.
The Hill reported that Treasury Secretary Mnuchin confirmed the second stimulus check will be the same as the first round:
“We’re talking about the same provision as last time, so our proposal is the exact same proposal as last time.”
The HEROES Act created a second stimulus check of $1,200 for Americans earning under $75,000 a year. For those filing jointly, they received $2,400 if they earned less than $150,000.
If the language goes back to the exact type used on the CARES Act then we won’t see the expanded eligibility proposed by the HEROES Act.
We are still waiting to hear the full details of the proposal from Republicans but this is huge for those anticipating another stimulus check.
Because at the very least, it looks like the same individuals who received checks the first round will be eligible for the same amount the second round.
That was not at all guaranteed based on comments we had heard about potential income caps, so it’s great news.
Remember, negotiations with Democrats still have to happen so it’s possible that we could still see the expanded eligibility for the next round of checks.
July 23, 2020 update:
Senate Republicans are now expected to reveal their stimulus package today.
This is a pretty important breakthrough because based on some comments we were hearing, it seemed like it might take Republicans longer to reveal their stimulus proposal.
Any delay by the Republicans would of course result in a delay for the benefits such as stimulus checks or unemployment benefits.
But now it is looking like we can expect them to make their proposal sometime today.
The next step after they reviewed the proposal will be for compromises and negotiations to take place. That is the process that could be the most time consuming so it’s good that they can begin those as soon as this details emerge.
I’ll post an update whenever we hear something but things to be on the lookout for are:
- Stimulus checks
- Unemployment benefits
- Payroll tax cut
- State and local aid
- Liability protections
- Student loan forgiveness
- Payroll protection program
- Coronavirus testing
Yesterday, Treasury Secretary Steven Mnuchin said the Trump administration supports issuing another round of stimulus checks but he also gave us some details on when to expect the next stimulus package to be passed and it is a bit sooner than many expected.
In an interview with the NBC, Mnuchin said he would not provide “specific details,” but he did go on to reiterate that the administration is engaged in conversations with congressional leaders.
“We do support another round of economic impact payments,” Mnuchin said. “We’re discussing the criteria with the Senate, and had a productive talk with Senate Majority Leader Mitch McConnell.”
At this point, we have heard a lot of support come from various officials in the White House, including the president.
So it’s not too surprising to see the White House backing an additional round of stimulus payments.
But what was a bit surprising is that the White House is committed to making it a priority to have the legislation passed by July 20th.
Right now Congress is on a recess and they are scheduled to return on the 20th.
That session is scheduled to last until August 8 so many people thought that it could take a couple of weeks from the 20th for a stimulus package to pass.
This is especially the case given how political this last round of stimulus funding has been.
But this new statement suggests that the White House is trying to get lawmakers to act much quicker.
If indeed the next stimulus package was passed by July 20, stimulus checks could start going out in early to mid August which would be ahead of schedule.
In fact, they might even go out more streamlined considering this is the second time around.
The big question right now is what type of eligibility is going to be passed for the stimulus checks.
There has been a lot of talk about focusing on those hit hardest which would be people making around $40,000 per year but we have not heard further details on how a potential income cap would work.
In theory, it sounds good to focus on those making lower amounts of income but there are issues with that including how to factor in things like cost-of-living.
If we are going to see something get passed on July 20 then I would assume that we would be hearing details about it before that point.
McConnell already suggested that something is in the works when he stated, “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.”
But based on his statement, it doesn’t seem like he shares the same sense of urgency as the White House when it comes to having a bill passed by the 20th.
If McConnell plans on unveiling something as a “starting point” in a few weeks, that doesn’t align with the White House saying they want to bill passed in the next 10 days.
So be on the lookout for more details regarding the next stimulus checks expected come at any point.
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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.