ANOTHER Stimulus Check Coming in August! What You Need to Know
Earlier this year, most Americans got a $1,200 stimulus check. We showed you how to find out what you were getting, how to make sure you were set up for direct deposit, and when you’d get your money.
The first stimulus check in the CARES act, passed by Congress, was $1,200 per person, and more for families with children. In addition, unemployment benefits included $600 per week for qualified recipients. And, small businesses were able to get loans to help keep paying its employees under the Paycheck Protection Program. Whether to extend this to Dec. 31 is being discussed.
CARES 2, Another Stimulus Check!
On Sunday, White House economic advisor Larry Kudlow, said that the Senate is expected to unveil all the details about its economic relief package proposal, called CARES 2, on Monday.
According to CNet, there are several possible scenarios:
SECOND STIMULUS CHECK PROPOSALS
| Amount | Proposer | Proposal details | How likely? |
|---|---|---|---|
| $0 | White House | Payroll tax cut so workers keep more of their paychecks. | Unlikely to replace stimulus check. |
| $0 | White House | Business tax break for companies who don’t furlough workers. | Unlikely to replace stimulus check. |
| Less than $1,200 | White House | Smaller checks targeted at low-income Americans. | Unlikely, but fewer may be eligible. |
| $1,200 | House of Representatives | Part of the Heroes Act passed by the House in May (not law). | Likely, possibly with fewer people qualifying. |
| More than $1,200 | White House | Stated by President Donald Trump. | Less likely, but possible. |
| $2,000 a month till economy recovers | More than 150 economists | “Emergency Money” payment for Americans to continue spending, one road to economic recovery. | Open-ended payments unlikely to pass. |
| $2,000 a month till three months after pandemic ends | Sen. Kamala Harris | Payments through the end of the pandemic and three months after. | Open-ended payments unlikely to pass. |
| $2,000 a month for up to 12 months | Rep. Ro Khanna | Monthly payments up to a year. | The Senate is unlikely to agree to a sum this large, even with an expiration date. |
| $4,000 travel tax credit | White House | A temporary tax credit to cover individual and family travel expenses, meant to rev up local economies. | Unlikely to replace stimulus check. |