Are you sure you want to delete this post?
New Stimulus Package Expected Monday—$1,200 Second Stimulus Checks Proposed
Here's the important takeaway:
Second stimulus checks
The stimulus package, which was supposed to be released today but was later postponed, includes second stimulus checks. How much is the second stimulus check? Treasury Secretary Steven Mnuchin confirmed that the amount of the second stimulus check in the proposal will be a one-time $1,200 stimulus check. The good news is that Democrats want the second stimulus check also to be $1,200. The requirements to receive the second stimulus check will be the same as the first stimulus check under the Cares Act, which was the $2.2 trillion stimulus package in March.
Who is eligible for a second stimulus check?
If the second stimulus check is the same as the first stimulus check under the Cares Act, then the second stimulus check would be based on the following:
- a one-time stimulus check up to $1,200 for each individual;
- $2,400 for married/joint filers;
- up to $500 for dependents under age 17.
So the Republicans and Democrats seem to be in 100% agreement on the 2nd stimulus check, and it looks to be EXACTLY like it was the first time. This is good news from the standpoint of the IRS too, as they now have a system in place to do this, and can theoretically do it much better, faster and more efficiently the second time around.
Of course this is just a proposal and now Congress has to agree on all the rest of the stimulus bill. And it could still take time to pass. But we know another round will pass, at some point. And now we have what I think is as rock solid a confirmation as any that another stimulus check will be coming to exactly the same people that got it the first time, for the exact same amount.