It seems almost certain that next round of stimulus payment will provide $1200 to the individual affected by coronavirus pandemics passed by congress senator's majority leader. According to Forbes news ,Mitch McConnell has confirmed that GOP senators do “want to send second round of direct payment to the American households”.White House Advisory Larry Kudlow said on CNN Sunday that there is $1200 check coming on second round for individuals.Its been more then two months democratic-led House of Representatives passed a legislation that would offer potentially larger second stimulus payment then just the CARES Act had provided.Under the HEROS Act which was passed in May by House Lawmakers but rejected by GOP Senators who are offering CARES 2 stimulus alternatives.Each qualifying member of the households get $1200 including children.The income threshold would remain the same which means single person making an income of $75000 and the married couple making less then $150000 annually would receive the full payment.But family of four with parents who earn less then $150,000 in adjusted gross income in 2019 would receive $4800(HEROS Act would cap total payment of $600 for family).Gop senators, majority in senate seem aligned on the amount of payment, but there’s some disagreement on the income thresholds for individual recipients.GOP lawmakers who control the senate indicated initially they wanted to target payments at those in need, hinting at an income threshold of $40,000.But Democratic leaders are unlikely to support though.So final proposal will likely to include the thresholds that is close to the original CARES Act .
In fact,Treasury Secretary Steven Mnuchin told the reporters that he expects Republicans senator’s will be the exact same proposal that was in the CARES Act according to The Hill.
Sen Mcconnel has indicated that he wanted to vote on additional relief before congress goes on recess again in August.That would give lawmakers essentially two weeks to debate and pass any legislation.And both the Senate and House of Representatives has to pass it
The House of Representatives is set to go out in July 31 but House speaker Nancy Pelosi has said that she is willing to delay the recess to pass another coronavirus stimulus packages.Senators go back on recess again from August 10 to September 7 and senator McConnel has not indicated the willingness to delay that.So another stimulus bill would need to be voted on Friday August 7.If that happens, it’s possible that second round of stimulus payment would start going out by the end of August.If lawmakers don’t pass legislation before August break, it could be mid to late September to pass legislation again.Then it would take the check to go out in early October.
