Senate Republicans on Monday introduced the Coronavirus Stimulus Bill, which includes a stimulus check2. The bill was introduced as previous unemployment benefits were set to expire after Republicans debated what to offer Democrats.

The HEALS Act, introduced by Senate Majority Leader Mitch McConnell, includes a second round of $1,200 in direct payments to individuals. This is in addition to the continuation of the Payroll Protection Program (PPP), which includes reemployment bonuses, job retention bonuses, and tax credits for small businesses and restaurants.

"The American people need more help," McConnell said, adding that, as reported by CNN, the HEALS Act is an acronym for Health, Economic Assistance, Liability Protection, and Schools acronym for Health, Economic Assistance, Liability Protection, and Schools.

The bill does not include the payroll tax cut that President Trump previously said was a requirement.

"Direct payments are a faster way to give tax cuts to virtually everyone, much faster than the payroll tax cut," Treasury Secretary Steve Mnuchin said before Monday's announcement.

McConnell's stimulus package targets a $1 trillion budget, but the HEROES Act, passed by the House in May, suggests a $3 trillion stimulus package is needed.

On Monday, Senate Majority Leader Mitch McConnell announced the Senate Republicans' next stimulus package. It is called the HEALS Act, and it reads:

A smaller budget means fewer Americans will be able to receive stimulus checks2. The first stimulus package was $1,200 or $2,400 for a couple, and the current stimulus package is similar.

The enhanced unemployment benefits, which were set at $600 per week, will officially end on July 31. Under the new bill, unemployment benefits will still be provided, but the amount will be lower and capped at 70% wage replacement. The concern is that the unemployed were receiving more than they earned at work, which was discouraging them from finding employment.

Details of the Stimulus Check 2 bill will be announced tomorrow. In the meantime, you can use the Stimulus Check 2 calculator to see how much you can expect to receive under Stimulus Check 2.