Senate Majority Leader Mitch McConnell will unveil a formal plan for a second round of stimulus today, according to a source familiar with the Republicans' second round of stimulus negotiations.

Speaking anonymously to the Associated Press (via Chicago Tribune), one Republican said that Senate Majority Leader McConnell is prepared to share his plans for the second round of stimulus and other economic stimulus measures. Senate leaders are reportedly preparing a "handful" of coronavirus bills to be unveiled this afternoon.

Treasury Secretary Steven Mnuchin said Wednesday evening that McConnell's meeting on the stimulus package was "very productive."

Mnuchin also said those involved in the direct payment discussions agreed on the amount of the stimulus check2. The Treasury Secretary did not provide any further details, but his comments could mean good news for those expecting the stimulus check 2 to be due soon.

Reports on Wednesday suggested that the White House and Senate Republicans are at odds over the next steps in the stimulus package. Disagreements over President Trump's tax cuts and other funding measures suggested that delaying Stimulus Check 2 would prevent direct payments from being enacted before the Senate adjourns.

McConnell confirmed Stimulus Check 2 on Tuesday and said plans for the next economic impact package include direct payments.

"Speaking of building on what worked so well with the Cares Act, we want to make another round of direct payments to help American families continue to push the country back," McConnell said (via ABC 11).

Despite Republican leaders' interest in a second round of stimulus, there is no guarantee that Americans will receive direct payments until a bill is agreed upon and enacted. However, lawmakers seem to recognize that the pandemic is far from over.

While McConnell's stimulus package may target a $1 trillion budget, the Heroes Act passed by the House in May suggested a $3 trillion stimulus package is needed.

A smaller budget means fewer Americans will be eligible for Stimulus 2, or Stimulus 2 may be less than the first. President Trump has called his plan for the next round of direct payments "very generous," but senators have proposed lowering the income threshold ($40,000 to be exact).

If the Senate approves the direct payments as outlined in the Heroes Act, those with annual incomes of $75,000 or less would qualify for the full $1,200 stimulus check. Married taxpayers (or joint filers) with annual incomes of $150,000 or less would be eligible to receive $2,400. Dependents will also receive $1,200, with a maximum of $6,000 per family.

The Stimulus Check 2 Calculator can be used to see the amounts that can be expected from the second round of stimulus checks. These amounts could change as early as today, so please check back here for updates on the second round of stimulus checks.