Senate Majority Leader Mitch McConnell revealed on the Senate floor yesterday (July 23), as talks with the White House on stimulus and legislation continue, funding for the stimulus check 2, known as CARES Act 2, which is part of the economic assistance package Senate Republicans plan to introduce next week.

As the name of the new bill suggests, it will look similar to the CARES Act of March. However, whereas the first bill allocated $2 trillion for stimulus, McConnell's CARES Act 2 would provide about $1 trillion in stimulus to help contain the ongoing effects of the COVID-19 pandemic.

More details on funding for schools, health care, and businesses may be released next week, but all eyes are on whether or not a second round of direct benefits will be provided to millions of Americans.

Neither McConnell nor the other Republicans involved in negotiating the second round of the stimulus package have disclosed specifics, but it is clear that language from the first round of the CARES Act will be reflected in McConnell's proposal.

"We are talking about the same provisions as last time, so our proposal is exactly the same proposal as last time," U.S. Treasury Secretary Steven Mnuchin, who is representing the White House in stimulus talks with Republican senators, told reporters.

If Senate Republicans and the White House agree to make another $1,200 direct payment to individuals and families under the upcoming proposal, those who were eligible to receive the first stimulus check would receive the equivalent of two checks for the same stimulus package.

The first round of stimulus payments provided $1,200 per individual to single taxpayers earning less than $75,000 per year and married taxpayers earning less than $150,000 per year, respectively, pro-rated up to $99,000 and $198,000 per year.

The HEROES Act, an economic stimulus package passed by the Democratic-led House of Representatives in May, would expand the second round of payments to $1,200 per dependent in each household, for a maximum total of $6,000. It is unclear whether the Senate has repealed this initiative in its own version of the new aid bill.

A proposal scheduled for next week by the Republican-controlled Senate is intended to counter the HEROES Act, allowing the two houses and both parties to begin negotiations and ultimately reach a consensus bill that President Donald Trump hopes to sign.

President Trump had made it clear in recent weeks that the payroll tax cut, which he alone had strongly supported, would be a bottleneck in the negotiations. However, according to the Washington Post, Senate Republicans removed the payroll tax cut language from the bill on Thursday. President Trump commented on Twitter about the backtracking on his calls for a stimulus package.

Senators are on a tight schedule to finalize the bill and smooth out two days of stimulus checks. If the bill is not passed by August 10, when the Senate is scheduled to go into recess, Americans may have to wait until September for their benefits.