Stimulus Check 2 amount is set: prepare for another ready1,200

Stimulus Check 2 amount is set: prepare for another ready1,200

Due to the uncertain status of the second round of the stimulus package, Senate Republicans are likely to include $1,200 in direct payments to individuals and families in their upcoming bill.

According to The Hill, the language in the Senate bill will mirror the Cares Act passed earlier this spring. Under that stimulus package, single taxpayers earning less than $75,000 per year and married taxpayers earning less than $150,000 per year would each receive $1,200 per person, pro-rated to $99,000 and $198,000 per year, respectively.

"We are talking about the same provisions as last time, so our proposal is exactly the same proposal as last time," Treasury Secretary Steven Mnuchin, who is representing the White House in negotiations with lawmakers, told reporters.

However, according to the New York Times, the first draft of the bill does not include specifics on who would be eligible for the stimulus package2 and how much they would receive.

Previously, Senate Majority Leader Mitch McConnell (R-Kentucky) had hinted at the possibility of Stimulus 2, but suggested that benefits would be limited to workers earning less than $40,000 a year.

The Senate tentative proposal for Stimulus 2 differs slightly from the Heroes Act passed by the House in May. The bill also provides a $1,200 direct benefit, but extends the benefit to all dependent children (up to $6,000 per family) and workers with taxpayer identification numbers.

Assuming that the Senate bill's benefit formula is the same as that used in the Kearns Act, eligibility can be verified with this stimulus check calculator. Of course, everything received on the first check would be received on stimulus check 2.

The payroll tax cut, strongly supported by the White House and a sticking point in the negotiations, is no longer under consideration. According to the Washington Post, Senate Republicans forfeited the provision on Thursday, but this does not necessarily bring the two sides any closer to a final agreement.

An extension of the $600 weekly federal unemployment benefit, which expires on July 31, is also up in the air.

Senators are on a tight timetable to finalize their proposal as benefits begin to decline and the start of the August recess looms; if the bill is not passed by August 10, Americans may be waiting well into September for their benefits.

Even though Stimulus Check 2 is just around the corner, it is possible that some high-income Americans have not yet received their first relief check. Those who believe they are eligible should check their receipt status on the IRS Get My Payment app or call the IRS stimulus check phone number and ask for a representative.

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