Stimulus Check 2: Treasury Secretary Urges Congress to Pass Bill by end of May

Stimulus Check 2: Treasury Secretary Urges Congress to Pass Bill by end of May

As unemployment benefits decline and millions of Americans remain uncertain about additional bailouts, Treasury Secretary Steven Mnuchin is urging Congress to approve stimulus check 2 by the end of July.

Treasury Secretary Mnuchin testified before the House Small Business Committee on Friday, calling on lawmakers to fast-track the next round of stimulus, reports the New York Times. Mnuchin noted that relief measures should focus on low- and middle-income families and small businesses, and also proposed extending payroll protection programs, particularly in industries most affected by COVID-19.

Mnuchin's sense of urgency echoes that of House Democrats, who passed the stalled Heroes Act (including additional direct payments to individuals and families) in May. Rep. Alexandra Ocasio-Cortez (D-NY) this week called on Senate Majority Leader Mitch McConnell (R-KY) to "get to work."

The Senate has indicated that it intends to introduce and consider the bill as early as next week, when lawmakers return from recess. Senator McConnell is leaving the door open for a second round of stimulus checks, but the benefits may be limited to those earning less than $40,000 a year. Other senators remain uncertain about additional direct payments. [Meanwhile, White House economic advisor Larry Kudlow said Friday that he expects the bill to include additional unemployment insurance, reemployment benefits, and payroll tax exemptions. President Trump has said he supports "bigger numbers" for the stimulus package.

Because of the many proposals for stimulus check 2 and the tight timeline of the Senate recess, Americans may be able to receive benefits as early as August or may have to wait until September (or later).

Direct payments paid under the Cares Act began early this spring. If you have not received your benefits, check your status on the IRS Get My Payment app or contact a representative at the IRS stimulus check phone number.

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