While the specifics of Stimulus 2 have not yet been finalized, there is good news for those who were concerned that the eligibility threshold would be significantly lower than Stimulus 1.

Senate Majority Leader Mitch McConnell suggested last week that a $40,000 income cap for Stimulus 2 would provide economic benefits to those who need them most, but a source familiar with Senate discussions told Bloomberg (via Forbes) that "a cap at that level is seen as unlikely." He said.

McConnell's comments on Stimulus Check 2 provide most of what we know about a possible second round of direct payments to Americans to help with the economic hardship caused by the coronavirus.

In May, Republican leaders said that if the second round of the stimulus package is passed, it would be part of the last stimulus package Congress would pass related to the pandemic.

However, as the number of coronavirus cases continues to rise across the U.S., interest in Stimulus 2 has increased, prompting reporters to interview both McConnell and President Trump for more details on the timing and amount.

On July 13, McConnell said that lawmakers would take up the stimulus bill as early as next week, but that it would be different from the Heroes Act passed by the House in May.

That has raised concerns from House Democrats that McConnell's cohort is not moving fast enough to set a date for stimulus check 2. Rep. Alexandria Ocasio-Cortez (R-NY) has called on Senate Majority Leader Mitch McConnell to "get to work" on a new stimulus package, including a second round of direct stimulus payments.

The Heroes Act provides $1,200 for each adult earning $75,000 or less and $2,400 for married couples combined earning $150,000 or less. In addition, $1,200 will be provided for each dependent family member, with a maximum of $6,000 per family member.

McConnell and the Senate may revise these thresholds in a version of Stimulus Check 2 and may seek direction from the White House; on July 1, President Trump said he prefers "big numbers" over Democrats.

If you want to know more accurately how much you can receive for the second stimulus check, you can use the Omni Calculator's Stimulus Check 2 Calculator tool. With this tool, after entering your application eligibility, number of dependents, and income, you will receive an estimated amount based on the guidelines of the Heroes Act.

And you still haven't received your first stimulus check? There are several reasons why you may not have received your payment; enter your information into the IRS Get My Payment app to check your payment status. If you have further questions about your benefits, you can also contact a representative at the IRS stimulus check phone number.

Once you have verified that your check is in transit, consider using the USPS Informed Delivery tool to register for a stimulus check notice.