Here's How Much Your Second Stimulus Check Might Be If It's Capped At $40K
By Dave Basner
July 9, 2020
For weeks, the Senate has been debating what might be included in the next relief package, and they've been going back and forth over if a second stimulus check will be in there. It seems that they are now leaning towards including one, but it might only go to Americans who make under a certain amount.
Senate Majority Leader Mitch McConnell recently acknowledged that a second stimulus check "could well be" included in the next relief package, but likely only the people who need it most will get it. He stated, "I think the people who have been hit the hardest are people who make about $40,000 a year or less." That's about 80 million American households.
So if the package is set up that way, how much will you get from it? Well there is an online calculator that shows just how much you would get if the Senate passes a package that goes out to those making under $40,000 a year.
The calculator, which is purely hypothetical and based on what is known about proposed versions of the relief package, takes into account annual income, marital status and number of dependents.
As for where McConnell got the $40,000 number, it isn't arbitrary - a Federal Reserve study showed 40% of households earning under $40K lost a job in March. There is no word yet on what those making more than $40K will receive - whether they will get less money or no money at all.
What is known is that there will be a second stimulus check. In an interview with Nexstar on Tuesday, President Trump was asked if there would be more stimulus checks and he stated, "The answer is yes, we're working on it right now with Congress." As for when it will happen, he added, "That'll take place, I think, very soon."
We'll have to wait to find out just what the Senate decides to do. They return from their current recess on July 20th. When they get back, they plan to finish out the month by hashing out what will be in this next bill. If they agree on something by early August, checks will be sent soon after. However, if they can't come to a consensus by then, they'll have to pick it back up after their next recess, which ends on September 7th. Thankfully, McConnell previously said he plans to have everything set by the end of this month.
Photo: Getty Images