Both parties agree – a second stimulus check is coming. In fact, due to the timing, it is going to turn into more of a political item than it would have been before. This means that both sides are going to try and make it happen before the fall campaign season kicks off. Here is what it looks like could happen as of now. Something should be presented in the next week or so.
Second Stimulus Package – How Much Could You Get?
There have been a lot of things thrown around and I covered much of them in an earlier post. But, it comes down to this. Whatever happens, it has to pass the House (Democrat-controlled) and the Senate (Republican-controlled) and be signed by the president. So, it matters most what the leaders of both houses and the president are saying as there will end up being some compromise between the two.
$40,000 of Income Cutoff?
The Senate Majority Leader and leading Republicans have settled on the number $40,000 – as in the amount of income in a year that would be eligible for the next round of stimulus checks. What is not known yet is if there will be a fall-off over that amount as with the first stimulus bill or if it will go to zero.
But, that $40k number is the income for an individual filing. It would double for a couple filing jointly so that would mean $80,000 for a family. This is down significantly from the first stimulus bill that gave the full amount to individuals up to $75,000 and couples up to $150,000.
The idea is that those in the $40,000 and under bracket are ones that have likely been most affected by the economic issues stemming from the coronavirus. The amount that will be given? It is said that it will again be $1,200 like the first time. This is something the Democrats had wanted initially and to have it apply to all family members with a cut-off at $6,000 as a cap. This could be where a compromise would take place – $40,000 in income would get $1,200 per person.
Calculator To Show What COULD Be Given Out
Based on my posts on the first stimulus package, I get questions constantly about what information is out or what people are talking about for a second stimulus package. So, I wanted to share this calculator that is not official but uses the best current information around right now.
Here is a calculator made by Jasmine J Mah and Bogna Haponiuk and posted over at Omnicalculator.com. This is not an official amount since there has not been a new bill proposed, let alone passed yet. It is simply a look with the information that is known as of now to give you an idea of what your lawmakers may consider in the next stimulus bill.
But, we will know something in the next week to 10 days as lawmakers return to Washington. For now, this gives a look at some things being talked about publicly. I will do an update once we know for sure what is coming down.