Will you be receiving a second stimulus check payment in 2020 and, if so, how much will it be?
The current amount that you would receive in a second stimulus check of 2020 would be roughly equivalent to the first stimulus check of 2020.
Many of you have already received your first 2020 stimulus payment and gotten all of your Coronavirus protective gear. If your first stimulus payment has not yet arrived, you should be receiving your check or direct deposit shortly if you do not exceed the income thresholds of $75,000 for the full payment of $1,200 or $99,000 for a partial payment.
Because of this, discussions began for a second stimulus check payment of 2020 or a second round of monthly stimulus payments.
Unfortunately, you’re going to have to wait. Why?
The Senate is led by Senate Majority Leader Mitch McConnell who vowed to block the Heroes Act. But he, and the Whitehouse, have agreed that Congress will probably have to pass another Coronavirus stimulus bill and that the second stimulus check will arrive much quicker than the first.
On June 23rd, Donald Trump weighed in on the matter of a second stimulus saying: “We will be doing another stimulus package. It’ll be very good…very generous.”
In May, McConnell said the Senate may act on this in “the next few weeks”. This would have put their decision time at around mid-to-late June for a second stimulus check payment. However, this did not happen and the Senate took a recess.
As of October 14th, 2020, Congress remains divided.
As we wait for more details on this second stimulus check decision, let’s take a quick look at the Heroes Act and the four initial proposals for a second stimulus package that preceded it
By May 12th, the House Democrats unveiled the Heroes Act.
The Heroes Act is a $3 trillion dollar economic stimulus bill meant to help individuals and businesses cope with the economic challenges that the coronavirus has presented.
Unlike many of the early second stimulus proposals which provided a monthly payment to Americans, the Heroes Act offers a second stimulus check very similar to the first stimulus check, roughly $1,200 dollars for individuals and also checks for children, with a maximum payment of $6,000 per family.
Another perk for individuals is that the Heroes Act would extend unemployment benefits until January of 2021.
The Heroes Act was passed in the House on Friday, May 15th.
However, the Heroes Act also includes many other provisions, such as farming and election subsidies, and this is one of the reasons the Republicans do not like it.
So, as it stands right now, the Heroes Act is just sitting unattended to on the desk of senators.
Want your Senator to act on this? Here’s how to contact your local Senator:
The Initial Proposals for a Second Round of Stimulus Payments in 2020
As with the first stimulus payment, many proposals have been put forth for a second stimulus payment in 2020 due to the spreading of the Coronavirus and the immediate and long-term economic consequences.
Though each proposal is unique, Trump has indicated that he will not sign anything that does not include a payroll tax cut. Unfortunately, a payroll tax cut only benefits those people who are currently receiving a paycheck and does nothing for those millions who have recently filed for unemployment.
The current four proposals for a second-round stimulus payments in 2020 are as follows:
- The Emergency Money For The People Act: Of the various proposals put forth thus far, this initiative introduced by representatives Ro Khanna and Tim Ryan is the most talked about and would provide up to $2,000 in monthly income to single people and $4,000 to married couples earning less than a $130,000 or $260,000 respectively. Also, $500 would be included per child up to three children.
- Senator Sherrod Brown Proposal: Similar to the above proposal, this idea put forth by Senator Sherrod Brown of Ohio would provide each individual with $2,000… but this payment would be per quarter rather than monthly.
- Getting America Back to Work: This initiative put forth by Senator John Hawley of Missouri provides no direct stimulus check to Americans but incentivizes employers to keep their employees more easily during this pandemic by providing a refundable payroll tax designed to cover up to 80% of employer payroll costs.
- Emergency Rent and Mortgage Cancellation Legislation: This plan delivered by Minnesota Representative Ilhan Omar allows for rent and mortgage payments to be canceled for one year without impacting the credit score of those unable to make their monthly payments.
We will keep you up-to-date as the talks of a second round of stimulus payments are currently still in their infancy.
We do know from the first stimulus payment that it took about one month from initial discussions to enact legislation that guaranteed a first stimulus payment to all Americans.
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