Second Stimulus Check: Latest Updates (July 8)

There's no official progress on a second stimulus check, and likely won't be until Congress [...]

By Christian Long

There's no official progress on a second stimulus check, and likely won't be until Congress reconvenes from their Independence Day holiday on July 20. However, talk of a second payment has remained at the forefront of discussion, particularly as the coronavirus pandemic continues to surge.

The House of Representatives have introduced a handful of bills since the $2 trillion CARES Act was passed in March, and even passed the HEROES Act in May — although, the bill has stalled in the Senate, and is unlikely to pass a vote there, much less get signed into law by President Donald Trump. However, some indicators have started to be discussed among members of Congress and Trump's administration, which has started to put together a possible timeline, as well as qualifications.

Some of the provisions include ideas of income caps and other specific qualifications, while Trump has claimed that the second payment will arrive soon, and will be "larger" than the previous stimulus check. The one-time payment of $1,200 (plus $500 for each dependent) hasn't helped many feel economically secure, particularly with unemployment surging right alongside confirmed cases of COVID-19. Here's a rundown of the latest updates regarding a second stimulus payment.

Rep. Harder's Tweet

California Rep. Josh Harder, who represents the state's 10th district, tweeted on Tuesday asking if anyone or their families "need another stimulus check." His tweet got dozens of replies, with several followers listing their hardships.

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The Possible Income Cap

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(Photo: SAUL LOEB/AFP via Getty Images)

While the first round of stimulus payments capped income eligibility at $99,000 for individuals and $198,000 for joint filers, recent remarks have suggested that a second round of stimulus checks could cap income eligibility at $40,000. "I think the people who have been hit the hardest are people who make about $40,000 a year or less," said Senate Majority Leader Mitch McConnell, which fueled the speculation.

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The July Possibility

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(Photo: Mark Reinstein/Corbis via Getty Images)

Speaking with CNBC on Thursday, Treasury Secretary Steven Mnuchin said the White House does "support another round of economic impact payments," and "as soon as the Senate gets back, we're going to sit down on a bipartisan basis with the Republicans and the Democrats and it will be our priority that between the 20th and the end of the month, we're going to pass the next legislation."

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The Open Letter

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(Photo: Xinhua/Liu Jie via Getty Images, Getty)

On Tuesday, a total of 156 economists urged for "immediate, bold action to prevent the nation's economic downturn from worsening, including the passing of ongoing direct cash payments to the American people" in an open letter. It also cited the record-high unemployment rates that are "already ​dwarfing​ peak levels from the Great Recession," and that "this recession will require significant and sustained stimulus policies that are responsive to the health of the economy." They added that "it is critical to enact policies that will help promote a robust, sustained, racially equitable recovery and will stay in place until Americans are back on their feet."

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Trump's 'Critical Components'

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(Photo: Photo by Drew Angerer/Getty Images, Getty)

Trump's Chief of Staff Mark Meadows recently detailed certain provisions the president wants to see in the second round of stimulus checks. "In it must be payroll tax cuts and incentives for manufacturing to return to the states from overseas," Meadows said. He added that the thought process behind it all is that they keep an eye on "a real, systemic way" that these two things are met and provide significant benefits to the country.

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Conclusion

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(Photo: Jeff Fusco, Getty)

There's still no real timeline on the second stimulus payment, despite the fact that people across the U.S. are growing increasingly concerned with their finances, especially considering that several states are looking at reversing course on reopening as cases surge in a number of states.

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