After months of hoping for further financial relief, the American people will receive a second round of stimulus checks. After confirming earlier this week that a new addition of direct payments would be included in the next relief package, the public on Thursday received the first details of what those payments would look like.
Speaking with reporters about the forthcoming GOP bill, which is set to be unveiled Thursday, Treasury Secretary Steven Mnuchin confirmed that the next round of stimulus checks would mirror those passed under the CARES Act, which was signed by President Donald Trump in late March. Mnuchin, according to The Hill, said "we're talking about the same provision as last time, so our proposal is the exact same proposal as last time." This means that Americans can expect to receive another $1,2000 payment and that the previously proposed $40,000 income cap has been dropped.
Under the CARES Act, single filers with an adjusted gross income (AGI) under $75,000 or less received a $1,200 check, while those who filed jointly with an AGI of $150,000 or less received $2,400. The amount of the check was scaled down until it hit an income level of $99,000 per year for single filers and $198,000 for joint filers, a level at which it was phased out altogether. Social Security recipients and railroad retirees who are otherwise not required to file a tax return were also eligible. It also extended a $500 payment to children aged 16 and under. It was said that under these eligibility guidelines, most American households would receive a payment, which was distributed either via direct deposit or a physical check sent in the mail.
With an amount now available, the next lingering question is when Americans can expect to receive their payment, should the bill be signed. According to Mnuchin, the hope is that Americans will begin receiving their stimulus check as soon as August. President Donald Trump was reportedly so eager to get aid to the American people that he is willing to forgo a payroll tax cut. Mnuchin said that "the president's focus is he wants to get money into people's pockets now because we need to reopen the economy" and that Trump prefers to "send out direct payments quickly so that in August people get more money."
Congress has until Aug. 7 to pass further legislation. Should that bill pass ton the date, and if it were to follow a similar timeline as the CARES Act, the president's hope to have money in Americans' hands by sometime in August would be likely. To be among the first to receive your payment, you will want to receive it via direct deposit, which can be done by utilizing the Internal Revenue Service's (IRS) Get My Payment tool.