Second Stimulus Check: When You Can Expect Another Payment in Your Bank Account

As the coronavirus pandemic continues to impact the country, a second stimulus check would be a massive boost for many people in the country. But there remain many questions as to what and when more help could be on the way. A possible timeline for when the next stimulus check will be hitting bank accounts remains speculation, but one that can be pieced together a bit to create some clarity.

The president, Donald Trump, provided hope of a second stimulus check when he announced at the end of June in an interview that help would be coming and that it would be "very generous." Trump also has said that a future stimulus package could be expected in Phase 4. White House economic adviser Larry Kudlow also shared that what Trump said about Phase 4 is "conclusively" going to happen. From that point, there remains a question as to how fast a turnaround would be on approval and then checks being deposited. The Senate will be reconvening on Monday for a three-week legislative session. If a bill is passed then, a few weeks would probably go by before anyone starts to reap the benefits. When Trump signed the massive $2 trillion stimulus package on Mar. 27, checks began to roll out began to make their way out in the second week of April.

That said, this next round of help may look a little differently for people. Early indications point to a fixed ceiling being included in the next round, which would reportedly include anyone making less than $40,00 per year. Anyone above that would not be eligible to receive a second stimulus check. Sen. Thom Tillis said that he would be in favor of supporting a bill aimed at helping people he said: "are hurting the most."

Each passing day seems to bring some new information on a future stimulus package. The pressure is undoubtedly being placed on officials to come to an agreement on a bill as more and more states are seeing spikes in COVID-19 cases, including some areas that have begun to roll back their reopening plans. States like California, which saw its most significant single-day jump on Tuesday, and Florida, which has rolled back opening its bars, have been hit the hardest as of late. With each pullback, more and more people are finding it challenging to provide a steady income, especially in industries hit the hardest like in restaurants and travel.