Stimulus Checks: Will There Be a Second Payment?

Less than a week after the first round of Americans got their 'stimulus check' from the U.S. [...]

Less than a week after the first round of Americans got their "stimulus check" from the U.S. government, many are already asking: will there be another? The Emergency Impact Payment is worth up to $1,200, and is meant to help Americans cope with unemployment through this crisis. Sadly, many will need more money to even come close to paying for food and housing in the coming year.

The U.S. Congress passed the CARES Act with approval for a one-time emergency relief payment to most American adults due to the coronavirus pandemic. From the start, there was talk of a possible second payment, depending on how the crisis developed. According to a report by Forbes, it is not out of the question, with at least some lawmakers advocating for generous packages to help the American people cope. The proposal is called the Emergency Money for the People Act, but there is no telling what it will look like if it passes through the legislative process.

The Emergency Money for the People Act was introduced by Rep. Tim Ryan of Ohio and Rep. Ro Khanna of California. In it's current form, it would provide monthly cash payments from the federal government to individuals in the U.S. of up to $2,000. The payments would be guaranteed for at least six months and would continue until employment levels return to the levels that were at before the COVID-19 outbreak began.

This means that the employment to population ration would be over 60 percent — a high mark, especially given the current historically high unemployment rates. The Money for the People Act would not even exclude people who are currently employed — every American adult making less than $130,000 annually would be eligible, as the law is currently written.

The law would also include an additional $500 per child for those with kids, much like the CARES Act, though it would have a maximum of three children. It would potentially fill some of the gaps in the CARES Act, making college students and adults with disabilities who are claimed as dependents both eligible to receive the payments.

There is no telling whether the Money for the People Act could pass the Senate, Congress and White House as it is, but it is not as far-flung as it might sound. President Donald Trump himself has reportedly remarked that one $1,200 check is not enough for Americans to survive this crisis. Others in the Democratic party have suggested a second payment of some kind as well. The CARES Act is the third stimulus bill related to the coronavirus, and a fourth stimulus bill of some kind is likely to pass one way or another. Many people are undoubtedly hoping it will be the Money for the People Act.

To check the status of your Economic Impact Payment, visit the IRS' website. For the latest information on the coronavirus pandemic, visit the CDC's website.