What’s the latest on a second stimulus check?
Here’s what you need to know - and how it can affect you.
Is there a second stimulus check?
Approximately 88 million Americans have received a stimulus check as part of the $2 trillion financial stimulus package known as the CARES Act. Tens of millions of Americans are still waiting to receive their stimulus check over the coming weeks and months. There are already rumors about what the next stimulus check will look like. Will it be a one-time check? Will it be a monthly check? Will there even be another stimulus check? Future stimulus packages come at a time when the Congressional Budget Office projects that the federal budget deficit will be $3.7 trillion and unemployment will average 14% in the second quarter this year. A second stimulus “check” may come in one or more forms, and it may not be limited to an actual check. Here are the latest proposals and what it means for your wallet.
Second Stimulus Check
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Both parties in Congress and President Donald Trump have hinted at a potential second stimulus check. An early proposal would have issued two, one-time stimulus checks of $1,000 each. However, the $1,000 stimulus check proposal became the $1,200 check proposal under the CARES Act. If there is a second stimulus check, a one-time stimulus check is more likely than a monthly stimulus check. Two members of Congress, Rep. Tim Ryan (D-OH) and Rep. Ro Khanna (D-CA), introduced the Emergency Money for the People Act, which proposes to give Americans $2,000 a month for at least six months. Despite what you may have heard, there is not a $2,000 a month stimulus check yet. This is only a legislative proposal - and although multiple congressional representatives and Sen. Bernie Sanders (I-VT) support the legislation - it’s not law.