A SECOND round of stimulus check could be coming soon to help Americans survive the economic downturn caused by the coronavirus pandemic.
President Donald Trump promised "very generous" payments – find out how much cash you will get with this calculator.
It has been more than three months since President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide millions of Americans with the first round of stimulus checks.
As unemployment numbers continue to soar, Americans are wondering how much the second checks will be and when the government will cut them.
Last month, Democrats passed the Health and Economic Recovery Omnibus Emergency Solutions or HEROES Act as a follow-up to the first round of stimulus checks.
This new legislation is larger than the CARES Act with every family member pocketing $1,200 – including children.
This is a bump from the $500 per child in the first round of payments.
Single taxpayers earning less than $75,000 and married taxpayers earning a combined total of $150,000 would get the payments in full.
A family of four would receive $4,800 if the parents earn less than $150,000 per annum.
The new act capped total payments at $6,000 per family and included all dependents, which is significantly more than the CARES Act offered.
You can find out how much cash you could get from the second stimulus check if HEROES Acr passes with the calculator.
However, there are signs the White House may get behind additional stimulus funding as Wall Street Journal reports that the administration is working on its own plan.
President Donald Trump said his administration will be "asking for additional stimulus money.
His economic adviser Kevin Hassett told the publication that the chances of another package "are very, very high."
Treasury Secretary Steve Mnuchin said the Feds are "very seriously considering" a second round of stimulus checks, as per the Journal.
Senate Majority Leader Mitch McConnell affirmed that July would be the month that the Senate decides how much Americans will get a second stimulus check.
The Senate is soon heading into a two-week recess, from July 3 to 17.
If the Senate does take up a second stimulus package in July, the bill would presumably need to pass Congress before August 7 for checks to go out in August.
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