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Second stimulus checks (10/1/20): What will the next stimulus package look like?

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The second stimulus package is still pending approval. The clock is ticking for either party to get their act together, as both the House and Senate are scheduled to soon take a break which will last through the election.

The House Democrats presented a revised bill on Monday that could once again get the $1,200 direct payments in federal cash to middle- and low-income families. This bill comes as a response to the Republicans’ previous plan, which lowered the original unemployment insurance rate from $600 to $300 but put more money towards schools and COVID-19 relief initiatives. The Democrats found this bill to be wanting, particularly in the amounts given to individuals and families across the country.

This latest proposal is an updated version of the HEROES Act that was brought up back in May. CBS News reports that the total amount of this latest stimulus package adds up to $2.2 trillion, and also restores the $600 in unemployment insurance benefits to those that qualify.

Apart from reinstating those $1,200 direct payments and the $600 in benefits, the Democrats’ new proposal would also gear more money ($25 billion, to be exact) towards airline relief funds as well as $436 billion to individual states and municipalities in need.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin met several times over the last few days in order to discuss the bill’s approval. Alas, these discussion came to no avail—the two failed to reach a consensus after a 90 minute meeting on Wednesday despite previously sounding optimistic.

No reason to get blue over Uncle Sam’s green quite yet, though. CNET notes that the latest discussions surrounding the second stimulus package (as well as the checks that come with it) reflect more of an agreement between Democrats and Republicans. In light of Tuesday night’s debates, a little show of unity is almost more than Americans could ask for. Mnuchin confirmed that the White House and Democrats in fact aligned on the more important parts of the stimulus, but a lack of clarity over some items remain in the way of a green light.

“We still don’t have an agreement,” he told NBC News. “But we have more work to do. And we’re going to see where we end up.”

While details for the next stimulus package are still vague and undecided, there are a few things the general public can surmise. CNET additionally points out that the second stimulus checks will most likely continue to follow the guidelines from the first batch, setting income limits against adjusted gross incomes (AGI). This could determine whether you could receive $1,200 as an individual or $2,400 as a married couple depending upon whether other requirements are met.

Another factor driving how much qualifiers could receive is their additional dependents. The Democrats’ latest proposal would allot $500 to each dependent claimed with zero limits on how many dependents one may list.

“We’re going to give it one more serious try to get this done,” said Mnuchin to CNBC. “And I think we’re hopeful that we can get something done.”



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