Months after the first coronavirus relief package, the Senate has finally gotten to work hashing out the next one, and while the details of what might be in it will come out this week, one thing we know that will definitely be included in it is a second stimulus check. While the amount of the check and who it will go to is not yet official, according to The Hill, Republicans have negotiated it with some Democrats, as well as the White House, and Treasury Secretary Steven Mnuchin announced that it will be just like the first stimulus check. Mnuchin stated, "We're talking about the same provision as last time, so our proposal is the exact same proposal as last time."
That first check, which was part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, saw $1,200 go to Americans who qualified. They also received $500 extra for dependent kids under 17 years old. Anyone making less than $75,000 got the full benefit, while those who earned more got $1,200 minus 5% of the amount they made over $75K. Meanwhile, joint filers earning less than $150,000 got the full benefit and those who made more also had their check reduced by 5% of the amount over $150K they made.
With all that, how much will you be getting? Well if it all passes and the terms are the same, you can use this calculator to figure it out.
There is still a long way to go before you will see any money, and none of the numbers in the calculator are official until a bill passes. Before then though, both sides of the aisle have to agree on the package and there might be a lot of debates ahead. There are many sticking points between the parties over various aspects of the bill, like unemployment benefits, state and local financial assistance, and liability protection for businesses, schools and hospitals. Hopefully they can come to an agreement quickly and pass a bill before August 7, when the Senate takes their summer recess. If they do, expect checks to go out about 13 business days after a package passes. However, if they can't agree on a bill before their recess, you might not see a check until October.
Photo: Getty Images; Calculator: SmartAsset.com