By Aman Jain. Originally published at ValueWalk.
We now know that the second round of stimulus checks will be part of the next stimulus package, dubbed the CARES Act 2, which Senate Republicans will propose next week. The amount of the proposed stimulus checks is also known, and it will be $1,200. Now we also know that the next round of coronavirus stimulus checks will be sent out in August.
Coronavirus stimulus checks in August
Last week we got confirmation on several important details. These include the presence of stimulus checks in the next GOP package, the amount of those stimulus checks, and the income cap.
Now we also know when people will get the next stimulus check. This information comes from Treasury Secretary Steven Mnuchin, who recently said that their “proposal is the exact same proposal as last time.”
On Saturday, Mnuchin said Republicans are set to reveal their coronavirus relief package on Monday. He also said that their proposal enjoys the backing of the White House.
Mnuchin also promised that another round of $1,200 coronavirus stimulus checks would come in August.
“We’re prepared to move quickly,” Mnuchin said, adding that President Donald Trump would “absolutely” support the GOP package. “We’ll get the majority of them out in August and those will help people,” Mnuchin said, according to the Associated Press.
This is not the first time Mnuchin has talked about sending coronavirus stimulus checks in August.
Mnuchin told CNBC on Thursday, “The president’s preference is to make sure that we send out direct payments quickly so that in August people get more money.”
Mnuchin also reaffirmed that the next round of stimulus checks will follow the same criteria as the first. This means Americans making $75,000 or less will get the full $1,200. Those making more than $75,000 will get less than $1,200, depending on their income, while those with $99,000 or more in income are not eligible for stimulus checks.
What about federal unemployment benefits?
A point to note is that Mnuchin is confident about sending $1,200 checks even when the GOP has yet to present their version of the bill in the Senate. This is likely because Democrats are also in favor of $1,200 stimulus checks. The HEROES Act, which has already passed the House, proposes one-time stimulus checks of $1,200.
Although there seems to be a consensus on the stimulus check amount, the same can’t be said about federal unemployment benefits. Mnuchin told reporters that President Trump is in favor of extending the unemployment benefits.
However, Mnuchin described the $600 weekly aid as “ridiculous,” suggesting they could reduce the federal unemployment benefit amount this time. The federal unemployment benefits officially expire on July 31, but because of how states process unemployment payments, the benefits effectively expired Saturday.
We will hopefully learn the final amount of unemployment benefits and other details of the next package in the coming week. August 7 is the unofficial deadline for the next bill as it is the Senate’s last day in session before its month-long August recess.
The post You’ll get $1,200 coronavirus stimulus checks in August: Mnuchin appeared first on ValueWalk.
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