221,477 views|Jul 24, 2020,02:19pm EDT

Second Stimulus Check Confirmed In GOP Proposal, But Not $1,200 Amount Or $75,000 Income Cap

Shahar ZivContributorPersonal FinanceI teach students and employees how to ace their personal finances.

The odds are now in American’s favor for a second stimulus check to be included in the next coronavirus stimulus package; however, whether the payments are for $1,200 or less has yet to be confirmed and whether the income eligibility will remain the same as under the CARES Act is still tentative. — The odds are now in American’s favor for a second stimulus check to be included in the next … [+] © 2016 BLOOMBERG FINANCE LP

Reports yesterday that the amount and income eligibility of a second stimulus check had been confirmed appear to be premature. The reality is that while a second direct payment was included in the proposal summary circulated by Republicans on Thursday, no other details were offered.

Second Stimulus Check Included In GOP Stimulus Proposal

There has been rampant speculation over whether or not a second stimulus check would materialize as part of the coronavirus stimulus package proposal that Senate Republicans are set to unveil. After resisting another direct payment, most Republicans now acknowledge that such a payment is needed given the worsening economic outlook and the record number of coronavirus cases in the United States. Republicans have coalesced around a second stimulus check in recent days, a marked departure from their stand only two months ago.MORE FROM FORBESStimulus Package Update: Republicans Unite On Second Stimulus Check, Balk Over Payroll Tax CutBy Shahar ZivMost Popular In: Personal Finance

Earlier this week, Senate Majority Leader Mitch McConnell officially endorsed another stimulus check. “We want another round of direct payments – direct payments to help American families keep driving our national comeback,” he noted.

Moreover, a draft proposal, circulated early Thursday and shared by The New York Times, confirmed the existence of a second stimulus check. Under the header “Stimulus Payments,” the document states “these will be included.”

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