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Home » Stimulus Check Update: Why You May Still Get That Second $1,200 Check, And Possibly A Third.
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Stimulus Check Update: Why You May Still Get That Second $1,200 Check, And Possibly A Third.

The Stimulus roller coaster continues. We started strong. The first wave of stimulus relief checks were deposited in mid-April, providing millions of Americans relief from the COVID-19 pandemic that quickly spread throughout our world. The checks were in response to record unemployment levels and financial hardships stemming from closed businesses, lost revenues and less income. These first checks were worth $1,200 for individuals with adjusted gross income below $75,000 and $2,400 for couples earning below $150,000.

The first stimulus check was part of the original CARES Act, passed and signed late March. Since then, Republicans and Democrats have worked to pass a second stimulus package. Democrats proposed a $3 trillion stimulus package called the HEROES Act. Republicans then proposed a $1 trillion stimulus package, called the HEALS Act. Then there was the Republican-led “Skinny” plan that failed in the Senate last week.

The net? All negotiations since the CARES Act to provide additional relief to Americans have been unsuccessful. Both parties are working to pass another stimulus package, the problem is they aren’t working together. Although both sides say they are willing to negotiate, they haven’t been able to find a middle ground. The failure to come to an agreement is leaving Americans frustrated, and losing hope that they will ever see that second stimulus check.

However, there is now another package on the table. On Sept. 15, the bipartisan Problem Solvers Caucus (made up of 25 Democrats and 25 Republicans) stepped in and unveiled a proposal to inject up to $2 trillion in aid to the economy. The proposal includes many of the issues being negotiated including state and local aid, assistance for small businesses and schools, more jobless benefits and thankfully, another round of stimulus checks. The proposed amount is consistent with the original check: $1,200 direct payments to individuals under a certain income threshold, with an additional $500 per child.

What’s even better about this bipartisan proposal is that it includes not one, but two more rounds of stimulus checks. The third round of checks would be sent in March 2021, if economic circumstances warrant it.

While this rare bipartisan effort provides some hope, the plan passing remains doubtful. With Republicans last proposal at $500 billion, and Speaker Nancy Pelosi saying she will not go below $2.2 trillion, clearly there’s still much compromise needed. Hopefully this latest agreement will at least encourage negotiators to get back to the table.

Although reaching an agreement before November’s election is looking grim, House Speaker Nancy Pelosi said Tuesday that she wants the House to remain in session until congressional leaders can reach a coronavirus stimulus deal.

“We are committed to staying here until we have an agreement — an agreement that meets the needs of the American people,” Pelosi said during an interview with CNBC.

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