Who will be seeing a second stimulus payment from the federal government and for how much?

For weeks now lawmakers in Washington DC have been softly mentioning another round of payments to Americans as part of a second economic stimulus. Today we got a little insight on which Americans could see those stimulus payments and how much they will get.

According to USA Today, in the next economic stimulus package Senate Republicans are planning on a round of payments that will mirror the first round of payments Americans got in the spring. USA Today quoted Unites States Secretary of the Treasury Steve Mnuchin who said payments to Americans would have "the exact same provisions as last time."  So, it will once again be $1,200 per single adult with an income cap of $75,000 for individuals. While the article did not refer to married couples or dependents, if this plan does end up mirroring all levels of the first one, here is what the full plan would look like:

  • Adults will receive $1,200 ($2,400 for married couples)
  • Parents will get $500 per child
  • For every $100 over $75,000 made by single-income households, payments will be reduced by $5.
  • Those who make over $99,000 or couples over $198,000 will not receive any payments
  • Income levels will be based on 2019 tax returns (2018 if you have not filed yet)

If this plan ends up getting approved by the Senate and House, one would hope we would see the payments as soon as possible. That said, there are Americans still waiting to receive their first stimulus payment. Let's hope the process runs faster and smoother this time to get this money in the hands of those who need it. According to the USA Today story, Alabama Senator Richard Shelby says the full economic package should be announced Monday.

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