July 27, 2020

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Time is drawing near for a decision to be made as to whether or not a second stimulus check will be distributed to millions of Americans. Multiple bills have been proposed to provide relief to those that are financially struggling due to the coronavirus pandemic.

For weeks, Senate Majority Leader Mitch McConnell has worked with Treasury Secretary Steven Mnuchin on a relief package that would distribute stimulus checks only for those who have been financially impacted the most during the ongoing pandemic.

Negotiations have been ongoing throughout this week to make a decision as to who will qualify for the second round of stimulus checks as well as working out the details on how they will build upon the CARES act in order to assist businesses and Americans that are currently struggling to make ends meet.

Treasury Secretary Mnuchin confirmed that the proposed second stimulus check will be the same as the first, meaning taxpayers who qualify will receive up to $1,200. The guidelines for who qualifies for the stimulus check have not changed and will remain the same as the first: 

  • Single filers who earn less than $75,000 a year will receive the full $1,200. For those earn more than $75,000 should expect to see their check reduced by 5% of the amount they earn.
  • Joint filers who earn less than $150,000 a year will receive the full check however those who earn more will see their check reduced by 5% of the amount they earn over $150,000.

As negotiations continue, there is a general expectation that a decision regarding the expansion of the CARES act, as well as when the second stimulus check will be distributed, should be made before the end of July.

We will continue to update you with new information as this story develops. 

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