As the coronavirus pandemic continues to take its toll on the economy, another Congressional relief package is expected to be approved by the end of July. The details on exactly when a new economic impact payment will happen this year, who will qualify for a second stimulus check and how much you might get won’t be hammered out until the Senate is back in session.
The size of another relief package — and how that money is divided up — will determine the amount that individuals and families are eligible to receive in a second economic impact payment. The first stimulus check, which was approved in March, sent each person who met the requirements up to $1,200 apiece, and up to $6,000 for families.
White House economic advisor Larry Kudlow said on Friday that a second stimulus check will be smaller than the first, according to Fox Business. That aligns with Senate Majority Leader Mitch McConnell, who has indicated that the next stimulus package would have a $1 trillion cap, but it runs contrary to the president’s stated desire for a larger check.
