On Tuesday, Senate majority leader Mitch McConnell took the Senate floor and delivered an address in which he confirmed a stimulus check would be included in the next bill, meaning another round of payouts is likely coming to Americans.
The second stimulus round would be the same as the first, an advance on a refundable tax credit of $1,200 to qualifying Americans plus an additional $500 for dependent children under 17 years old.
The qualification is income-based:
- Single filers who earn less than $75,000 a year will get the full benefit. Those who earn more will see their check reduced by 5% of the amount they earn over $75,000.
- Joint filers who earn less than $150,000 a year will get the full benefit. Those who earn more will see their check reduced by 5% of the amount they earn over $150,000.
Although the bill is expected to pass the Senate quickly, it still must pass through both Congress and be signed by the President. Both are expected to do so, but likely not until August.