October 31, 2020 - Douglas Myser

Amount of second stimulus check. For quite some time, most Americans assumed that Congress and the Administration were going to get together and that another stimulus check would be forthcoming. Unfortunately, its a political year, and everything got entangled in the political process. By now most Americans have received the federal stimulus checks directed by the CARES Act in order to help consumers weather the economic downturn caused by the coronavirus pandemic.  Months later, the pandemic was declared a recession, and the official unemployment rate has soared into double digits, heightening calls for a second round of stimulus checks. Amount of second stimulus check.

Good news and bad news exist on the second check relief news. The proposed $3 trillion Health and Economic Recovery Omnibus Emergency Solutions or HEROES Act would authorize another round of stimulus payments for most U.S> households. While the bill was passed by the Democrat-controlled House last month, it still must get through the Republican controlled Senate. Yet there are signs the White House may get behind additional stimulus funding, with the Wall Street Journal reporting that the administration is working on its own plan. During a press conference in June to discuss unemployment President Trump said his administration will be "asking for additional stimulus money" while his economic advisor Kevin Hassett said that the odds of another stimulus package are "very, very high."

One criticism of the CARES Act stimulus payments is their restrictions on older terms and college students. Only dependents under 17 years old were eligible for the $500 payments, which excluded many high school juniors and seniors. The payments also excluded college students who were claimed as dependents on their parents taxes. HEROES broadens its scope to include all dependents, which means that older teens and college students would be eligible for the $1200 per person payments. CARES also drew fire for its exclusion of many immigrants. Amount of second stimulus check.

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