Millions of Americans are struggling financially in the wake of COVID-19, and while an initial round of stimulus checks helped some people stay afloat, for many, that money is long gone and more is needed. Democratic lawmakers agree, which is why they introduced the HEROES Act, which, among other things, calls for a second round of stimulus checks that would be even more substantial than the first.
Republican lawmakers, however, have blasted the HEROES Act for being too expensive. In fact, in its current form, the HEROES Act is extremely unlikely to pass a Senate vote, which means Americans shouldn't count on it.
Still, there is hope of some follow-up stimulus cash. Earlier this week, President Trump stated that Americans should, in fact, count on additional relief. Not only did he insist that another stimulus package is in the works, but he also announced that it will be, in his words, very generous.
At first glance, that's good news. But in the absence of concrete details, it's difficult to determine exactly what that second relief package will entail and how much money it will ultimately put into desperate Americans' hands.
Will Americans get more stimulus cash?
Though President Trump confirmed that he's looking at another stimulus package, he declined to offer any specifics on the amount of stimulus cash Americans could see in the coming months. Furthermore, Trump indicated that a follow-up stimulus package would target those who have lost their jobs and are most in need of help. Again, that seems like good news at first, but when we dig deeper, that could mean that a second relief bill upholds boosted unemployment benefits but doesn't necessarily give any more money to working Americans who are struggling.
The HEROES Act, meanwhile, calls for stimulus payments worth up to $1,200 per qualifying individual, including children, up to a maximum of three children per household. All told, some families would be in line for a $6,000 stimulus check under that proposal -- a proposal that's most likely going nowhere. By contrast, the Reopening America by Supporting Workers and Businesses Act of 2020 calls for a $1,200 reemployment bonus for out-of-work Americans who return to a job. Clearly, the latter targets a much narrower audience and would leave countless Americans out in the cold.
When will Americans find out about a second stimulus check?
Though White House officials have stated that news of the next relief bill won't be available until July, it does seem that more information could come out within the next few weeks. And if a second stimulus payment is in fact announced, recipients might not have to wait too long to get it. Now that the IRS has a system in place for distributing those payments, once a relief package is signed into law, Americans could have that money in hand within weeks. That means that it's conceivable that a second round of stimulus payments could hit bank accounts by August -- but only if the bill that's ultimately passed calls for them, which, at this point, is still a pretty big "if."