Second Stimulus Payment – Will Trump Give Americans Another Check?

by Miles Jackson

Read on for everything we know about a second stimulus payment check, and how much money you could get. This story updates frequently with new information and is intended to provide an overview of the situation. If you’re waiting for your first check, you can track the status of your stimulus check, see some possible reasons why you don’t have a check yet and learn how to report a missing stimulus check to the IRS. We also explain the IRS’ “Get My Payment” site.

Does America Need a Second Stimulus Payment

According to Treasury Secretary Steven Mnuchin the US economy may need more help. Mnuchin stated in Senate testimony on Wednesday “I think we’re going to seriously look at whether we want to do more direct money to stimulate the economy.” He set the priority with “This is all going to be about getting people back to work.”

Jerome Powell, Chairman of the Federal Reserve agrees. Powell stated “It’s possible [the Fed] will need to do more and it’s possible that Congress will need to do more.”

After recent positive unemployment numbers there is some pushback on a second stimulus payment. White House economic advisor Stephen Moore spokesperson stated “It takes a lot of the wind out of the sails of any” new plan. Moore went on to say “We don’t need it now. … There’s no reason to have a major spending bill. The sense of urgent crisis is very greatly dissipated by the report.”

There are many reports that President Trump is looking for a way to gain popularity as the November Presidential election approaches. A second stimulus payment could improve voter sentiment and help the economy leading into the election.

Unemployment Allowances Ending

There doesn’t seem to be a firm timeline yet for when a verdict could come from Congress and the president on a second stimulus payment. Also, time may be running out for many Americans. That’s because the enhanced unemployment allowances for an additional $600 per month are set to expire July 31. Meanwhile, the stock market swings wildly with the changing unemployment, trade and COVID-19 data. Coronavirus cases are rising in over 20 states; perhaps due to loosening restrictions. As a result, the prospect of threatening businesses and jobs with a second wave of COVID-19 worries many politicians.

The Heroes Act – A Second Stimulus Payment?

There’s no set deadline for a second stimulus payment spending bill. The House sent their Heroes Act to Senate after its approval in May. This $2 Trillion bill seeks a wide range of benefits for households, renters and noncitizens who live in the US. It remains a proposal, but here are a few highlights:

Individuals: Possibly receive up to $1,200 if their adjusted gross income was less than $75,000.

Children and dependents: Each dependent would qualify for a $1,200 payment, unlike the first stimulus bill, which capped up to three children at $500 apiece. It would apply to college students, children over 17, disabled relatives and a taxpayer’s parent.

Families: Households would qualify for a maximum payment of $6,000 total, capped at five family members at $1,200 apiece. However, the final amount is based upon a sliding income scale.

Unemployment Benefits: The Heroes Act continues the enhanced unemployment benefit of $600 per week through the end of the year. Furthermore it would pay above each states’ typical unemployment payout to January 2021.

Overview of the Second Stimulus Payment Bill

The House provided a one page overview of H.R.6800 – 116th Congress (2019-2020)

The Heroes Act Bill (Second Stimulus Payment)

Overview of H.R.6800 - 116th Congress (2019-2020) The Heroes Act

Click to Enlarge

The GOP Position

Senate Majority Leader Mitch McConnell has said Congress may decide in the next few weeks if it will take up another round, CNBC reported in late May, with the bulk of the work happening in July.

According to insiders at The White House, it’s anticipated the executive branch will work on its own proposal through July, according to The Wall Street Journal.

On Saturday, White House adviser Peter Navarro stated he is confident that another stimulus package is likely. Navarro predicted a second stimulus payment for Americans would come before the end of the summer. He added that President Donald Trump is on board for a deal. Navarro, speaking to CNN, said he believes a $2 trillion package, to include a second stimulus payment for Americans is one Trump would be most likely to favor. Bolstering manufacturing and costing would be a prime focus of the plan.

Impact on Airlines of the Heroes Act

American Flag Airplane Approach California

Approach for Landing (Photo: Miles Jackson)

The House bill contains a lot of provisions regulating the US air carriers. It mandates air filtration standards, specifies cleaning standards for airplanes and limits outsourcing of aircraft maintenance. It prohibits airlines that receive a loan or loan guarantee under the CARES Act from increasing their share of heavy maintenance work done overseas.

The bill would “require each passenger and cabin crew member to wear a mask or protective face covering while on board an aircraft.”

The Heroes Act does provide pandemic relief for aviation workers. It “extends the prohibition on involuntary furloughs of employees of airlines or contractors that receive financial assistance (i.e., payroll grant) under the CARES Act.”

Without that provision, the airlines are free to begin laying off employees as early as September. The first economic stimulus bill (The CARES Act) ensured most airline jobs would be spared through the summer.

At the same time, the second stimulus payment bill would not provide additional loans or grants to the airline industry. The airlines would need to design procedures to instill faith in the safety of travel going forward. In addition, air carriers would likely develop incentivized promotions and fare deals to fill planes again.

RELATED POST: Post-COVID Travel Deals: Too Good To Pass Up

The Upshot

Is a second stimulus check coming?

Washington continues to send mixed signals on whether it will pass a second stimulus package in 2020. Some leaders support it, while others ask whether another round of payments is necessary for an economic recovery. One certainty seems evident; you won’t get second stimulus payment check in your hand by the end of June.

In short, it seems that the possibility of a second stimulus payment will come down to the economics. In other words; unemployment figures, how the economy rebounds and if there is a second wave of COVID-19.

Do you think we’ll see a second stimulus payment bill this summer?

Here’s our updated COVID-19 page where you’ll find everything you need to know not only about Government Stimulus Checks and IRS support, but about travel as it relates to the pandemic.

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

14 comments
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14 comments

ptahcha June 12, 2020 - 11:36 am

The title is misleading. The president does not provide the funding for the stimulus payments – congress does.

Reply
JimC June 12, 2020 - 1:13 pm

Agree with PTAHCHA, misleading title. Payment not from Trump, no matter how much he wants people to think that with putting his name on the checks and accompanying letter. Payment from taxpayers and unfortunately, future generation of taxpayers.

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Tom June 12, 2020 - 6:26 pm

Trump had been VERY generous with each one of us, and we should be truly grateful. MAGA!!!

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TSA June 13, 2020 - 4:20 am

PTACHA and JIMC are right, you need to change the title. Wish JIMC had left the politics out, and just not going into why I, personally, don’t think anyone except the ultra rich should be grateful to Trump.

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Sandra June 13, 2020 - 11:45 am

What about Custodian employees that are working making sure everything is clean did you give them extra money

Reply
Miles Jackson June 13, 2020 - 7:31 pm

Sandra-
Everyone should be thankful to custodial persons keeping workplaces clean. I haven’t read anything about extra pay for these folks, though.
Thanks for reading.

Reply
Michele mat June 13, 2020 - 8:12 pm

Laughable…trump does not give us stimulus money from his pockets! WE pay for it ….and I don’t want my tax dollars bailing put big corp anymore. Time to trickle UP! If you are going to do anything give the money to the people and also help with student loan debt nationally…that’ll get us all somewhere. I DO know with how they are and have been handling this My vote will change this time around!

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Deb June 14, 2020 - 10:00 am

I say be thankful if we get second round of stimulas.president Trump has done so much for american people. Why always put him down. You want to see problems then see what will happen if Biden gets voted in ,in November. Trump is the one to see Americans thru this pandemic.

Reply
Miles Jackson June 14, 2020 - 8:44 pm

Deb-
We’re hoping for a bit less ‘political debate;’ but rather information for readers.
But thank you for reading and sharing your comments.

Reply
Stacy June 15, 2020 - 1:02 pm

Trump stands out side unlike other presidents who hides inside. I think Trump has done us right…..

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DAWN HOFFMAN June 15, 2020 - 9:35 am

With the prices of everything going up and widespread unemployment a second stimulus would be nice but it barely touches the tip of the iceberg.

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Deborah cahi June 17, 2020 - 1:58 am

We need cash stimulus direct payments for incomes under 50k. There should be no additional unemployment 600. That takes away incentive for return to work or seeking new employment. All dependents should get relief especially college students. There should be no more business grants or loan forgiveness. There should be no payments to small businesses especially those owned by individuals with large incomes. Million dollar trust funds or companies like potbellys which is just rationally equivelent to fraud and thievery. Elderly children fixed income households need help and they are the individuals who will spend money stimulating the economy on food and basic necessities over counter medicines and personal needs

Reply
Miles Jackson June 17, 2020 - 2:29 am

Deborah-
Thanks for offering your perspective on this proposal. Hopefully America can get back to work and the economy will recovery quickly. Obviously, politicians have many different plans and approaches to how that will be accomplished.
Thanks for reading!

Reply
Gilberto Rivera June 17, 2020 - 12:01 pm

This President has been visible during these trying times and I applaud him and not in a penguin fashion or ripping up documents on live TV. We need unity and less divisions from the left, but it isn’t going to happen in a election year.

Reply

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