Senate Republicans under the leadership of Senate Majority Leader Mitch McConnell have confirmed plans to send out a second round of stimulus relief checks during the coronavirus shutdown.
The coronavirus relief plan was originally slated to be sent out next week, but has been delayed while officials go over the fine details.
According to CNBC, the Republican plan will cost roughly $1 trillion, a number which Democrats believe is far too low.
In March, House Democrats under the leadership of House Speaker Nancy Pelosi attempted to push through a stimulus plan that included “racial pay equity,” mandated corporate board diversity quotas, newspaper bailouts, early voting plans, and windmill and airplane carbon emission regulations:
The $1,200 payout for individuals who made less than $75,000 from the first stimulus will be matched in next week’s plan, as will the $2,400 joint filing for couples who made under $150,000.
An additional $500 will be available for each child in a household.
While the exact language has to be worked out, if the second stimulus check is the same as the first, this is how it will be structured.
It would give 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.
As many local states and municipalities have declared a heightened state of emergency regarding the COVID-19 pandemic, enacting compulsory mask orders and closing public spaces, the second round of stimulus checks has been deemed essential to prevent further economic relapse.
This is a breaking news story and more information may be added as it becomes available.