Second Stimulus Check: Some People Will Get More Than They Did On 1st Check

This week, the Senate Republicans revealed their proposal for the next coronavirus relief package. As expected, it includes a second stimulus check which is very similar to the first one that went out, but they aren't exactly the same, and one place they differ might benefit some parents and other folks as well.

The first check saw $1,200 go to Americans who qualified, and they also received $500 extra for each dependent child under 17 years old. That was bad news for parents of kids in college, and also for families with elderly dependents. The new proposal removes the age qualification from the definition of a dependent, which means many more people will be eligible for extra payments of $500.

As for the rest of the check, like the first one, anyone making less than $75,000 will get the full benefit, while those earning more get $1,200 minus 5% of the amount they make over $75K. Meanwhile, joint filers earning less than $150,000 will receive the full benefit and those earning more will have their check reduced by 5% of the amount over $150K they make.

Of course, none of this is official until both Republicans and Democrats agree on everything and a bill passes. That might not happen for a bit since there are many sticking points between the parties over various aspects of the bill, like unemployment benefits, state and local financial assistance, and liability protection for businesses, schools and hospitals. Hopefully they can come to an agreement quickly and pass a bill before August 7, when the Senate takes their summer recess. If they do, expect checks to go out about 13 business days after a package passes. However, if they can't agree on a bill before their recess, you might not see a check until October.

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