$1200 Stimulus Package Expected To Release VERY Soon | Summary and Q&A

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July 23, 2020
by
Brian Jung
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$1200 Stimulus Package Expected To Release VERY Soon

TL;DR

Congress is working on a new stimulus package that includes a second round of stimulus checks, but details and amounts are still being debated.

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Questions & Answers

Q: Are Republicans and Democrats in agreement on the second stimulus check?

Yes, both parties are in favor of providing a second stimulus check to the American people.

Q: Why is the payroll tax cut not included in the new stimulus package?

Treasury Secretary Steven Mnuchin explained that they want to focus on getting money to workers quickly, and the payroll tax cut takes time to implement.

Q: Will the second stimulus check be $1,200 or more?

$1,200 is currently being discussed, but it is possible for the amount to be increased if funds are properly allocated and budget adjustments are made.

Q: When can we expect to receive the second stimulus check?

It will likely take one to two weeks for the stimulus package to pass and for the checks to be distributed, so people can expect to see the money in their bank accounts by early September.

Summary & Key Takeaways

  • Congress is close to reaching an agreement on a second stimulus check for Americans.

  • The payroll tax cut, requested by President Trump, may not be included in the new stimulus package.

  • The amount of the second stimulus check is still being discussed, but $1,200 is currently on the table.

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