Republican lawmakers are now going to support the second stimulus payment. Here is the possible amount that you may receive in CARES Act 2. 

(Photo : Unsplash)

Senate Majority Leader Mitch McConnell on Thursday said a second stimulus payment will be included before the two parties take a rest for their scheduled convention. Republican senators said they will unveil their plan for the second round of stimulus package, they called "CARES 2" on Monday. 

McConnell confirmed that Republican lawmakers wanted to send a second round of direct payments to American households. CARES 2 is the counterproposal of the Republican lawmakers to then rejected HEROES Act. 

After the Republican senators revealed the details of their plan on Monday, they will begin to finalize the bill with the House of Representatives. They will include as to who will be eligible for the CARES 2 and the amount a person or a family can receive. 

How Big the Second Stimulus Payment Could Be?

Throughout discussions of the second stimulus payment, there have been different proposals on the amount for qualifying individuals. 

Here are the proposals from the Senate, House of Representatives, and the White House in supporting another direct payment. It is important to note that these proposals may change anytime until the deal is done. 

(Photo : CNET)

Could the Second Stimulus Be the Same as the First?

The Senate is considering an identical payment structure to the CARES Act, according to Treasury Secretary Steven Mnuchin. In a Bloomberg report on Thursday, he said their proposal will have same provision as last time.

White House Said the Next Stimulus is Bigger 

In the past weeks, President Donald Trump has expressed support for the next stimulus payment. Early this month, Trump said he supported a larger number than what the Democrats proposed.

Last month, it was also reported that the president has told aides he is largely supportive of sending a second round of checks to Americans. 

We're going to serious[ly] consider whether we're going to put more payments and direct payments over. It worked very well," Mnuchin said.  

$1,200 for Individuals and $6,000 for families?

The Democratic-led bill proposed in May seeks larger payment. However, the Senate rejected it. Trump called the bill "DOA" or "dead on arrival." Here are the outlines of the proposed Heroes Act:

  • Individuals: An eligible person could receive up to $1,200, the same as the CARES Act.
  • Children and dependents: Each dependent could qualify for a $1,200 payment.
  • Families: Households would qualify for a maximum payment of $6,000 total, capped at five family members at $1,200 apiece.
  • People who aren't US citizens: A non-citizen, who file tax returns, pay taxes, and otherwise, comply with federal tax law using an individual taxpayer identification number instead of a Social Security number would qualify for a payment.

The final provision of the CARES 2 could be released before August 7, now that the Senate has taken up the issue of another stimulus payment.