U.S. Treasury Secretary Steven Mnuchin on Saturday said a fresh round of $1,200 stimulus checks would be coming in August.

Stimulus Check
Unsplash

The first round of Stimulus payment has already expired. As of this time, many Americans are wondering if it will be extended in the first week of July. In the past few days, there have been many reports about the next stimulus check.

The U.S. Treasury Secretary Steven Mnuchin confirmed on Saturday that Republican lawmakers will begin to roll out the next stimulus payment on Monday. Mnuchin also said that the next COVID-19 package is supported by Pres. Donald Trump., according to a published article in Associated Press.

Mnuchin told the reporters that extending the unemployment benefit is the top priority right now of Pres. Trump. In fact, Mnuchin promised that the next stimulus will begin this August. However, he described the weekly aid $600 as ridiculous and a discouragement for people to go back to work.

The U.S. Treasury Secretary also shared that he recently called House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer ahead before they will discuss their negotiation deal next week. Hopefully, part of their discussion will also include those who did not receive the first stimulus.

Moreover, Mark Meadows said that President Donald Trump has been very clear that he wants to make sure that American people have what they need most especially in this unprecedented time and to make sure not only the money but also a program.

The increasing concern of American people about the expiration of $600 weekly benefit has propelled the Republicans to act. Democrats already proposed the HEROES Act in May. It is expected that after the first round expires, many Americans will experience social and economic fallout.

On Monday, they are going to come up as to how much would be the weekly aid of a person. The White House proposes to have $100 a week and maybe with corresponding programs that will put people back to work again as what was previously reported.

Meanwhile, the Republican Senators propose to have $200 weekly aid. Moreover, they will also have an agreement about phasing out the flat boost in favor of one and will ensure that each will not receive more than 70 percent of their previous salary.

Direct payment of 1,200 would be based on the same formula from the first CARES Act. For individuals who are making or earning less $75,000 will receive a full amount of $1,200. However, those who are making or earning more than $75,000 will receive less than $1,200 depending on their income. But those who are earning more than $100,000 will not qualify.

Mnuchinc explained that the majority of the Americans who will qualify for the next stimulus will receive it in August, According to the administration officials, the overall package remained to be at $1 trillion which is apparently on par of Senate Majority Leader Mitch McConnell's original draft.

Check these out!