Second Stimulus Check Could Come This Summer
There could be more relief coming our way in the form of a second stimulus check. With the economy still on a downturn, the federal government is considering a second round of stimulus money to help Americans and the economy. According to CBSnews.com, there is another proposed stimulus payment that Americans may see in August. The three trillion-dollar Health and Economic Recovery Omnibus Emergency Solutions Act or HEROES Act would give another round of stimulus checks to help the economy and households.
The first round of stimulus checks was under the Coronavirus Aid, Relief, and Economic Security Act. or CARES Act and released back in March. This was done to help consumers with the economic crisis during the coronavirus pandemic. But lawmakers fear that because we are now in an official recession, there is now a need for another round of stimulus checks.
The HEROES Act has already passed in the House that is controlled by the Democrats. It is uncertain if the Republican-run Senate will pass the Act in July. It seems as if the White House and the administration may be working on a different stimulus package.
There would be a larger stimulus check than the CARES Act in the new HEROES Act if passed. The restrictions per household would remain the same but the stimulus checks would be bigger per household. In some instances almost double. There could also be a four thousand dollar vacation tax credit included.
The Senate will most likely vote on the HEROES Act in July. If the new act passes, we could be seeing more of a stimulus as soon as August.