It’s a question on the minds of average Americans and finance experts alike… will there actually be a second stimulus check?
The Coronavirus Aid, Relief, and Economic Security (CARES) act brought financial relief to millions of struggling Americans with a round of stimulus checks. But for some, it just wasn’t enough… As the pandemic presses on, there have been talks about a second stimulus check. Personal Finance Expert, Ken Kaufman CFO shares insight on what you need to know:
Recently, Senate Majority Leader Mitch McConnell hinted that a second stimulus check could be on the table in a new economic relief package. Treasury Secretary Steven Mnuchin has even expressed that the Trump Administration is in support of the idea. Specifics have yet to be provided on what’s to come with the matter… However, not everyone who received the first stimulus check will receive a second (that is, if there even is one).
Mitch McConnell explained that a second stimulus check would be focused on providing financial relief to individuals and families most affected by the pandemic. This would include individuals with an annual income of less than $40,000 — and particularly those who were forced into unemployment as a result of state lockdowns. To put this into perspective, the maximum annual income requirement for the first stimulus check was $75,000 or less (unemployed or not).
Of course, nothing is set in stone just yet. Finance Consultant, Ken Kaufman CFO will keep a close eye on this matter as updates develop.