Almost 63 Million Fewer Americans Could Be Entitled to the Second Coronavirus Stimulus Checks
U.S. lawmakers are set to begin debate on a second stimulus check as early as July 20, but Senate Majority Leader Mitch McConnell has hinted that the next check won't be as widely available as the first one. In fact, Sen. McConnell (R-Kentucky) recently said people with incomes under $40,000 have been hit the hardest by COVID-19, so there's a good chance the lawmaker will suggest a stimulus check only for Americans with an income below this limit.
If McConnell gets his way and the second COVID-19 stimulus payment is available only to those who earn $40,000 or less, far fewer people will get the help they may need from Uncle Sam in the next coronavirus relief bill.
When the Coronavirus Aid, Relief, and Economic Security (CARES) Act authorized the first round of stimulus checks, payments of up to $1,200 per adult and $500 per eligible dependent were available for single tax filers with incomes up to $75,000. For married joint filers, the full payment was available with an income up to $150,000. Those who had incomes above these thresholds saw their check amount reduced by $5 for each $100 over the limit.
Source Fool.com
