The federal government is considering another round of stimulus money to help boost the economy. But who gets the money may change.
Senate Majority Leader Mitch McConnell said payments may be part of the next relief bill, but the threshold will be lower.
McConnell said this week, “I think the people who have been hit the hardest are people who make about $40,000 a year or less,” according to Forbes.
The coronavirus pandemic has turned the U.S. economy from a downturn to a recession with double-digit unemployment rates, CBS News reported.
A Washington Post writer said McConnell’s specificity of a number was telling.
Big news on stimulus checks today that GOP eyeing much lower phase-out for next round of payments
— Jeff Stein (@JStein_WaPo) July 6, 2020
Multiple sources say McConnell didn't just throw out $40,000 as a cut-off haphazardly -- consensus within GOP is moving that direction, which would sharply limit eligibility
President Donald Trump has been pushing for another payment to be included in the next coronavirus legislation, CNBC reported.
Republicans have been pushing back, but McConnell’s figure could be a compromise plan, according to CNBC.
The first payments, of up to $1,200 were authorized in March and based on 2018 or 2019 tax filing statuses. Those who did not have to file a return for those years were also eligible, but using different criteria. About 160 million payments were sent, totaling $269 billion, CNBC reported.
A second stimulus payment was part of the $3 trillion House-passed HEROES Act. But action has yet to be taken by the Senate, Fox Business reported.
Treasury Secretary Steven Mnuchin said the administration’s goal is to get the bill passed before the end of July, The Wall Street Journal reported.
If the bill passes Mnuchin said the money will be distributed quickly, Fox Business reported.
Cox Media Group
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