Stimulus Check: Is Another One Coming And How Much Will You Get?

As the U.S. still faces its worst economic downturn since the Great Depression, the federal government may decide to send out another round of stimulus checks to Americans. Treasury Secretary Steven Mnuchin said Thursday that the White House is “very seriously considering” more direct payments.

The Democrats have mostly been onboard abot a second stimulus. In May, the Democratic-majority House of Representatives passed the $3 trillion Heroes Act, which authorizes another round of direct payments to Americans.

Under the legislation, single taxpayers earning less than $75,000 would receive a $1,200 check, while individuals earning up to $99,000 would receive a smaller stimulus payment. Married couples would receive $2,400 if their joint income is less than $150,000.

Families would receive $1,200 each for up to three dependents, with one household then being able to receive up to $6,000.

President Trump dismissed the Heroes Act, while Senate Majority Leader Mitch McConnell, R-Ky., called it "dead on arrival." However, the direct payment part of the bill could still be included in future stimulus legislation. Negotiations on the next stimulus package will likely not occur until late July.

Another stimulus check could benefit the majority of Americans. A study from investment company Betterment in May revealed that 54% of consumers say their income has been negatively impacted by the coronavirus.

Although the U.S. added 2.5 million jobs last month, high unemployment could last well into 2021. Federal Reserve Chairman Jerome Powell said Wednesday that by the end of the year, 15 million people could remain without work, with the unemployment rate standing at 9.3%. There are positive economic signs, however, with the University of Michigan consumer sentiment index jumping this month to 78.9 from 72.3 in May.

Coronavirus cases have spiked in parts of the country, such as Florida and Texas. As of Saturday at 10:50 p.m., there are 2,049,633 COVID-19 cases in the U.S. and 114,703 deaths.