Yahoo Finance’s Sibile Marcellus joins Kristin Myers to discuss what to expect when the Senate returns from recess on July 20 and is expected to begin developing legislation for the next stimulus bill.
KRISTIN MYERS: As we saw 18 million still on unemployment and coronavirus cases starting to spike, many are wondering if they're going to be receiving a stimulus check in the next round. Well, we have Sibile Marcellus here it with an update on that. Hey, Sibile.
SIBILE MARCELLUS: Hey. Where is that next round of fiscal stimulus checks? That is the key question. The first round we got as a part of the CARES Act in March helped millions of Americans as we're dealing with the coronavirus recession. So the question is, when are lawmakers going to get back to work and get us another round? Well, they're actually part of a two-week recess for July 4, they come back on Monday, July 20, so that is when they can get started on this new bill.
Now, as we know, the House already passed the Heroes Act, which did include stimulus checks in it. But it was dead on arrival in the Senate, so we expect lawmakers to craft a bill they can both agree on so it can actually become legislation and Americans can get those checks.
Now, in terms of the size of those checks-- now, they were $1,200 stimulus checks the first time around. In the Heroes Act, they were also $1,200. So that's the hope, that the next round will be for that same amount. Now, the question about who qualifies-- well, Senate majority leader Mitch McConnell has been suggesting that it'll be less people than the last time around.
The Heroes Act was going to include people making $75,000 a year or less, but Mitch McConnell is suggesting that it's actually going to be people making $40,000 a year or less in this second round of fiscal stimulus. So we'll see when they iron out the details what the actual legislation looks like. And there's also some key parts of the CARES Act, in addition to the stimulus checks, that may expire that are very important to Americans, such as the eviction moratorium and also that $600 per week added in unemployment benefits on top of state benefits.
So we'll see what happens when these lawmakers come back from their recess to see what kind of bill they will craft. It's estimated to be $1 trillion in total, but we'll see how much they put into it and what the actual size is going to be.