New $1,200 Stimulus Checks Coming in August, Mnuchin Says

Ivan Pentchoukov
By Ivan Pentchoukov
July 26, 2020US News
New $1,200 Stimulus Checks Coming in August, Mnuchin Says
President Donald Trump's name is seen on a stimulus check issued by the IRS to help combat the adverse economic effects of the COVID-19 outbreak, in San Antonio, on April 23, 2020. (Eric Gay/AP Photo)

Americans will see fresh a new round of $1,200 stimulus checks in August, Treasury Secretary Steven Mnuchin told reporters on Saturday.

The new payments will be based on the same formula as an earlier bill, with people who make $75,000 or less set to receive the full amount. Americans earning over $100,000 do not qualify for a payment.

“We’ll get the majority of them out in August and those will help people,” Mnuchin said on July 25.

Republicans were ready to roll out the next $1 trillion pandemic stimulus bill on Monday with the backing of the White House. Mnuchin said President Donald Trump’s top priority was to extend an expiring unemployment benefit but reduce the amount substantially so it doesn’t act as a disincentive for people to return to work.

Mnuchin said he and Mark Meadows, the president’s chief of staff, spent several hours at the Capitol with Republican staff.

“We’re prepared to move quickly,” Mnuchin said, noting that the president would “absolutely” support the emerging Republican package.

The Democrats have yet to weigh in publicly on the proposal. Mnuchin has recently said that he called the Democratic leaders in the House and Senate before negotiations kick off on the broader aid deal.

Republicans were on track to introduce their proposal earlier, but some GOP lawmakers disagreed on the size, scope, and details of the $1 trillion package. The bill was  expected to include $105 billion for reopening schools and continued funding for testing for the Chinese Communist Party (CCP) virus, commonly known as the coronavirus. The measure was also expected to include  benefits for businesses, including loans, tax breaks, and protections against virus-related lawsuits.

The White House summed up the president’s priorities for the bills as “jobs and kids.”

“The president has been very clear. He wants to make sure that the American people have what they need during this unprecedented time,” Meadows said, “to make sure not only the money is there but the programs.”

The $600 weekly unemployment benefit expired on Saturday, adding urgency to the negotiations. The White House proposed cutting the unemployment aid to $100 per week. Republicans favored cutting it to $200 which would be phased out to no more than 70 percent of an employee’s previous pay.

In addition to the expiration of jobless benefits, the federal moratorium on evictions also expires on July 31.

The Democrats are likely to exercise leverage to add their priorities to the bill before a final deal is sealed. Both sides are eager to agree on a package to prevent a fallout triggered by the expiration of major aid programs.

Senate Majority Leader Mitch McConnell said Friday he hoped a package could be agreed on “in the next few weeks.”

The Associated Press contributed to this report.

From The Epoch Times

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