WH considering second round 'seriously' since first round 'worked very well'
After President Donald Trump on Wednesday expressed support for more stimulus and potentially a second round of checks, Treasury Secretary Steven Mnuchin also said he could back direct payments.
“We’re going to seriously consider whether we need to do more direct payments,” Mnuchin said at a White House press conference on Thursday. “Worked very well.”
Trump also said at the press conference that his administration has started working on the next phase of stimulus, but whether the additional unemployment benefits under the CARES Act would be extended or if there would be more direct payment to Americans remained unclear.
Under the CARES Act enacted in March, the government sent $270 billion in stimulus checks as of May 31 to over 160 million Americans. Each payment is worth up to $1,200 per qualifying adult, plus a $500 bonus for children under 17. The act also added an extra $600-a-week in unemployment benefits that is set to expire at the end of July.
Mnuchin added that a second round of stimulus payments would be sent to “legal Americans” only.
The $3 trillion HEROES Act, which passed the House in May and has been held up in the Republican-dominated Senate, proposed $1,200 direct payment per individual with a maximum amount of $6,000 per household.
The payments under the Act would also have been available to those with Individual Taxpayer Identification Numbers (ITINs) and their families. That means that more than 4.3 million adults and 3.5 million children would be eligible for the payment compared with the first round, according to ITEP.
In the first round of stimulus, people without a Social Security number and nonresident aliens — those who aren’t a U.S. citizen or U.S. national and don’t have a green card or have not passed the substantial presence test — weren’t eligible for payments.
On Thursday, Mnuchin said he’s discussing the need for future stimulus and is, “having conversations with certain members of Democrats and Republicans to get ideas.”
“Our position is that legal Americans — American citizens — should get the payments. That's our focus,” Mnuchin said. “If people are here illegally, they're not going to get economic payments”
Denitsa is a writer for Yahoo Finance and Cashay, a new personal finance website. Follow her on Twitter @denitsa_tsekova.
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