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The Associated Press is reporting that U.S. Treasury Secretary Steve Mnuchin expects $1,200 direct stimulus payments to begin sometime in August. The forumula used to calculate who gets the full $1,200 check will reportedly be the same. According to Mnuchin, those making less than $75,000 per year should be eligible for the full $1,200, those making more than that will receive a smaller check, and anyone making over $100,000 per year will not receive any economic stimulus money.
The 2nd round of stimulus checks are far from a done deal however, especially following the collapse of a $1 trillion relief bill last week in congress. Legislative leadership on both sides of the aisle have made statments about making some sort of meaningful stimulus progress over the next few weeks. The newer version of the package being announced today is expected to include $105 billion for schools, $16 billion in new testing money, more flexibility for how states and local governments can use $150 billion appropriated by Congress in March and a five-year shield from coronavirus lawsuits except in the cases of gross negligence or intentional misconduct.
According to Mnuchin, President Trump will "absolutely" support the Republican stimulus package.