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A second stimulus check won't arrive immediately. The story with Round 2 of relief payments

Unemployment is on the rise, and the first wave of IRS checks is winding down. Talks of a second coronavirus stimulus check are temporarily on pause. Here's the status today and what could happen next.

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A proposal for a second round of stimulus payments is with the Senate.

Angela Lang/CNET
For the most up-to-date news and information about the coronavirus pandemic, visit the WHO website.

The first round of coronavirus stimulus checks was supposed to be a one-off package meant to stanch financial losses to individuals and businesses as a result of the coronavirus pandemic. The IRS sent a majority of the relief checks, with the last several million to go (if you didn't get your money yet, read this). Now, with surging unemployment and a looming global recession, Congress is weighing further aid that could include additional payments up to $1,200, and more benefits for families, businesses and those who are out of work.

Congressional leaders from both parties are set to wrangle over what another financial package would look like. One bill, the Heroes Act, has already passed the Democrat-led House of Representatives. It's worth $3 trillion in total, 50% more than the first $2 trillion package. The relief package is now before the Republican-dominated Senate, which is finishing its current recess for an extended Memorial Day holiday and has not voted on the proposed legislation.

So what's the bill about and what happens now? We'll outline how much money the Heroes Act proposes, common arguments for and against the proposed bill and what you can expect to happen in the coming weeks. 

This story updates frequently with new information and is intended to provide an overview of the situation. If you're waiting for your money, you can track the status of your stimulus check with the IRS and use a free USPS service to see when your check is coming in the mail.

The purpose of a second stimulus check

The goal of a second stimulus round is the same as the first: To help keep a shaky US economy from crashing. And the pressure is mounting. Last week, the US Bureau of Labor Statistics reported in its monthly assessment that 38.6 million Americans sought unemployment benefits (PDF) in the past 10 weeks. That number is now up to 42 million people, CBS News reports. 

Earlier this month, White House economic advisor Kevin Hassett projected that unemployment could reach 20% "by June." That appears to be the case already for Nevada, Hawaii and Michigan. During a recent Senate hearing, the Chair of the Federal Reserve Jerome Powell called for additional economic relief. And earlier this month, the International Monetary Fund forecast a deep global recession that could become the worst since the Great Depression.

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Congress is expected to negotiate on a new coronavirus stimulus bill that will put up to $1,200 more in your wallet.

Angela Lang/CNET

Is the Senate likely to pass the Heroes Act?

The Senate, which is currently in recess, reportedly departed without putting the Heroes Act on the agenda, so it isn't certain what will happen (more on this below). However, the pushback to the Heroes Act is already strong among members of the Republican-controlled Senate. Senate Majority Leader Mitch McConnell has said that the bill wouldn't pass as is

Possible outcomes include it morphing into a different aid package through bipartisan negotiation. It could also fail, with a new proposal taking its place. Or, it could dissipate altogether until a future proposal appears and the process begins anew. 

The White House has indicated it would support a second stimulus check of some sort, according to CNBC, though Trump called the Heroes Act "DOA".

Now playing: Watch this: Stimulus Checks Helpline
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Heroes Act stimulus check: How much money could you get?

The Heroes Act includes a wide range of benefits, such as a second direct payment to individuals and households of up to $1,200 per family member, according to a fact sheet from the House Appropriations Committee (PDF). Here are some breakdowns.

Individuals: Under the proposed law, an eligible person would receive $1,200 if their adjusted gross income, or AGI, from their 2019 federal tax filing or 2018 filing (if you haven't filed taxes yet) was less than $75,000. As with the current stimulus package, payments would incrementally decrease as your AGI goes up. A chart from the Congressional Research Service shows proposed payments by income (PDF).

Children and dependents: Each dependent would qualify for a $1,200 payment. That includes college students, children over 17, disabled relatives and a taxpayer's parent. This detail differs from the previous CARES Act, which provided a $500 payment just for children age 16 and under. Under the bill (PDF), dependents would receive retroactive payments to compensate for being passed over in the first stimulus package.

Families: Households would qualify for a maximum payment of $6,000 total, capped at five family members at $1,200 apiece. Your scale of your payment allowance would begin to decrease as you surpass an AGI of $150,000 for married couples filing jointly, or $112,500 for heads of household.

Noncitizens: To qualify for a payment under the current CARES Act, US residents are required to have a Social Security number. With the Heroes Act, those without a Social Security number could instead use an individual taxpayer identification number, which will allow noncitizens to qualify for a payment. As with the stipulation for dependents, people who qualify in this category would receive retroactive payments from the first stimulus package. 

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The hope is that a second stimulus check would help keep individuals and small businesses solvent.

Angela Lang/CNET

What else does the Heroes Act propose?

The Heroes Act, officially the Health and Economic Recovery Omnibus Emergency Solutions Act, includes a handful of additional measures to provide support for individuals and businesses.

Unemployment benefits: The bill would carry over the current enhanced unemployment benefit of $600 per week (on top of states' typical unemployment payout) to January 2021.

Payroll protection: The Heroes Act would expand the employee retention tax credit to help employers keep workers on the payroll.

Funds for essential workers: Under the bill, state and local governments would receive $1 trillion to pay salaries for first responders, health care workers, teachers and other essential workers in danger of losing their jobs. The bill would also fund hazard pay for workers with high-risk jobs.

Coronavirus testing, tracing and treatment: The bill would include $75 billion to provide for expanded testing and contact tracing.

Support for businesses: The bill would bolster the Payroll Protection Plan, which provides payroll assistance to small businesses, and provide additional funding for the US Postal Service.

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Even with some businesses starting to open, the US has reached an unemployment rate of 17.2%.

Angela Lang/CNET

Arguments for and against a second stimulus bill 

With the bill moving from the House of Representatives to the Senate for debate, here are some of the arguments on both sides of the discussion.

What proponents of the Heroes Act say: Since the middle of March, more than 38 million US workers who have lost their jobs have filed for unemployment. The actual number of those unemployed could be millions higher, according to the Economic Policy Institute, because many people who are eligible were unable to file a jobless claim. With the job losses, the nation's unemployment rate reached 17.2% (PDF), according to the US Department of Labor. Newly unemployed people, along with others taking an economic hit from the pandemic, would benefit from having more money to spend right now. 

What opponents of the Heroes Act say: Some in Washington, including McConnell, question whether the preceding relief measures have met their goals and want to focus on short-term economic measures. McConnell and others have also expressed concern about how additional stimulus packages will increase the historic federal deficit. Because that payment is available in addition to regular jobless benefits and enhanced unemployment benefits of $600 per week, some critics worry it will make it harder to reduce unemployment if people don't have an incentive to return to work

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For many, the stimulus check will help pay for rent and groceries.

Sarah Tew/CNET

What will it take for a second stimulus check?

It's clear that a second stimulus check won't happen immediately. The Senate's plans for the Heroes Act are unclear, though it's suggested that negotiations could take place in June, according to NBC News.

It's widely believed that Republicans will reject the bill in whole or in part, and may work with The White House on their own stimulus packageMcConnell has said more aid may be necessary, but it may take a different form than the House bill being proposed -- and one worth less than a third of the proposal. Congress is also working to make it easier to forgive small business loans that are part of the CARES Act that passed in March.

In order to receive a second stimulus check, any new coronavirus rescue package that passes both the House and the Senate would still need a signature from President Trump before it could take effect. After that, the IRS now has a system in place to organize and distribute those checks.

We'll update this story with new information as it arises. While the future of a second stimulus bill remains undecided, we'd like to share available resources about unemployment insurance, what you can do if you've lost your job, what to know about evictions and late car payments, and how to take control of your budget.