Americans may be getting a second stimulus payment for Christmas after all, although lawmakers are still negotiating the details of a new multi-billion relief package.
The latest $900 billion pandemic rescue package is set to include support in the form of $300 enhanced weekly unemployment benefits, small business loans, funding to help with vaccine distribution, food assistance and emergency rental relief.
The legislation also is expected to include a second round of stimulus payments — up to $600 to $700 per individual, Sen. John Thune (R-S.D.) told reporters on Wednesday. That's about half of the $1,200 maximum stimulus per person provided by the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.
The good news is that new stimulus payments will be available for dependents, including adult dependents such as college students, according to the Washington Post.
As for who's getting a check, as of now, lawmakers are basing eligibility on the same income standards established in the CARES Act. That legislative package, passed at the end of March, provided full $1,200 payments to individuals earning less than $75,000 and $2,400 for married couples making less than $150,000.
Those who earned more than those thresholds received smaller payments with the money phasing out completely for individuals who earn $99,000 or more and married couples with adjusted gross incomes above $198,000.
Lawmakers have until 12:01 a.m. ET on Saturday to pass a pandemic rescue package tied to a federal government funding bill in order to avoid a government shutdown. And while leaders of both parties seem optimistic that a deal will pass, it will likely come down to the wire.
A "bipartisan, bicameral agreement appears to be close at hand," Senate Majority Leader Mitch McConnell (R-Ky.) said on the Senate floor Thursday, but added that it was highly likely that lawmakers would have to work through the weekend to finalize the package.
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Congress scrambles to finalize Covid relief and avoid government shutdownSquawk Box