• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

2

U.S. says deals with Iran for safe Hormuz transit are prohibited

3

After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'

1

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt

2

U.S. says deals with Iran for safe Hormuz transit are prohibited

3

After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
FinanceCoronavirus bailout

What the GOP has in mind for a second round of stimulus checks

Rey Mashayekhi
By
Rey Mashayekhi
Rey Mashayekhi
Down Arrow Button Icon
Rey Mashayekhi
By
Rey Mashayekhi
Rey Mashayekhi
Down Arrow Button Icon
July 9, 2020, 4:21 PM ET

Our mission to help you navigate the new normal is fueled by subscribers. To enjoy unlimited access to our journalism, subscribe today.

Hoping for another stimulus check in the mail from Uncle Sam? Depending on how much you make, you may be out of luck.

The Trump administration and Senate Republicans are reportedly considering a much slimmer follow-up stimulus package that would mean considerably fewer Americans receive direct payments, according to the Washington Post.

Nearly 160 million Americans received stimulus payments of up to $1,200 each under the CARES Act, the $2.2 trillion coronavirus aid package signed into law in March. While individuals earning up to $99,000 annually were eligible for some form of payment the last time around—with those earning $75,000 or less eligible for the full $1,200 check—any new stimulus bill would likely greatly reduce the number of Americans receiving assistance.

According to the Post, Republican lawmakers are considering several proposals that would lower the income threshold well below $75,000, in the interest of reducing the scope of the payments while ensuring lower-income Americans get the help they need. Senate Majority Leader Mitch McConnell (R-Ky.) has already suggested limiting further stimulus checks to those earning $40,000 per year or less, such as hospitality industry workers who “have been hit the hardest during this whole episode,” he said.

The talk of more limited direct payments comes as Republicans seek to balance the need for more stimulus measures for a struggling U.S. economy with concerns that the government is spending too much on such efforts. In addition to the CARES Act, House Democrats have already passed a follow-up bill, the HEROES Act, that would cost $3 trillion—though that proposal has faced resistance from Republicans. One top aide to Vice President Mike Pence said earlier this week that the Trump administration is targeting a $1 trillion cap on any new stimulus package.

Any new bill would likely also address the matter of extended unemployment benefits, which some observers have described as critical in helping many U.S. households make ends meet amid a pandemic that has cost tens of millions of Americans their jobs. Most notably, the extra $600 weekly unemployment benefit provided by the federal government, as a supplement to existing state unemployment insurance, is due to expire at the end of this month.

More coronavirus coverage from Fortune:

  • Why Black-owned businesses were hit the hardest by the pandemic
  • Pop-up retail was made for the pandemic
  • How the coronavirus crisis has affected female founders
  • The enduring history of health care inequality for Black Americans
  • E-book reading is booming during the coronavirus pandemic
About the Author
Rey Mashayekhi
By Rey Mashayekhi
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

AI will make the ‘tech bro’ class even richer, Nobel laureate Joe Stiglitz says, just as it can take your job
AIJobs
AI will make the ‘tech bro’ class even richer, Nobel laureate Joe Stiglitz says, just as it can take your job
By Catherina GioinoMay 31, 2026
27 minutes ago
peter thiel
AIskills
Forget the STEM safety net. Peter Thiel warns AI is a bigger threat to technical roles than to creative thinkers
By Jake AngeloMay 31, 2026
31 minutes ago
Hegseth seeks to convince allies U.S. should stay quiet on Taiwan
AsiaChina
Hegseth seeks to convince allies U.S. should stay quiet on Taiwan
By Josh Xiao, Philip J. Heijmans and BloombergMay 31, 2026
1 hour ago
Allison Danielsen is CEO, Tallo.
CommentaryCareers
My wrist injury derailed my college plans. It’s why I’m a CEO today
By Allison DanielsenMay 31, 2026
4 hours ago
treble
CommentaryElections
I built a startup from scratch and still nearly died because of a broken healthcare system. That’s why I’m running for Congress
By Jonathan TrebleMay 31, 2026
4 hours ago
c
EconomyChina
Chinese factory activity flattens as analysts wonder about true damage from Iran War
By The Associated PressMay 31, 2026
6 hours ago

Most Popular

Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
Economy
Surging Treasury yields expose a brutal truth: America has no margin for error on its $39 trillion debt
By Shawn TullyMay 30, 2026
1 day ago
U.S. says deals with Iran for safe Hormuz transit are prohibited
Politics
U.S. says deals with Iran for safe Hormuz transit are prohibited
By Jack Wittels and BloombergMay 30, 2026
1 day ago
After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
Law
After a judge ordered Trump's name be removed from the Kennedy Center, president says it will 'soon be closed, probably never to open again'
By Collin Binkley and The Associated PressMay 30, 2026
20 hours ago
After Blue Origin rocket explosion, NASA's entire moon exploration program depends on SpaceX for now as Musk eyes blockbuster IPO soon
Innovation
After Blue Origin rocket explosion, NASA's entire moon exploration program depends on SpaceX for now as Musk eyes blockbuster IPO soon
By Jason MaMay 30, 2026
21 hours ago
Damn the torpedoes — More ships are quietly slipping through the Strait of Hormuz as helicopters scare off Iran's fast-attack boats
Energy
Damn the torpedoes — More ships are quietly slipping through the Strait of Hormuz as helicopters scare off Iran's fast-attack boats
By Jason MaMay 30, 2026
24 hours ago
Gen Z is rejecting $200 dates and choosing 'solo-maxxing'—and dating apps are taking a hit
Economy
Gen Z is rejecting $200 dates and choosing 'solo-maxxing'—and dating apps are taking a hit
By Sydney LakeMay 30, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.