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GOP propose a second round of $1,200 stimulus checks. Mnuchin wants to finalize legislation by July 31

Senate Majority Leader Mitch McConnell (R-KY) (L) listens to U.S. President Donald Trump talks to reporters while hosting Republican congressional leaders and members of Trump’s cabinet in the Oval Office at the White House July 20, 2020 in Washington, DC.

Doug Mills | Getty Images

It’s the question that’s been on everyone’s minds: Will there be a second round of $1,200 stimulus checks?

The answer is likely yes, based on a proposal introduced on Monday by Senate Majority Leader Mitch McConnell, R-Ky.

The measure includes new $1,200 stimulus payments.

The stimulus checks have been a sticking point for Republicans, many of whom expressed reluctance to spend the money on another round of one-time payments. The first checks, authorized through the CARES Act in March, cost an estimated $300 billion.

Republicans began to embrace another set of checks in recent days, as they sought to fulfill President Donald Trump’s wishes to get money into the hands of the American public fast. Payroll tax cuts were shelved in favor of the stimulus checks because they would arrive faster, Treasury Secretary Steven Mnuchin said in an interview with CNBC last week.

“The president’s preference is to make sure that we send out direct payments quickly so that in August, people get more money,” Mnuchin said.

How fast people receive the second batch of payments will depend on how quickly another legislative package can come together. Mnuchin has said he wants to finalize that legislation by July 31. 

Democrats are expected to embrace the stimulus checks, having included a second round in their own proposal, the HEROES Act, that was passed by the House in May.

But other issues, particularly how much expanded unemployment benefits to provide, could take longer for both sides to come to an agreement on.

Once the legislation is final, it could take weeks before Americans start to see the second payments in their bank accounts or mailboxes.

This is a breaking news story. Please check back for updates. 

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