A second round of stimulus checks will soon be landing in the bank accounts of millions of Americans, thanks to the $900 billion economic relief package that Congress passed Monday night. But there are some significant differences this round, including the amount: $600 per person, half of the $1,200 directed toward most adults in the first round of stimulus checks.
Just days ago, it was unclear whether the stimulus package would even include another round of direct payments. But last-minute negotiations cleared the path for a second stimulus check, which consumer advocates have argued is much needed as millions of Americans continue to struggle with lost wages and jobs amid the worsening coronavirus pandemic. The bill now heads to the White House for the president's signature to become law.
Even so, the $600 checks may not be enough to tide over families who have suffered income or job losses since the pandemic shuttered the economy in March and caused unemployment to spike. Almost 6 in 10 consumers say they have suffered a financial hit due to the pandemic as of the end of November, according to a recent study from TransUnion, which also found that 40% of those households had been banking on the prospect of another stimulus check to help them pay their bills.
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