Congress has yet to agree on the latest coronavirus relief package, so don't expect another stimulus check in June, Business Insider - Business Insider Singapore

• Congress has yet to agree on another coronavirus relief package.
• Many Democratic lawmakers are pushing to send more stimulus checks to households, but it’s unlikely to happen in June.
• Republican lawmakers say they’re more focused on getting people back to work and reopening the economy.
• Data shows that the first round of stimulus payments – $1,200 for individuals and $2,400 for couples, plus an extra $500 for children – didn’t go very far.
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Americans probably shouldn’t count on getting another coronavirus stimulus check in June.

The Treasury Department sent out nearly $240 billion worth of relief payments to Americans who earn less than $98,000 a year, or $199,000 if they file taxes jointly, by mid-May. Millions more are still on the way in the form of prepaid debit cards.

Called “recovery rebates” in the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, the payments were intended as one-time relief to help tide over struggling households during the pandemic.

Now that more than 39 million Americans are jobless, the need for a second round of stimulus checks is dire, some lawmakers say.

The HEROES Act would send more checks, but it’s unlikely to pass

House Democrats passed the Health and Economic Recovery Omnibus Emergency Solutions Act, or HEROES Act, in May, which called for “additional recovery rebates” of up to $1,200 to individuals and $2,400 to joint filers, plus an additional $1,200 for each dependent, regardless of age. It also allows people without Social Security numbers to qualify for a payment.

But the bill is fiercely opposed by Republicans who say they are more focused on funding that will help get people back to work, reported Business Insider’s Joseph Zeballos-Roig. The federal government has been paying out a $600 weekly bonus, which is set to expire on July 31, on top of state benefits to eligible unemployed people during the pandemic.

“It’s not immediately clear that a deal will be struck among lawmakers to include stimulus checks in the next coronavirus relief package and it’s up in the air whether compromise is possible,” Zeballos-Roig added.

The initial round of stimulus checks quickly ran out

Data shows that the stimulus checks enacted under the CARES Act didn’t go very far. A recent survey from Stash, a financial subscription service that offers banking and investing accounts, revealed that almost half of Americans spent their checks in about a week or less, or planned to if they hadn’t received it yet.

A separate study conducted by Columbia Business School highlighted the affect on lower-income households. The researchers looked at accounts on SaverLife, a nonprofit that helps people budget, and found that the average user, who has an annual income around $30,000, spent more than one-third of their payment within 10 days.

• Read more on managing your money in this tumultuous time:
• 3 options for people struggling to pay their mortgage during the global health crisis
• 4 reasons to get disability insurance, even if you don’t think you need it
• If you’ve been financially impacted by the coronavirus, you may be able to pause payments on these 8 bills
• How to get a stimulus check from the US government, which could pay up to $1,200 if you qualify
• In response to the coronavirus, credit card issuers like Amex and Capital One are letting customers skip payments without interest and more