GOP stimulus bill will include $1,200 direct payments, more PPP and unemployment relief

The second stimulus bill will include more than $100 billion dollars for schools that are reopening for in-person instruction, $1,200 direct payments, more money for the Paycheck Protection Program and unemployment relief. CNBC's Kayla Tausche reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi 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, with similar terms to the last set of checks. Those first payments were for up to $1,200 per individual and $2,400 per couple, as well as $500 for each qualifying child under 17. This time, however, dependents over 17 would also qualify for the money. The income thresholds to qualify would stay the same. Full payments were made to individuals with up to $75,000 in adjusted gross income, or $150,000 for married couples who filed their taxes jointly. Those with incomes above those levels received payments that were reduced, and were eliminated completely for those with income over $99,000 for individuals and $198,000 for couples. 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. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC For info on the best credit cards go to CNBC Select: https://www.cnbc.com/select/best-cred... #CNBC #CNBCTV