The next stimulus package, or stimulus check 2, was revealed Monday during the second week of Senate negotiations over a new economic assistance package called the HEALS Act

Republican Leader Mitch McConnell confirmed that the second round of $1,200 in direct payments that millions of Americans have received since April will be included in the upcoming stimulus package According to initial discussions on the Senate floor, all recipients of the first stimulus package will qualify for the second round of stimulus payments

On Monday, Senate Majority Leader Mitch McConnell announced the Senate Republican plan for the next stimulus package It is called the HEALS Act and includes:

According to Treasury Secretary Steven Mnuchin, the gist of the new stimulus bill is the same as the March CARES Act

"We are talking about the same provisions as last time, so our proposal is exactly the same proposal as last time," Treasury Secretary Steven Mnuchin, who is representing the White House in negotiations with lawmakers, told reporters last week

Mnuchin also represents the IRS, the government agency tasked with distributing stimulus checks to those who qualify If Stimulus Check 2 passes, the IRS will once again adopt a system of sending checks by direct deposit and by mail

The IRS faced several setbacks while sending the stimulus checks throughout the spring, but was able to pay more or less everyone who was eligible Hopefully, we will see a smoother process the second time around

But when will those payments be made? That depends on when the Senate can pass the next stimulus package and ask the President to approve it Here is what we know about the timing

The date for the second stimulus check is likely to be sometime in August According to Forbes magazine, the Senate is under pressure to approve the next stimulus package before the August 7 recess

However, if lawmakers fail to pass a new economic support bill by then, a delay of the second stimulus package may occur The Senate will be in recess from August 7 to September 7, so further negotiations on stimulus check 2 will not take place during this period

If the bill is not passed before the recess, Senators will resume deliberations in September If the final package is approved, the IRS will need time to process payments; according to the Motley Fool, the first checks will be sent out within two weeks of the bill's passage and could be completed within seven weeks