US Treasury check to illustrate coronavirus illustration on keyboard used for work … [+]
While negotiations continue for the second stimulus package, many Americans’ main concern is that second stimulus controls. Here’s where we are today, and what needs to happen before this check goes into the mail.
Is a $ 1,200 check yet?
The answer is obviously complicated. That being said, the answer is probably yes, Americans need to get another round of stimulus checks. Republicans and Democrats alike seem to agree that stimulus control should be included in the next economic stimulus package – which is a good thing. The problem is, they have to agree on the other components of the package before the incentive check is official.
Why does it take so long?
The stimulus control is part of a larger economic recovery package that must be passed first. Democrats proposed a $ 3 trillion incentive package called the HEROES Act. Republicans have their own $ 1 trillion relief package called the HEALS Act. The goal is to find a middle ground between the two packages, but this proves to be difficult. Although both sides have said they are ready to negotiate, a middle ground is still to be found.
When negotiations stopped, Trump signed one executive order and three memoranda including eviction relief, expanded the improved federal unemployment benefits, provided relief for student loans and a payroll tax cut. However, there are questions as to whether this will ultimately help Americans, and if Trump is legally able to make those decisions.
When will I receive my check?
This is the million dollar question (or, I think it’s the $ 1200 question). While most agree that the stimulus control will be included in the final package, there are several scenarios that will affect the timing of the controls.
The biggest hurdle is passing on the economic relief package. Best case scenario is for Republicans and Democratic negotiators to enter into discussions and reach an agreement this week. That looks more doubtful every day, so let’s assume the negotiations continue next week.
The original CARES Act was passed by the House of Representatives on March 25, passed by the House on March 26 and signed on March 27. The first checks were sent out on April 15th. Using this timeline, if the First Chamber passes the package on August 17, and the Second Chamber passes it on August 18, then the bill could be signed into law as soon as August 19. In this scenario, the first checks could be postponed through the week of August 31st.
However, if negotiations stall, the possibility that the package will be approved next week seems less and less possible. If the bill is not passed by the House of Representatives by September 8, using the same timeline, then checks will not be sent out until the week of September 21.
The good news?
While there is always the possibility that this bill will die, and millions of Americans will not get the relief they need – that is doubtful. There is a lot of pressure from both sides to get this package through, and both sides continue to say they are ready to negotiate. The amount and details of the check appear to be the same as the original:
- Individual taxpayers with adjusted gross income up to $ 75,000 (up to $ 150,000 for married couples filing joint returns) received the full payment.
- For filers with incomes above these amounts, the payment amount was reduced and then phased out for individuals whose income was more than $ 99,000 (or $ 198,000 for joint filers without children).
- Elders also received $ 500 for each qualifying child from the first check.
And the IRS is in a better position to get the checks faster than the first round, because they now have the infrastructure in place. They are ready to push the button, they just need the word.
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