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Second stimulus controls can be sent already in august.
This is what you need to know.
Second stimulus check
If Congress includes a second stimulus check, your second stimulus check could be sent as early as August. Everything is based on this schedule of the Congress. This is why:
- Without stimulus control in July: Don’t expect a second stimulus check in early July.
- Holiday Congress: Congress is in recess starting Friday, July 3 and members will not return to work until Monday, July 20.
- Will there be a second stimulus check? During this break, members will decide whether to include a second stimulus check in the next stimulus.
- Congress back to work: Congress is only in Washington from July 20 to August 7.
- Next stimulus: That means that Congress has 15 business days to pass a second stimulus check.
- August 7, 2020: Congress will likely approve the next stimulus package before August 7. Why? Senate Majority Leader Mitch McConnell (R-KY) said he wants to pass the next stimulus before Congress is on recess in August.
- August recess: So is. Congress is also on recess from August 10 to September 7.
- Congress back in session: The Congress is next in session from September 10 to 25. While Congress is unlikely to wait until September to approve the next stimulus package, it is a possibility.
When could the first second stimulus checks be sent?
If Congress includes a second stimulus check in the next stimulus package, and that stimulus package passes on or before August 7, then the next question is when Congress will send second stimulus checks. To be clear, Congress has not authorized a second stimulus check, nor has the United States Treasury released a possible timeline for sending a second stimulus check. What will a second stimulus check be like? There have been many proposals for a second stimulus check, but none have included a distribution schedule. That said, it is reasonable to use the Care Act – the $ 2.2 trillion financial stimulus check that included the first stimulus check of up to $ 1,200 – as precedent. Congress passed the Care Act on March 27, 2020. The Treasury Department began sending the first stimulus check on April 15. That’s 17 days from approval until the first stimulus check is sent. For the second stimulus check, checks may be sent at a similar time. Under the care law precedent, this would imply that second stimulus checks could be sent before September 1.
Second round of stimulus checks: Where could this estimated schedule be wrong?
First, Congress cannot pass a second stimulus check. To date, Senate Republicans, including McConnell, have said they do not support a second stimulus check. Second, if Congress passes a second stimulus control, there is no guarantee that Congress will pass a second stimulus control on or before August 7. Third, even if Congress passes a second stimulus check, there is no guarantee that the Treasury will send a second stimulus check at a similar time. at the first stimulus check. Fourth, given the August recess for Congress and the summer holidays, any second stimulus check may not be sent until after September 1. Finally, not all eligible Americans have received their first stimulus check. As such, Congress can wait until after Labor Day to ensure that all eligible Americans receive a first stimulus check before receiving a possible second stimulus check.
What factors affect a second stimulus control?
There have been many questions about the second stimulus controls. Congress and the president will consider several factors that could influence whether there will be a second stimulus check. These factors may include, among others:
- current economic growth
- unemployment rate
- total cost of another stimulus
- November elections
- other economic stimuli
Trump said he not only supports the second stimulus checks, but also supports a “larger“Second stimulus control than the Democrats’ second stimulus control proposal in the Heroes Act. Last month, he said there will soon be another stimulus package. Importantly, Congress and the president must weigh other legislative priorities to next stimulus. Their shared goals include finding the best way to stimulate the economy. Therefore, Congress may consider a menu of economic priorities, such as a payroll tax cut, a return to work bonus, a credit from $ 4,000 trip and an infrastructure plan, among other incentives to create more manufacturing jobs, for example.
Related Resources: Second Stimulus Checks
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