If there’s a second stimulation check, here’s when it might happen
Once it became clear that Americans would need financial assistance in light of the COVID-19 outbreak, lawmakers acted fairly quickly, passing the CARES Law enacted by the end of March. The CARES Act provided for stimulus payments of up to $ 1,200 for single filers earning $ 75,000 per year or less, and married couples filing jointly earning $ 150,000 per year or less.
Most of the stimulus payments owed under CARES have already been paid, and at this point Americans are eager to have a second check – especially since many have already used up the stimulus money they have. received earlier in the year. But while we don’t know if lawmakers will approve a second stimulus payment, there are some clues that could tell us when such a check might arrive.
Keeping an eye on the Senate
Although the Senate is currently on recess, lawmakers are expected to return on Monday, July 20. And there’s a good chance they’ll be eager to develop a second relief plan, especially in light of the fact that the COVID -19 outbreak has worsened across much of the country over the past year. month of July.
Additionally, the Senate is only expected to sit until August 7, after which there will be a recess until early September. Given the urgency of the matter, it is unlikely that lawmakers will not strive to reach an agreement between July 20 and August 7. What if we to do having a stimulus deal by August 7, desperate Americans could be sitting on a second round of money by early September.
Remember that the IRS already has a system in place to send stimulus payments electronically. Those who received a refund on their 2018 or 2019 tax return and submitted direct deposit information for that money were also able to receive a stimulus through direct deposit. Meanwhile, those who did not have bank details registered with the IRS were able to use an online tool set up by the agency to enter that information.
As such, it is possible that if a second stimulus package is approved in August, it will only take a few weeks for that money to be directly in the hands of the people who need it most. And given that the country is still grappling with a recession, It is a very good thing.
Will a second stimulus payment actually be made?
Republican lawmakers pushed back a second stimulus, saying it was less needed than it was in March due to the economic recovery. But recent developments on the COVID-19 front could prompt a turnaround.
It is very clear that at the national level, the epidemic is not slowing down, and as states cancel their reopening plans and impose greater restrictions, hopes for a rapid economic recovery are steadily dashed. Ideally, lawmakers will recognize that a increase in COVID-19 cases means unemployment levels could rise again, and that alone can justify a follow-up stimulus payment. It’s too early to know what this payment might amount to, but hopefully we will have an answer in a few weeks.