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CARES Act 2: When could the IRS send the second stimulus check?



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The second stimulus check is real? We divide possible payment schedules.

James Martin / CNET

The Senate’s proposal for the next stimulus package will be unveiled on Monday, according to Senate Majority Leader Mitch McConnell and it comes with a second stimulus control for individuals and families. Called CARES 2, McConnell’s plan will be the much-anticipated antidote to the Heroes Act, the Democrat-led bill passed in May proposing $ 3 trillion in financial support for individuals and companies struggling with a recession operated by a continued strong force in coronavirus cases.

When the Senate Republicans present their plan, negotiations with the House will begin to complete the details of the bill, including who qualifies for the second payment, how much money next stimulus check will include and when the IRS sends the first payment. We already have an idea of ​​what the first date might be.

“The president’s preference is to make sure we send out direct payments quickly so that people have more money in August. There’s no doubt that this worked earlier,” Treasury Secretary Steven Mnuchin told CNBC on Thursday.

But August is 31 days and millions of Americans are looking for that payment to cover basic needs. How soon can you expect the check to arrive? We used the Senate’s calendar and the first stimulus check schedule as a model to formulate a possible timeline. This story is frequently updated to reflect the evolving situation in Washington.

When is the stimulus payment “deadline”? Just over 2 weeks from now

The Senate now has 12 working days until the August 7 deadline to discuss, negotiate and pass another stimulus package before the last day of the current session.

Why August 7? Because the Senate’s August recess goes from August 10 to September. 7 (Labor Day), which means that it is 32 days from the latest date of the Senate session (August 7) ​​to the first day of the next session (September 8). If the Senate does not approve a bill by August 7, it will not be taken up until then. The session in September runs until September 25.

The Senate’s timeline for making a decision on stimulus control

date

Senate action and possible review dates

July 20 to August 7

Ongoing. The Senate will not work past Aug. 7, McConnell said.

31 July

Congress would need to extend extra unemployment benefits before that date before they expire.

August 10 to September 7

Planned August removal.

August 26th

If Congress approves new checks before August 7, this is a likely date for the IRS to begin sending second stimulus checks, based on the IRS ‘payment schedule for the first checks.

September 8 to September 25

Ongoing. If the Senate does not approve a bill by August 7, it is the next period that it must work on a package.

September 28 to September 29

Scheduled excerpt.

September 28 to October 14

If the Senate approved new controls during the September 25 session, this is a likely period for the IRS to start the next round of controls.

September 30 to October 9

Ongoing. If the Senate has still not adopted a bill, this is its last chance before the November 3 election.

October 19 to October 28

If the Senate approves new inspections during the October 9 session, this is a likely period for the IRS to start the next inspection round.

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Congress is expected to begin work on a new coronavirus stimulus bill that could add another $ 1,200 to your wallet.

Angela Lang / CNET

When would the IRS start sending other stimulus checks?

The IRS can still start sending checks in August, if a second round of stimulus checks gets the green light at the beginning of the month. To make an August date, some in Washington are proposing direct payments in a new stimulus package that could be modeled on how the CARES Act adjusts payments which entered into force in March.

“If the parameters remained the same, we could do it really quickly,” said Senator John Thune, a Republican from South Dakota, according to The Washington Post.

For reference, the President signed the CARES Act into law on March 27, and the first incentive payments expired less than three weeks later, on April 15. Let’s say that a new stimulus act becomes law on Friday 7. August. Fix the timeline, the first checks could go out August 26th.

However, it is likely that the IRS can go even faster to send out first wave of stimulus check, because it already has the mechanism in place from the first round, including a tool for humans to sign up for direct deposit and track their payments.

Factors such as how many would qualify for a payment a second time may play a role in slowing down or speeding up this timeline.






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What’s the last date I could get a second stimulus check?

Even if we do not know anything officially – and will not come until another rescue package has passed – we can benefit from the experience of the first stimulus checks as a potential plan.

The IRS will have sent approximately 200 million checks when it finishes distributing the first payment. (The total U.S. population is nearly 330 million people, according to the Census Bureau.)

The majority of these were sent in early June, although the IRS said it will continue to pay the final lots until the end of the year. If it exists fewer people receiving a second stimulus control, it is possible that it does not take that long to send a second round of checks.

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The United States is experiencing an astonishingly high level of unemployment.

Angela Lang / CNET

What must happen to get a second stimulus check?

To get a second check, the new rescue package would have to pass both the House and the Senate before a signature from the president. Only then could it take effect.

After that, the IRS now has a system for organizing and distributing these controls. But it can still be weeks more before you get a payment.

If you are still waiting for the first round of coronavirus payments, you can do so track the status of your stimulus check, learn how to report your no-show check to the IRS and find possible reasons why your stimulus check has still not arrived.

Here are even more resources about coronavirus difficulties and unemployment insurance, what you can do if you have lost your job, what to know about drafts and late car payments and how to do Take control of your budget.


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