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Second stimulus check: 6 important factors to know about a new payment



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What happens to a second stimulus check? We tell you.

Angela Lang / CNET

Early voting for choice November 3 is ongoing in some states and presidential debates starts next week. The coronavirus pandemic can intensify as the flu season approaches rapidly, and Capitol Hill has been distracted by the Supreme Court seat which is now open after Supreme Court Ruth Bader Ginsburg.

Therefore, we understand that it can be difficult to focus on what happens to the state of another stimulus payment with so much happening during this uncertain time, but we can help. Below we have identified the six most important facts to know about what a second direct payment can look for qualifying Americans, boards Call give a new one financial relief package which includes one new direct payment.

We update this story regularly.

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Washington continues to talk about the need for more direct payments.

Angela Lang / CNET

A new stimulus control is desired but has not been approved

The second stimulus control has strong support from both parties, but is not a clear deal. The talks have now been on hold for over a month. Another payment will only be made if a bill passes Congress or is funded through an executive order, as President Donald Trump indicated in early September.

Federal Reserve Chairman Jerome Powell testified before three congressional committees this week in a final step to promote more stimulus aid before the election. The lack of stimulus intervention, which includes another direct payment, “will appear in economic activity. It will also appear in things like expulsions and foreclosures and things that will scar and damage the economy,” Powell said according to Kullen.






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2. The IRS could send out a second check faster than the first time

It took the IRS and the Treasury Department about two and a half weeks to submit first round of incentive payments to eligible recipients. Treasury Secretary Steven Mnuchin has said he could send them much faster this time, once a deal is inked.

“I was able to get 50 million payments really fast,” and start making payments a week after a bill is signed, Mnuchin said in August.

Qualifications can be transferred to your advantage

While we believe that a second stimulus control would largely follow the same guidelines as the first, eligibility requirements may change. It may even benefit your family if a new incentive bill redefines it which is considered a qualified addict.

Other eligibility remarks:

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Less than a quarter of eligible recipients received their payment as a check in the mail.

Sarah Tew / CNET

4. You can estimate the payment amount right now

If you are still waiting for your first payment or looking for an estimate of how much a second check may contain, you can use ours stimulus control counter to get an idea of ​​how much you, your family and your relatives can expect to receive, especially if the qualifications change with a different stimulus check. Our calculator tool does not save your personal information in any way.

5. How the IRS sends your stimulus money is important

To get financial relief money out as quickly as possible to qualified Americans, the IRS and the Treasury Department took several approaches that included direct deposit, physical checks prepaid EIP cards. According to the latest figures from the Ministry of Finance (in June), this is how the almost 160 million payments are broken down:

  • Direct deposit: 75% or 120 million payments
  • Paper check: 22% or 35 million payments
  • Prepaid EIP debit card: 3% or 4 million payments

As the IRS continues to urge people to set up direct deposit to receive payments directly to their bank account, that number could be even higher. It is expected that you will get your money the fastest with direct deposit, followed by the check and then the EIP card. The IRS automatically selects the payment method, but will likely reopen its portal sign up for direct deposit if you have not already done so.

The fine print can quickly become complicated

When and if a second stimulus check arrives, the details will require some rewinding. While some situations are simple, other complications about you and your loved ones can make it unclear if you are eligible, the size of a check you can expect and when it will arrive. Striped cases abound.

For example:

There is much more to know about other government payments during the pandemic. Here’s what you need to know about a possible interest rate check from the IRS, den $ 300 federal unemployment benefits and the administration’s payroll tax cut.


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