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Second stimulus check update: When would the new payment be sent out?



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How long can it take you to get a second stimulus check? We break down some possible times.

Angela Lang / CNET

Congress intends to send one out second stimulus control for individuals and families – and soon. “We want another round of direct support,” Senate Majority Leader Mitch McConnell said Monday. What we do not know is just about everything else, including who would qualify for a second payment, how much money you would get with a new round of stimulus checks and when the IRS would send the first round of checks. Everything that is negotiated. And legislators do not immediately agree.

“I imagine this bill will not be ready by the end of July,” House Minority Leader Kevin McCarthy told CNBC on Tuesday. “We are probably in the first week of August before we make this happen.”

The first week in August is also the deadline McConnell has set for approving a new bill that includes incentive payments. But for many, it is a critical deadline in the past. If Congress does not approve a new stimulus proposal – or at least a new short-term measure – by the end of July, the extra $ 600 unemployment benefit will end.

What can happen if another stimulus check is not approved before the next withdrawal? And if a new law is passed, when is it soon you can expect to see a second IRS payment? We used the Senate’s calendar and the first stimulus check schedule as a model to formulate a possible timeline.

This story is constantly updated in response to the evolving situation in Washington.






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When is the stimulus payment “deadline”? Less than three weeks away

The Senate now has 13 working days until the August 7 deadline set for building, debating, negotiating and passing 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

July 20 – August 7

Ongoing. The Senate is not expected to work past August 7.

August 10 – September 7

Augustins urtag.

September 8 – September 25

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

28 – 29 September

September urtag.

September 30 – October 9

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

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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 send out the other incentive payments?

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.

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.

To speculate, let’s say that a new stimulus act will become law on Friday 7 August. Following the Care Act timeline, the first checks can go through 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.

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.

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Even when some companies start opening up, the United States has an astonishingly high level of unemployment.

Angela Lang / CNET

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.

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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