Many Americans are asking: “When will my second stimulus check come?”
Here’s what you need to know.
Second Stimulus Checks
If you’re feeling restless about a second stimulus check, you’re not alone. Congress failed to finalize a stimulus package Friday, which has left many Americans wondering if and when they will receive a second stimulus check. Congress was expected to reach a deal by August 7, but that unofficial date has been pushed back as both Republicans and Democrats are too far apart on total spending. Practically, this means it will now take longer for you to get a stimulus check. Importantly, Congress has not officially approved any Economic Impact Payments, although both parties agree that there should be a $1,200 stimulus payment. There is also a proposal from Sen. Mitt Romney (R-UT), Sen. Marco Rubio (R-FL) and other Republican senators for a $1,000 check and $1,000 for each dependent, although both parties appear focused on the $1,200 amount on the same terms as the Cares Act, which is the $2.2 trillion stimulus package that Congress passed in March.
When will second stimulus checks be sent?
According to U.S. Treasury Secretary Steven Mnuchin, the IRS, which he oversees, could “start printing [stimulus checks] the following week” if President Donald Trump signs a stimulus package into law. “I could have them out immediately,” Mnuchin said, referring to stimulus checks. That’s good news for many Americans who qualify for a second stimulus check based on income and other factors. It also means that the federal government can send checks faster than they sent the first stimulus check under the Cares Act. For example, the first stimulus check was sent on April 15, 2020, which was 17 days after Trump signed the Cares Act on March 27, 2020. In contrast, Mnuchin said checks can be printed and sent the week after the president signs the stimulus legislation. This timeline is potentially 10 or more days faster than the Cares Act.
If and when Congress finalizes a stimulus deal, the process works like this:
http://www.forbes.com/sites/zackfriedman/2020/08/07/when-will-my-second-stimulus-check-come/#3250adf35064
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