Second IRS Stimulus Check: How long before you get another relief payment?
As the U.S. continues its battle against the Coronavirus pandemic, the nation’s people continue their struggles to make economic ends meet and deal with health issues. While the economy may finally be reopening up after a two-month shutdown, the damage has been done to the unemployed and small business owners.
The U.S. Congress Strikes With First Stimulus BillRead More »
The biggest issue Americans have had in regards to the first payment is the inadequacy of it. For many Americans, the $1,200 check barely covers one month’s rent. Admittedly, the stimulus package also committed hundreds of billions of dollars in the form of small business loans and unemployment payments. However, tens of millions of citizens don’t qualify for those benefits, leaving them to fend for themselves with no income and bills that keep coming.
With employment likely to hit 35,000,000 Americans by the end of May, the question on everyone’s mind is, “will there be a second round of stimulus payments for individuals?”
Has a Second Coronavirus Relief Payment Been Approved?
With the COVID-19 seemingly under control but far from over, something needs to be done to help millions of Americans stay afloat. At issue is an indication that as many as 15,000,000 of the jobs lost to date might not be coming back. That’s also reports of additional millions of small businesses that may not have the capital to reopen.
The short answer to the titled question is no, there has not been an approval of a second major stimulus bill as of yet. With that said, Congress is working on a package, and President Trump has indicated he is on board with another round of stimulus. The ball is currently in Congress’ court where heated negotiations are underway.
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While sequestered in their homes, The U.S. House of Representatives struck first under the leadership of House Speaker Nancy Pelosi. Pelosi actually submitted the “Health and Economic Recovery Omnibus Emergency Solutions Act” — or the HEROES Act from her home in California. As part of the new bill, American residents are in line to get a second stimulus check of $1,200 each and up to $6,000 for some families with dependents.
The bill has passed the House by partisan vote, but it is very likely to be rejected by the Senate based on what Senate leaders perceive to be excessive stimulus payments that seemingly have nothing to do with the COVID-19 virus and the damage caused by the shutdown.
At this time, Senate Majority leader Mitch McConnell and Pelosi are working fervently to see if they can come up with some kind of an agreement. Meanwhile, President Trump is sitting in the wings, hoping he’ll have something to offer suffering Americans in the very near future.
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The Extent of the Heroes Act as Currently Written
While The House and Senate are debating many issues within the new bill, there seems to be agreement among interested parties that the individual mandated payments are necessary. If anything, there are lawmakers on both sides that fear another one time $1,200 will do very little to give relief to American households.
The good news for U.S. residents is the new bill provides relief for a broader base of people. Included in the new bill is a provision to offer payments to dependents over the age of 17, people not included in the last round.
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There is also language in the bill that would provide payments to immigrants who are not yet U.S. citizens. There is a lot of controversy surrounding this provision as the Senate and House Republicans see it as an attempt by Democrats to give relief payments to people who may be in the country illegally.
What is the Likelihood the Heroes Act Will Pass?
Yes, there is a sense of urgency among lawmakers to get something done yesterday. With that said, it is almost certain something is going to get done, and U.S. residents should be seeing a second stimulus check. At issue is the when.
At this time, both the House and Senate have dug in their heels. The Senate Republicans are even working on a bill of their own. That’s bad news because nothing is going to happen until both parts of Congress can reach an agreement. How close they are at this time is open for debate.
There is some good news to report. As soon as a bill has been passed and the President has attached his signature, the Internal Revenue Service should be able to issues payments in rather quick order. This is an assumption based on the idea the Internal Revenue Service already has much of the payment information it needs to process direct deposits and checks.
Anyone who got paid by check the first time round still has a window of opportunity to get the second payment via direct deposit. The can take advantage of this window by going to the “Get My Payment” portal on the IRS.gov website. By providing banking and dependent information, there is a good chance the second round of payments will go a lot smoother for many American Residents.
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