What is today’s status on the next check for Americans and how soon could you get the second payment from the IRS?
The Senate proposal for the next stimulus package will be revealed on Monday, according to Senate Majority Leader Mitch McConnell and it will come with a second stimulus check for individuals and families. Called CARES 2, McConnell’s plan will be the much-expected counteroffer to the Heroes Act, the Democrat-led House of Representatives’ bill that passed in May and proposes $3 trillion worth of economic support for individuals and businesses struggling with a recession fueled by a continued surge in coronavirus cases.
Once the Senate Republicans present their plan, negotiations with the House will begin, to finalize the bill’s details, including who qualifies for the second payment, how much money the next stimulus check will bring and when the IRS will send the first batch of payments. We already have an idea what that first date could be.
“The president’s preference is to make sure that we send out direct payments quickly so that in August people get more money. There is no question this worked before,” Treasury Secretary Steven Mnuchin told CNBC on Thursday.
But August runs 31 day and millions of Americans are looking to that payment to cover basic needs. How soon could you expect the check to arrive?
The Senate now has 12 working days until the Aug. 7 deadline set to debate, negotiate and pass another stimulus package before the last day of the current session. Why Aug. 7? Because the Senate’s August recess runs from Aug. 10 through Sept. 7 (Labor Day), which means there are 32 days from the last date of the Senate session (Aug. 7) until the first day of the following session (Sept. 8). If the Senate doesn’t pass a bill by Aug. 7, it won’t pick it up until then. The September session runs through Sept. 25.
Congress is expected to start work on a new coronavirus stimulus bill that may put another $1,200 in your wallet. The IRS will have sent about 200 million checks by the time it’s done distributing the first raft of payments. (The total US population is nearly 330 million people, according to the Census Bureau.)
The majority of those were sent by the beginning of June, though the IRS said it will continue to disburse the final batches through the end of the year. If there are fewer people receiving a second stimulus check, it’s possible that it won’t take as long to send a second round of checks.