Technology New stimulus check: 6 top things you need to know about a second payment
Trump indicates he won't sign another coronavirus stimulus bill that doesn't include a payroll tax cut
Congress is considering new measures for a future bill as the $600 per week federal unemployment enhancement is set to expire at the end of this week. Trump said he'll "have to see" but would "consider not signing it if we don't have a payroll tax cut." A payroll tax cut, however, would only benefit those who are currently employed, would help the highest earners the most, and wouldn't do anything to help those out of work. Visit Business Insider's homepage for more stories.
Who could blame you if after half a year of chatter about and and other , you've lost the thread on where Washington lawmakers stand on a second round of payments?
While have run hot and cold and now warm again, members of Congress and White House officials continue to express the need for more economic help for Americans.
Coronavirus stimulus check: 6 ways to use your $1,200
Senate Republicans introduce a new relief package called the HEALS Act that would include another round of checks.Back in March, US President Donald Trump signed an unprecedented $2.2 trillion relief bill that aimed to soften the financial impact that the coronavirus had on the US economy. It included a $1,200 stimulus check for most adults and $500 per dependent child. Individuals with an adjusted annual gross income of less than $75,000 or married couples with adjusted annual incomes of less than $150,000 will receive the full amount, while those earning more will see a reduced check based on their income.
To reach a deal, House Speaker Nancy Pelosi said she'll postpone the House of Representatives'sso members will be in Washington for a vote, .
"It's unconscionable that we would do nothing and leave town and not actually help folks," New Jersey Representative andof the Problem Solvers Caucus Josh Gottheime said on Bloomberg TV on Wednesday. "We have to find a way forward. There is absolutely no way we can go home without it."
The situation could change any time, but these are the top six things to know about the status of a second direct payment.
1. There's still no new stimulus check
The stimulus check is not a foregone conclusion and right now its fate is tied to that of the , which is stalled in , or to an executive order, which President Donald Trump hinted at . Another direct payment has strong bipartisan support.
Millions of people will see a sharp drop in their unemployment benefits because Congress failed to act
Congress is treating an extraordinary crisis like any other deadline.These benefits — a key lifeline for many workers during the Covid-19 pandemic — are now set to lapse on Friday, with no clear indication of when they’ll be renewed.
"It's very important that we have stimulus that helps the areas of the economy that need support,"on Monday. "I've told [Pelosi] I'm available anytime to negotiate, no conditions," .
2. The IRS could send a second check faster than last time
It took the federal government about two and a half weeks to send to eligible recipients. Mnuchin has said he could send them much faster this time, once a deal is inked.
Coronavirus recession: No stimulus deal until September? What that means for you
Talks in Washington ended in discord, leaving the US in limbo during the biggest recession since the Great Depression.Add these figures to record-setting unemployment numbers -- a 10.2% US jobless rate (PDF) with 30 million receiving unemployment benefits -- for a stark preview of what's to come in the US if another round of stimulus checks never arrives and the federal unemployment enhancement and national eviction moratorium don't get renewed.
"I could get out 50 million payments really quickly," and start making payments a week after a bill is signed,in August.
3. Qualifications may change
While we think a second stimulus check would largely follow the same guidelines as the first, are subject to change. It might even benefit your family, if a new stimulus bill redefines .
Other notes on eligibility:
- Your plays a huge role.
- People who aren't required to file taxes -- either because they receive federal benefits or were below the income level to file -- could also get a check.
- In the first check, children under 16 counted for $500 apiece toward the total check, but .
4. You can already estimate the size of your check
If you're or are looking for an estimate for how much a second check could include, you can use our to get an idea for how much you, your family and your dependents could expect to receive, especially if qualifications shift with another stimulus check. Our calculator tool doesn't retain your personal details in any way.
Stimulus check money: $1,200 payment may still be sent to you in 2020
We look at how much money you and your family could get if there's another round of direct payments.Negotiators have several paths forward, from the stalled coronavirus stimulus relief proposal that does include another stimulus check or a scaled-back "skinny" bill that doesn't address a direct payment, to a new proposal by White House Chief of Staff Mark Meadows that would expand the House's USPS funding bill to include a broader stimulus package.
5. How additional stimulus money could arrive
To get economic relief money out as quickly as possible to eligible Americans, the IRS and the Treasury Department took several approaches that included direct deposit, physical checks and . According to the most recent numbers from the Treasury Department (in ), this is how the nearly 160 million payments break down:
- Direct deposit: 75%, or 120 million
- Paper check: 22%, or 35 million
- Prepaid EIP debit card: 3%, or 4 million
With the IRS continuing to urge people to to receive payments straight to the bank account, that number could be even higher.
6. The fine print gets complicated fast
When and if a second stimulus check does arrive, the details will require some unraveling. While some situations are straightforward, other complications about you and your dependents could make it unclear if you're eligible, the size of a check you should expect and when it's coming. Fringe cases abound.
- A group of as many as still need to register to receive the first check.
- The IRS didn't send the full monetary amount -- but is making it possible to claim a catch-up payment.
- Then there are issues that could delay your check, like if you recently moved and a different process for people who receive .
There's much more to know about other government payments during the pandemic. Here's what you need to know about , the and .
Senate Republicans could be the real roadblock to getting a stimulus deal passed .
If Nancy Pelosi and Steven Mnuchin reach a stimulus agreement, it’s unclear whether Republicans would support it.This past weekend, Senate Majority Leader Mitch McConnell said the upper chamber would “consider” any compromise made between Pelosi and Treasury Secretary Steven Mnuchin, though it’s unclear if that means he would schedule a vote on it. (White House Chief of Staff Mark Meadows has said that the Senate would vote on any deal that’s reached, but McConnell has not explicitly confirmed this himself.