Millions of Americans have received their coronavirus stimulus payments, and now they want to know: is another check on the horizon?
In May, the U.S. House of Representatives passed the HEROES Act, which includes another one-time $1,200 payment for individuals who earn up to $75,000 plus $1,200 per dependent for up to three dependents. However, the HEROES Act has not been taken up by the Senate, which has called it “dead on arrival,” nor signed into law by the president. Now, lawmakers on both sides of the aisle are struggling over the details of a second stimulus package.
As AS.com pointed out, August 8 is the last day before the Senate takes its month-long recess. The Senate must come to an agreement on the details of a second stimulus package by August 8, or the discussion around a second payment will be delayed until at least September.
In the words of The Motley Fool, “If a bill hasn’t passed to send out more stimulus money by [August 8], chances are good it never will.”
The HEROES Act Is Unlikely to Become Law, but McConnell Said More Stimulus ‘Will Be Necessary’
The HEROES Act, which narrowly passed in the House on May 15, would provide a second COVID-19 stimulus payment. But the Republican-controlled Senate has expressed concerns over the details of the proposed package. In fact, the bill has been declared “dead on arrival” by Senate Majority Leader Mitch McConnell, according to The Hill.
Senate Republicans are skeptical about the HEROES Act, but that doesn’t mean they are against the idea of a second round of checks. In fact, McConnell has said he believes another stimulus bill “will be necessary in the coming weeks.” The specific details of that bill are being negotiated at this time.
In its current form, the HEROES Act promises stimulus money, debt relief, student loan forgiveness, hazard pay and six more months of COVID-19 unemployment. It includes a one-time payment of up to $6,000 per household. Individuals earning up to $75,000 would receive a $1,200 check and couples earning up to $150,000 would receive a $2,400 check, reported Debt.org.
There’s a ‘Narrow Window’ of Opportunity Between the July 4 Recess & the Recess Beginning August 8
As the Mooresville Tribune reported, July 4 is also looming, which means a two-week recess for the Senate. The outlet said lawmakers will likely make their decision on a second stimulus check after the July 4 recess but before August 8.
The Mooresville Tribune added, “Once they’re back in Washington, there’s a narrow window of time to act as the Senate will recess again Aug. 8 and not return until mid-September. By that time, with the election under two months away, the Senate may be on to other priorities, and the economy may be on the upswing if there’s a V-shaped recovery.”
The bottom line is that if a consensus on another stimulus package, and specifically on issuing another round of checks, is not reached by August 8, Americans should not bank on receiving more money.
Even if a consensus is reached on a stimulus package and it includes another round of payments, it could take weeks, if not months, for citizens to see that money hit their bank accounts.
This post will be updated with more information as it becomes available.