Getty Will you receive another stimulus check in 2020?
Millions of Americans are eager to find out if another coronavirus stimulus check is on the horizon.
In mid-May, the U.S. House of Representatives narrowly passed The HEROES Act, which proposes a second round of checks for qualifying Americans. Now, the bill is in the hands of the Republican-dominated Senate, members of which have voiced their skepticism about the proposed legislation.
At this point, it’s unclear whether another stimulus check will be included in the next bill, as both sides of the aisle are struggling to reach a consensus on what should be contained in the next relief package. Americans clearly want more money, and President Donald Trump has voiced his support for more relief checks, but a second round of checks has been dismissed by a number of members of the Senate.
Here is a series of critical dates to keep in mind when considering a second round of coronavirus relief checks:
July 2 : Job Reports Revealed
As Forbes reported, the prospect of a second stimulus check is largely dependent on job numbers and the latest unemployment rates.
“More than 40 million Americans have filed for unemployment benefits. If the economy improves and more people go back to work, this could decrease the likelihood of a second stimulus check, or least a large second stimulus check. Therefore, watch unemployment for clues about the next stimulus package,” Forbes said.
Those numbers — which Forbes described as a “critical indicator to help gauge the strength and speed of the economic recovery” — are due out on July 2 and will influence the likelihood of additional stimulus checks.
Stephen Moore, economic adviser to the White House, on the jobs numbers:
“It takes a lot of the wind out of the sails of any phase 4 — we don’t need it now. There’s no reason to have a major spending bill. The sense of urgent crisis is very greatly dissipated by the report.”
When last month’s job results showed a decline in unemployment, Stephen Moore, a White House economic adviser, said, “It takes a lot of the wind out of the sails of any phase 4 — we don’t need it now. There’s no reason to have a major spending bill. The sense of urgent crisis is very greatly dissipated by the report,” Forbes reported.
If the July 2 data shows a decline in the unemployment rate, Forbes said, then the chances of a second stimulus check will drop.
July 20: Senate Recess Ends
The Senate has a recess from July 3 to July 20.
As Forbes pointed out, Senate Majority Leader Mitch McConnell has said that negotiations on the next stimulus package will likely return when Congress gets back from their recess.
So, come July 20, “Expect a flurry of activity, additional proposals, and many headlines on negotiating stances starting on July 20,” Forbes said.
August 7: House & Senate Scheduled to Recess for 1 Month
Forbes called August 7 the “most important date” to consider. The House and the Senate are scheduled to take a recess for an entire month.
As AS.com pointed out, the Senate must come to an agreement on the details of a second stimulus package by August 7, or the discussion around a second payment will be delayed until at least September.
The HEROES Act Provides for Additional Stimulus Payments to Individuals but Faces Strong Opposition in the Senate
As it stands, the HEROES Act 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. But it’s anyone’s guess at this point if Americans will ever see that money.
According to The Hill, the HEROES act has been described as “dead on arrival” by McConnell, but McConnell has also said he believes another stimulus bill “will be necessary in the coming weeks,” according to The Motley Fool.
As the specifics of the HEROES Act are negotiated, it’s a waiting game to see what form a finalized bill will take.
This article will be updated with more information as it becomes available.
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