Could August be the month you receive your second coronavirus stimulus check? It’s possible, but it all depends on how negotiations on a stimulus package evolve in the Senate between the end of July and early August.
Congress is on recess starting July 3 and members do not return until July 20. At that point, they will continue negotiations on another stimulus package. The package on the table right now is the HEROES Act, which includes another round of $1,200 payments to qualifying Americans.
However, it’s worth noting that Congress’ next recess is August 7. In the words of Forbes, “That means that Congress has 15 working days to approve a second stimulus check.”
Will that happen?
Forbes reports Senate Majority Leader Mitch McConnell as saying that he wants to approve the next stimulus package before Congress is on recess in August. And if second checks are approved before the August 7 recess, then it’s possible second stimulus checks could be sent out by September 1.
What’s the Earliest a 2nd Stimulus Check Could Be Sent?
As Forbes points out, Congress has not yet authorized a second check and the U.S. Treasury has not released a schedule to send a second stimulus check. The only benchmark we have is the CARES Act. Congress approved the CARES Act on March 27 and the first checks started being sent out on April 15. The HEROES Act, if passed, could run on a similar timeline.
Senator Roy Blunt has voiced his opinion that we should consider an “August, September, and October” timeframe, reports CNET.
Blunt states that Senate members will use their time on break in July to “collect the information they need for a second coronavirus package and then return ready to work.”
This past Tuesday, Blunt added “I think the timing is going to be just about right for us to know what we need to know for a package that moves us into August, September and October,” Blunt said Tuesday.
The Senate’s August Recess
The Senate takes another recess from August 10 to September 7, and according to McConnell, they will not work through the August break.
The Senate is next in session September 8 to September 25. So, as CNET points out, if they do not agree on stimulus package legislation by the beginning of August break, they will resume these discussions in September, and it could be a long time before you see any stimulus money in your account.
President Trump, for one, has voiced his support for a second stimulus check on a number of occasions. On July 1, he told Fox Business Channel, “I support actually larger numbers than the Democrats, but it’s got to be done properly.”
He added, “I want the money getting to people to be larger so they can spend it. I want the money to get there quickly and in a noncomplicated fashion.” Trump has not specified exactly how much “larger” he wants the second stimulus check to be.
As of now, the HEROES Act calls for a one-time $1,200 payment for individuals 18-and-over who made less than $75,000. And unlike the CARES Act, the HEROES Act would provide $1,200 per dependent for a maximum of three dependents, regardless of age, according to Debt.org.
For now, we will have to wait to see how negotiations evolve in the Senate to determine whether or not an August payment is likely.
If the Senate does pass a stimulus package that includes a second check before their next recess, and if it is signed by President Trump, then “it’s not out of the question that the checks could start to be sent out by the IRS in August,” writes CNET.