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Congress is working steadily to approve another stimulus package that includes a second economic impact payment for qualifying Americans, according to CNET.
As of now, that package would come in the form of the HEROES Act, which was passed by the U.S. House of Representatives in mid-May. The bill now sits in the hands of the Republican-run Senate, which initially voiced opposition to the proposed legislation. However, in the words of Forbes, Republicans have started to “change their tune” over the past few weeks. The outlet noted how Senator Jim Inhofe said that Republicans are now “supportive” of additional economic relief.
If a package that includes a second relief check is approved, when can we expect that money to hit our accounts?
Below are a series of critical dates to keep in mind when it comes to the prospect of a second round of COVID-19 stimulus checks.
July 20: Senate Recess Ends
The Senate recess lasts from July 3 to July 20.
In the words of Forbes, Senate Majority Leader Mitch McConnell has said that negotiations on the next stimulus package will likely take place when Congress returns. “Expect a flurry of activity, additional proposals, and many headlines on negotiating stances starting on July 20,” the outlet wrote.
August 7: Congress’ Next Recess
Congress takes another recess on August 7. This means they have between July 20 and August 7, just over two weeks, to approve a second stimulus check.
Treasury Secretary Steven Mnuchin said the Trump administration is working alongside the Senate to pass another stimulus relief package within that timeframe, according to The Wall Street Journal.
In an interview with CNBC, Mnuchin said, “I had a very productive call with [Senate Majority Leader] Mitch McConnell yesterday. As soon as the Senate gets back, we’re going to sit down on a bipartisan basis with the Republicans and the Democrats, and it will be our priority to make sure between the 20th and the end of the month that we pass the next legislation.”
August 7: House & Senate Scheduled to Recess for 1 Month
Forbes has cited August 7 as the “most important date” to consider. The House and Senate take a month-long recess beginning on August 7.
The outlet wrote, “If a bill isn’t passed by August 7, it could mean that the next relief bill won’t materialize until September 8, when Congress is slated to return to Washington; there is of course a chance that if a bill isn’t passed, Congress could decide not to adjourn.”
McConnell has already said that the Senate won’t work through August break, during a press conference aired on C-Span.
September 8: Senate Back in Session
As CNET points out, if Congress is unable to arrive on a consensus around another stimulus package by their August recess, then negotiations will resume in September.
If both sides of the aisle are able to reach an agreement on the bill and it is signed by President Trump, it’s possible a second stimulus check could be sent out by September 1. Trump has already voiced his support for another round of checks– on July 1, he told Fox Business Channel, “I support actually larger numbers than the Democrats, but it’s got to be done properly.”
Trump 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.”
It’s also possible that fewer Americans would receive checks this go around. On July 7, McConnell specified that while he supports the prospect of economic aid in the form of relief payments, these checks could be directed solely to low-income Americans.
Forbes quoted McConnell as saying, “I think the people who have been hit the hardest are people who make about $40,000 a year or less,” McConnell said. “Many of them work in the hospitality industry. The hospitality industry, as all of you know, just got [decimated]—hotels, restaurants—and so that could well be a part of it.”
As it stands, the HEROES Act calls for a one-time $1,200 payment for individuals 18 and over who made less than $75,000. It would also provide $1,200 per dependent for a maximum of three dependents, regardless of age, according to Debt.org.
This article will be updated with more information as it becomes available.
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