Getty Will there be a second stimulus check before the election? Or will we have to wait until 2021?
Approximately 160 million Americans have received their first coronavirus stimulus payment, and now they’re curious if another is on the horizon. Over the past couple of months, Congress has failed to come to an agreement on the details of another coronavirus stimulus package. Thus, while both the House and the Senate, and President Donald Trump, have all vocalized their support for a coronavirus stimulus check, the specific parameters of a larger bill have yet to be ironed out.
Is it possible that an agreement will be reached and checks could be sent out in October?
On September 16, according to AS.com, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer stated they hope Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin will “finally meet us halfway with a bill that is equal to the massive health and economic crises gripping our nation.”
On September 14, Mnuchin told CNBC, “There is a compromise if the speaker is willing to move forward. I am somewhat concerned that she’s afraid any deal would be good for the president. I’ve told the speaker I am available anytime to negotiate, no conditions.”
Here’s what you need to know:
Could a New Stimulus Package Pass Before the Election?
According to CNET, the Senate is scheduled to break on October 9, “but that doesn’t mean it’s the final day a bill could pass.”
Pelosi has stated the House is prepared to postpone the start of its next break until a deal is reached.
If the Senate votes on a deal on September 30 and the House passes it on October 1, Trump could sign on October 2, and it’s possible Americans could see that money in their accounts in October. Similarly, if the Senate votes on October 9, the House votes on October 12 and the president signs on October 13, a similar outcome could happen, according to CNET.
Who Would Get a Stimulus Check First?
If a bill is passed, it’s likely the IRS would follow a similar format to last time and begin by issuing payments to those who have filed their 2018 or 2019 tax returns and have already provided the IRS with direct deposit information.
Even now, roughly 9 million Americans have not collected their payments issued under the CARES Act, and they have until October 15 to register with the IRS in order to receive the payment this year.
On September 8, the IRS revealed it will send a letter in late September to those who do not file federal income tax returns and have not registered to claim their Economic Impact Payment.
If a deal is reached, Mnuchin has said the money would be sent faster this time than last. “I could get out 50 million payments really quickly” and start making payments a week after a bill is signed, Mnuchin said in August, according to CNET.
But in the words of the outlet, another stimulus check is still not a “forgone conclusion.” As the election looms, there is mounting pressure for both sides of the aisle to reach a consensus and iron out the details of a package, but lawmakers are still divided on what should be included in an overarching economic relief bill.
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