After six months of talk aboutand and other , who could blame you for losing the thread on where Washington lawmakers stand on a second round of payments?
Whilehave run hot and most recently cold, both Democrats and Republicans continue to express the need for more economic help for Americans.
“We all want to have an agreement,” House Speaker Nancy Pelosi said Monday. Pelosi said she’ll keep the House of Representatives in session until a deal is reached, the Washington Post reported Tuesday. (The House is currently scheduled to recess Oct. 2 and will not return to Washington until after the November election.)
The situation could change any time, but these are the top six things to know about the status of a new stimulus check.
1. There’s no new stimulus check yet
The stimulus check is not a foregone conclusion and right now its fate is tied to that of the in early September. Another direct payment has strong bipartisan support., which is stalled in , or to an executive order, which President Donald Trump hinted at
“It’s very important that we have stimulus that helps the areas of the economy that need support,” Treasury Secretary Steven Mnuchin said on Monday. “I’ve told [Pelosi] I’m available anytime to negotiate, no conditions,” he said.
2. The IRS could send a second check quicker than last time
It took the federal government about two and a half weeks to sendto eligible recipients. Mnuchin has said he could send them much faster this time, once a deal is inked.
“I could get out 50 million payments really quickly,” and start making payments a week after a bill is signed, Mnuchin said in August.
3. Qualifications could change
While we think a second stimulus check would largely follow the same guidelines as the first,are subject to change. It might even benefit your family, if a new stimulus bill redefines .
Other notes on eligibility:
- Your plays a huge role.
- People who aren’t required to file taxes — either because they receive federal benefits or were below the income level to file — could also get a check.
- In the first check, children under 16 counted for $500 apiece toward the total check, but .
4. You can estimate the size of your check now
If you’reor are looking for an estimate for how much a second check could include, you can use our to get an idea for how much you, your family and your dependents could expect to receive, especially if qualifications shift with another stimulus check. Our calculator tool doesn’t retain your personal details in any way.
5. How more stimulus money could arrive
To get economic relief money out as quickly as possible to eligible Americans, the IRS and the Treasury Department took several approaches that included direct deposit, physical checks and June), this is how the nearly 160 million payments break down:. According to the most recent numbers from the Treasury Department (in
- Direct deposit: 75%, or 120 million
- Paper check: 22%, or 35 million
- Prepaid EIP debit card: 3%, or 4 million
With the IRS continuing to urge people toto receive payments straight to the bank account, that number could be even higher.
6. The fine print can get complicated fast
When and if a second stimulus check does arrive, the details will require some unraveling. While some situations are straightforward, other complications about you and your dependents could make it unclear if you’re eligible, the size of a check you should expect and when it’s coming. Fringe cases abound.
There’s much more to know about other government payments during the pandemic. Here’s what you need to know about, the and .