Who could blame you if after half a year of chatter aboutand and other , you’ve lost the thread on where Washington lawmakers stand on a second round of payments?
Whilehave run hot and cold and now warm again, members of Congress and White House officials continue to express the need for more economic help for Americans.
“It’s unconscionable that we would do nothing and leave town and not actually help folks,” New Jersey Representative and co-chair of the Problem Solvers Caucus Josh Gottheime said on Bloomberg TV on Wednesday. “We have to find a way forward. There is absolutely no way we can go home without it.”
The situation could change any time, but these are the top six things to know about the status of a second direct payment.
1. There’s still no new stimulus check
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 faster 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 may 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 already estimate the size of your check
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 additional 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 gets 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 .