By Lacie Armstrong
Democratic Negotiators and the White House are in a race against time to reach an agreement on the next stimulus package deadline, Aug 7th. While both parties are still having trouble agreeing to certain proposals of the bill, the end goal is still the same, to have this round of checks go out much faster than the first.
According to Treasury Secretary Steven Mnuchin,”If I could get [the next stimulus bill] passed tomorrow, I could start printing them the following week,” Mnuchin said Aug 2nd, “I could have them out immediately.” The IRS began sending the first stimulus checks 19 days after the CARES Act became law.
While the idea of checks coming out quickly sounds plausible, doubt is creeping in from the Democratic party. Nancy Pelosi has reportedly told House Democrats “she is not sure hitting the deadline is possible”, according to the New York Times. Pelosi and Senate Majority Leader Mitch McConnell do have the power to delay their August recesses until the bill has been officially passed.
If both parties are able to reach an agreement on the bill by Friday, the posed question “When could checks arrive and who could get them first?” comes into play. Here is a graph based on the current information of the negotiations explaining when checks would be sent.
If the scenario comes to fruition that no agreement could be reached, then a bill could pass after Aug.7th if the Senate and the House agree to extend their current session with no resolution and wait until the start of a new session on Sept. 8th.
While new information keeps unfolding, here is a quick look at what could be in store:
Who would likely get their stimulus check first?
The IRS would most likely use the same calculations as the first stimulus package for the second package, including using the IRS Get My Payment tool for tracking your payment and signing up for direct deposit.
Are there any known changes to aid for dependents?
This depends on which version of the bill passes. The CARES Act allotted $500 for dependents age 16 and under. The Republican-backed HEALS Act also allocates $500 for dependents, of any age. But the Democrat-backed HEROES Act suggests $1,200 for a maximum of three dependents. If a change is made, even if it ultimately leads to more money being sent, it could require the IRS to adjust its accounting system, which could potentially slow things down for you.
What affects payment from the IRS?
With the first checks, people who didn’t submit direct deposit information to the IRS had to wait longer to receive the stimulus money through the mail. People who did not make enough money to be required to file federal income tax returns in 2018 or 2019 also would not get a stimulus check unless they submitted a form to the IRS, according to a report from the Center on Budget and Policy Priorities.
Although the wait is long, there are high hopes for both political parties to reach an agreement. Just as time is of the essence for both parties, so it is for U.S Citizens who are unemployed and in need of assistance.
