5 Things You Need To Know About The New Stimulus Bill Being Negotiated And When To Expect Your 2nd Check

5 Things You Need To Know About The New Stimulus Bill Being Negotiated And When To Expect Your 2nd Check

Here are five things you need to know about the new stimulus bill being negotiated and when to expect your second check from the government. Credit: The Moguldom Nation

The next round of coronavirus relief, if it’s passed into law, will include $1,200 stimulus payments to Americans as part of a $1 trillion legislation package that extends the federal eviction moratorium, reduces unemployment benefits and helps schools restart.

“There’s a $1,200 check coming,” White House economic advisor Larry Kudlow said Sunday during a CNN interview.

But first, the HEALS Act — the currently proposed legislation — must go through days or weeks of negotiation with the Democrat-led House of Representatives until a final agreement is reached. Congress must resolve who will qualify to receive another direct payment. The debate could continue until the Aug. 7 deadline before Congress breaks for a month, CNet reported.

Here are five things you need to know about the new stimulus bill being negotiated and when to expect your second check.

Stimulus payments could reach Americans quicker this time around

Many procedures are already in place at the Internal Revenue Service from the first round of stimulus checks, including direct deposit banking information and adjusted gross income data from 2019 tax returns submitted by July 15. In theory that means stimulus payments could reach Americans quicker this time around, according to The Wall Street Journal.

The good news is that stimulus payments could reach Americans by August, Forbes reported. If the stimulus is passed in mid-August, Americans could receive direct payments by the end of August, according to CNET.

“The president’s preference is to make sure that we send out direct payments quickly so that in August people get more money,” Treasury Secretary Steven Mnuchin told CNBC. “There is no question this worked before.”

Yet questions persist, such as …

Why have some people still not received their first stimulus check?

As of June 5, 35 million Americans still hadn’t received their stimulus check, according to a report issued by the Congressional House Ways and Means Committee. About 7.5 million of those were on social security and do not have to file tax returns, WBTV reported.

The Taxpayer Advocate Service reported in June that “many individuals” were still awaiting their payments and could face a delay until 2021, according to Newsweek.

Some reasons for the delay include:

  • You may not be eligible
  • The banking information the IRS has on file for you is out of date or no longer valid. For most people who file tax returns, stimulus payments were deposited directly into their bank accounts.
  • The IRS has scheduled your payment for later in the year
  • A claimed dependent is not eligible
  • You owe child support
  • You’ve been scammed

The IRS has a hotline for people to call who are still waiting on their check.

The proposal does not specify income limits

The proposal does not specify how much money the government will send or whether the income limits will be the same as the CARES Act, Forbes reported. Under the CARES Act, individuals received $1,200 if their adjusted gross income was at or below $75,000. Those married and filing jointly received $2,400 if their income was at or below $150,000.

Treasury Secretary Steven Mnuchin said the checks would be based on the same formula as the CARES Act, Associated Press reported.

This calculator from The Washington Post could shed some light on what you may get.

Source: CNet

Families will receive $500 for dependents regardless of age

Under the CARES Act, payments included up to $500 for each dependent but excluded child dependents who were 17 or older and university students under 24 years old. The new GOP plan will likely include payments for all dependents regardless of age, CNet reported.

How close is a deal?

There’s some distance to cover between Republicans and Democrats before the new stimulus deal is passed that includes the $1200 stimulus check. House Speaker Nancy Pelosi doesn’t approve of the GOP proposal to reduce the current $600-per-week jobless benefit to $200 a week.

Treasury Secretary Mnuchin told reporters on Capitol Hill that the $600 weekly unemployment benefits are “ridiculous” and a disincentive for people to go back to work. Reducing them substantially is a top priority for Trump, he said.

Pelosi said, “This is wrong. We have to do what’s right for the American people,” Detroit News reported.

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The GOP bill also provides $1.7 billion for a new FBI headquarters in Washington, D.C. across the street from Trump’s hotel on Pennsylvania Avenue.

“They managed to have enough money for $2 billion for the FBI headquarters that benefits Trump hotel and they say they have no money for food assistance?” said Democratic leader Chuck Schumer. “What the heck is going on?”

The unemployment rate went from a 50-year low of 3.5 percent in February to 14.7 percent in April, then fell for two consecutive months. In June, unemployment was at 11.1 percent.

The U.S. has reported 4,446,397 coronavirus cases and 151,346 deaths.