Stimulus Check Update: Treasury JUST Released Stimulus Check Timeline (GOOD NEWS)

Stimulus Check Update: Treasury JUST Released Stimulus Check Timeline (GOOD NEWS)

If you’re looking for a possible date and a timeline for a second stimulus check, here’s a good place to start

Treasury Secretary Steven Mnuchin said this week on CNBC that As soon as the Senate gets back [from its current break],  the administration plans to sit down on a bipartisan basis with both Republicans and Democrats.  It will be a priority to make sure between the 20th and the end of July that legislation is passed.

The HEROES Act was passed by the Democratic Lead House of Representatives back in May.  The HEROES Act would give $1 trillion to state and local governments facing revenue shortfalls, $200 billion in hazard pay for essential frontline workers. 

The bill also includes a new round of direct payments to Americans.  Since May, this bill has been sitting on the desk of Senate Majority Leader’s Mitch McConnell’s desk, and has not even been debated on in the Senate.  The Heroes Act wasn’t perfect but it was something and at this point, something is better than nothing.

Members of the Senate may be in their home states on recess, but most likely are using this current break to collect data for work on a second package once the session resumes.  The Senate will be in session for three work weeks, until Friday, Aug. 7. That gives the Senate 15 working days (not including weekends) to debate a bill before its next summer recess.

Both Democrats and Republicans agree that a second stimulus is needed.  But just because a stimulus package is passed doesn’t mean that it will include stimulus checks to the people.  However; if both sides agree on sending individual stimulus checks to the people, It’s still possible for the IRS to start sending checks in August, if the House and Senate give it a green light by the end of July.

The passage of a second round of IRS payments depends on if lawmakers believe a direct payment to millions of people is the best way to respond to the current recession.

For now, we will have to wait until the Senate returns from its July recess to take up the next stimulus package. To receive a second check, the proposed rescue package would need to pass both the House and the Senate before receiving a signature from the president. Only then could it take effect.  

After that, the IRS will distribute those checks. But it could still be weeks more before you receive a payment.

We’ll continue to update this story with new information as new information comes up.  So subscribe below in that way you don’t miss anything.

Leave a Reply