Late last week House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin suggested they would soon continue talks about a possible second stimulus package. Such a package would almost certainly include another round of stimulus payments to individuals. But while Democrats and Republicans seem to agree a second stimulus payment is necessary, they differ on the amount of that payment as well as other aspects of any new stimulus package.
Meanwhile the economy crawls along, households continue to struggle and the election creeps closer. The good news is that all parties involved agree that another round direct payments is critical. President Trump is also eager to put money in the hands of consumers.
Another piece of good news is that politicians would like to have that money in the hands of voters before the election on November 3. Dependent eligibility would also be expanded. In the last round of stimulus, about 13 million people, between the ages 17 and 24, were claimed as dependents and did not receive a payment. A second stimulus may very well bring in all agesincluding college students and adult dependents.
For all the CARES Act payments75 percent million were issued through direct deposit, 22 percent 35 million through physical check and three percent 4 million through prepaid EIP debit card. This time around, Mnuchin believes up to 50 million payments could start arriving the week after the president signs off. Given delays the first time around, however, many people could once again wait weeks if not months to receive their payments.
The best way to ensure your payment arrives as early as possible is to sign up for direct deposit. If you passed along your banking details to the IRS to receive a tax refund, they already have your information. Likewise, if you signed up with the IRS for the first stimulus payment, you should be all set. The current troubled economy has millions of American households struggling to make ends meet. The last stimulus package expired two months ago. And the election grows closer by the day, meaning less time for campaigning.Valeant pharmaceuticals class action
A second stimulus payment is far from imminent. But here are a couple possible timelines for that money reaching your bank account. The House is scheduled to go on recess October 2, though Speaker Pelosi has signaled a willingness to postpone their next break. The Senate break is scheduled to start October 9, though that date could change as well.
But as the election gets closer, the likelihood of a pre-election stimulus payment grows slimmer. CBS2 Videos. Giants New York Giants. Jets New York Jets. Yanks New York Yankees. Mets New York Mets. Knicks New York Knicks.
Nets New Jersey Nets. Rangers New York Rangers. Best Of.Partisan bickering and Senate disputes over the HEROES Act have placed doubt on when -- or if -- Americans will receive a second coronavirus relief stimulus check over the coming weeks.
But the likelihood Americans will receive a broad second round of direct deposits is quickly fading. Republican Senate Majority Leader Mitch McConnell asked for a "pause" on all stimulus discussions until some time next month at the earliest. Oregon Senator Ron Wyden told The Hill last week that another general round of direct deposits is not his top priority: "My top priorities are tying expanded unemployment benefits to economic conditions and providing more help for the smallest of small businesses.
A wide range of finance experts responded to Congress' infighting by saying it is now very unlikely that any stimulus package will be passed that includes direct deposits to Americans. Newsweek reached out to Wyden's office for additional commentary Saturday afternoon.
Trump wants Congress to approve more $1,200 stimulus checks. That may not be easy
Those benefits are set to expire at the end of July. A senior Trump administration official said the president likes the idea, The Washington Post reported Friday. And it will be narrowly crafted, designed to help us where we are a month from now, not where we were three months ago.
House Democrats immediately criticized the top Senate Republican: "Leader McConnell thinks Congress should pause it's response to this crisis.Netgear d6400 openwrt
Last time I checked, the virus isn't taking a pause. Neither should we. The Senate must pass the HeroesAct immediately. Millions are food insecure.
Everyday Americans are at risk of losing their homes. It's time for the Senate to act.
Second stimulus check: Updates on negotiations in Congress today and Trump’s status
Labor Department data shows one-in-four American workers have filed for unemployment benefits during the pandemic.Washington, D. The package appears to include adult dependents as well, whereas the first round did not include children age 17 or older, such as college students. If Congress reaches a deal by the time the session ends Aug. The Senate will continue to debate the HEALS Act this week, which includes a package of separate bills to gives Congress the option of passing parts of the agenda now and others later.
How much will I get in second stimulus check? You can find out how much you would be eligible for by using the free Omni Calculator tool embedded below. Coronavirus in NY: Cases, maps, charts and resources. Syracuse school district announces reopening plan: High school kids will be learning from home. Complete coronavirus coverage on syracuse. Note to readers: if you purchase something through one of our affiliate links we may earn a commission.2nd Stimulus Check Update -- When Will The Senate Vote -- When Will We Get the Money, If It's Passed
All rights reserved About Us. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. Community Rules apply to all content you upload or otherwise submit to this site. Ad Choices. Connect with your community. Subscribe to syracuse. Facebook Share. Twitter Share. By Geoff Herbert gherbert syracuse.The president tweeted on Tuesday night he supports stand-alone legislation to authorize those payments.
That was a reversal from his position earlier in the day, when he said he wanted Washington lawmakers to hold off on stimulus negotiations until after the election. It's unclear, however, whether that call to action from the commander in chief will encourage the divided parties to come together and approve more one-time payments. More from Your Money Mindset: What to know before investing stimulus money Consider these factors before accepting an early retirement package Many forced to raid retirement money amid pandemic.
But while Trump is pointing to Pelosi for the next move, people should really be looking to the Senate, said Ed Mills, Washington policy analyst at Raymond James. The Senate is not scheduled to be in session again until Oct. At that point, it also plans to take up confirmation hearings for the Supreme Court justice nominee, Amy Coney Barrett. That's in contrast to the first round of checks, which only went to those who are U. While millions of the payments went out within weeks through direct deposits, millions of other Americans waited for months to receive paper checks or debit cards.
The stimulus checks could reach some people faster the second time around, now that the IRS has direct deposit information for more Americans and has patched up some of the delivery errors that happened with the first deployment.
Still, the aid would be untargeted and could still face some delivery glitches, noted Bill Hoagland, senior vice president at the Bipartisan Policy Center and a former Senate staff member. Consequently, the money, if approved, might not reach Americans before the election, even as voting has already started to get underway.
More stimulus checks are probably a long shot now, Hoagland said. One key reason: Pelosi and the Democrats are not likely to approve checks with Trump's name on them right before the election, he said. Aid for the airlines has the best prospects for getting through now, he said, though it only has about a chance. The next opportunity to get something done could come with the Dec. But additional aid could be pushed even further, according to Mills, based on which way the election goes.
A Trump reelection could lead to the quickest deal, while a Democratic sweep could result in the largest amount of money. The second scenario might be delayed until after the inauguration in January.
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All Rights Reserved.Americans hoping for a second stimulus check are turning to Google for answers as Congress mulls over a further coronavirus relief bill. Senate Republicans have indicated further measures are expected, with Majority Leader Mitch McConnell R-KY stating there was a "high likelihood that we will do another rescue package. Instead, Republicans want to look at the impact of previous measures, such as the CARES Act, before assessing what action should be taken next.
While another bill looks likely, the chance of a second round of stimulus checks is less certain.Edit whatsapp database file
Alternative measures could instead be favored. However, Americans appear keen to receive a second such round of payments, as they contend with the economic turmoil spurred by the COVID crisis. Over the past seven days in America, searches for "2nd round of stimulus check approved" were up 4, percent, while "when will the senate vote on the next stimulus package" was up by 2, percent, according to Google Trends. The search "did the second stimulus check get approved" was up by 4, percent in the same time frame.
Over the last day searches for "are we going to have a second stimulus check" and "will there be a second round of stimulus check" rose by and percent respectively, while "second stimulus check date" is up 3, percent over the last seven days.
Questions are also being asked over the HEROES Act specifically, with the search "did the heroes act pass" up by 2, percent in the last seven days. With the Senate adjourned until June 1, there will be no decision on a second relief bill this month. However, there appears to be a consensus that something will be donewith the extent of what that may be being up for question.
At present, it looks as though Senators will head into negotiations once the recess ends in June, attempting to pass something before the July Fourth break. Treasury Secretary Steven Mnuchin also said he thinks there is a "strong likelihood" another stimulus bill will be required.
Federal Reserve Chair Jerome Powell previously said such action might be necessary to stem long-term economic damage. President Donald Trump also previously said a second round of direct payments was under serious consideration.
With Americans keen for further support, Democrats and the GOP have clashed over the sense of "urgency" for another relief bill. And the Senate needs to act now. Pelosi said in a recent statement that "Leader McConnell and the Senate GOP need to come to the negotiating table to help deliver the relief to protect lives and livelihoods. A handful of Republican senators have also urged something to be passed sooner, despite McConnell insisting he did not want anything pushed through until congressional leaders had done a "good job of evaluating what we've already done.
There have been calls from some senators for monthly payments to be made throughout the crisis. Vermont Senator Bernie Sanders along with Sens. It comes as employment numbers continue to go up, with nearly 39 million having filed claims throughout the outbreak. Coronavirus numbers continue to increase across the U. The graphic below, from Statistashows the countries with the most cases.That is our responsibility to do so, and I believe that we will," she said. Still, the House vote late Thursday put House Democrats on record shortly before Election Day in support of new spending to help pull the economy out of its coronavirus -induced downturn.
Onlyjobs were created last month, the Labor Department reported Friday. But the legislation received no Republican votes and the Senate is not likely to take it up. Mikie Sherrill, Dth Dist.
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Second stimulus check: House passes stimulus bill; Is second payment dead?
Facebook Share. Twitter Share. By Jonathan D.While we've faced economic contractions and recessions before, we've never dealt with the unprecedented nature of disruption brought on by COVID With the understanding that shutting down nonessential businesses would lead to catastrophic economic damage, lawmakers passed and the president signed the Coronavirus Aid, Relief, and Economic Security CARES Act into law on March Though the CARES Act was a much-needed step in the right direction for financially strapped workers, seniors, and families, it simply hasn't done enough for most folks.
In fact, approximately three-quarters of Economic Impact Payment recipients used the entirety of their payout in four weeks or less. Considering that the U. To date, more than a half dozen second stimulus proposals have been introduced in Washington, D. Furthermore, all dependents can qualify to bolster the payout of what a parent or household receives, not just those under the age of As long as a noncitizen has a taxpayer identification number, that person could qualify for a payment.
With this second stimulus bill now in the Senate, attention now turns to what aspects of the bill may need some tweaking to get the Republican-led Senate onboard. First of all, there's real concern among Republicans in the Senate that expanding unemployment benefit protections will have long-term negative consequences on the U.
This would delay the restart of the U. Unemployment benefits aren't subject to Social Security's payroll tax. Democrats and Republicans have long-standing ideological differences when it comes to nonresident aliens living in the United States. Even though some of these nonresidents are paying federal tax via a taxpayer identification number, they aren't guaranteed a pathway to citizenship. Third and finally, it could be difficult to convince Senate Republicans based solely on cost.
While I do believe the possibility of another round of stimulus has grown significantly in recent weeks, I don't believe the HEROES Act, as it's currently written, has a chance of passing the Republican-led Senate. Investing Best Accounts. Stock Market Basics. Stock Market.
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