2nd stimulus check
Economists warn that failing to inject another dose of fiscal stimulus could stall the recovery, given the ongoing pandemic and economic headwinds. Unless the election results dramatically shake up Washington, Senate Majority Leader Mitch McConnell suggested last week the aid could wait till early 2021, with new stimulus aid "something we'll need to do right at the beginning of the year," he said Oct. 30. Social Security beneficiaries: With the first stimulus payment, many Social Security beneficiaries who had direct deposit information on file with the federal government received checks in the first week, though not always the first day. "I can get out 50 million payments really quickly. Read more: Nobody can take your stimulus check away, right? Her ALL OR NONE approach is hurting hard-working Americans who need help NOW! But with talks on another economic assistance bill on hold till after Tuesday's election, individuals and families struggling to make ends meet continue to ask when they could look for another round of stimulus checks from the IRS. In August, Treasury Secretary Steven Mnuchin said it would take about a week to process the first payments. Although House Democrats and the Trump administration had narrowed their differences over another stimulus package — with the latest proposal approaching $2 trillion, including $1,200 stimulus checks and an extension of enhanced federal unemployment benefits — numerous Senate Republicans had made clear their opposition to the size of the package. We expect the IRS will adopt roughly the same system for sending out a second stimulus check in 2020 as it did with the first stimulus check, which was approved in March. “Because your letter to me inaccurately describes the status of our current negotiations, I feel obligated to respond,” he wrote. Possible dates a second stimulus check could go out, Nobody can take your stimulus check away, right? ", First published on October 7, 2020 / 5:37 PM. Mnuchin told CNBC earlier this month that "a deal would be hard to get done before the election.". The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. CORONAVIRUS RESOURCES: Live map tracker | Newsletter | Homepage. And a new ruling in California may bring hope for people who are incarcerated and didn't receive the first stimulus check, or who received it and were compelled to return the money. That means most folks would get a $1,200 check.

© 2020 Advance Local Media LLC. In May alone, the program boosted personal income by $842 billion, according to the Economic Policy Institute. Social Security beneficiaries: With the first stimulus payment, many Social Security beneficiaries who had direct deposit information on file with the federal government received checks in the first week, though not always the first day. And this week seemed to trend more toward the sides nearing a deal. Because, it has seemed, the window to get money into Americans' bank accounts before the end of 2020 could be close to closing. Registration on or use of this site constitutes acceptance of our User Agreement, Privacy Policy and Cookie Statement, and Your California Privacy Rights (each updated 1/1/20). Not quite, With talks shifting to after the election, we've mapped out some potential dates a bill could pass, and what it means for your check, depending how you'll get your money. Copyright © 2020 CBS Interactive Inc. All rights reserved. The exchange of letters illustrated why there was no stimulus bill before Election Day, even as Pelosi continued to express optimism for an agreement and said she hoped to have a deal by the end of the year even as she said she expected Joe Biden to be elected president next week. How your priority group -- and the congressional calendar -- may point to how long you might have to wait for another direct payment. Postal Service to help handle an expected unprecedented amount of absentee ballots, and a one-year suspension of the Republican tax law’s $10,000 cap on deducting state and local taxes. The House proposal would also funnel more money into efforts that Congress has supported in previous legislation. It calls for continuing the weekly. In fact, that’s what they are saying, publicly, now. We expect the IRS will adopt roughly the same system for sending out a second stimulus check in 2020 as it did with the first stimulus check, which was approved in March. Treasury Secretary Steven Mnuchin speaks with reporters about the coronavirus relief package negotiations at the White House on July 23, 2020.AP. Both Republicans and Democrats have proposed second $1,200 stimulus checks in the past five months. The big question now, though, is if an agreement is reached, when would the payments be received? I woke up this morning and read @SpeakerPelosi’s letter to me in the press.

A lot of it into people's direct accounts," he said.

Be in the know.

Otherwise, you may need to claim a catch-up payment or error adjustment as part of your 2020 federal tax return. All rights reserved (About Us). Some examples include people who didn't receive their allotted $500 for their dependents, some people who are involved in child-support situations and nonfilers who may be owed a stimulus check (including older adults or people who receive SSI or SSDI). Pelosi had previously rejected a $1.8 trillion proposal by the White House, arguing that it did not do enough on provisions such as testing and tracing and on funding for child care.

The sides agree that Americans need a second round of stimulus as the country continues to try to work its way through the coronavirus pandemic, but they are not finding their way to an agreement with Democrats reportedly featuring a relief package with a $2.2 trillion price tag and Republicans featuring a $1.8 trillion deal. How do I vote in my state in the 2020 election? "We know that very well because we represent those people.". Get the latest breaking news delivered straight to your inbox. But, it said, there are scenarios, too, in which an individual might receive a smaller check this time around. But it would be far more generous to many families with children, providing $1,200 per dependent up to a maximum of three dependents. Dr. Sanjay Gupta warns of 'exponential growth' of Covid-19 in US, self-employed, independent contractors, gig workers. If you're a US citizen abroad or live in a US territory and didn't receive a check as expected, you may also need to investigate. Like the first round of payments approved by Congress in March, new proposal calls for giving $1,200 to those earning up to $75,000 a year and $2,400 to couples without dependents making double that before phasing out. Please support the journalism you trust. They would also allocate $175 billion to help renters and homeowners and offer subsidies to help Americans who lose their employer-provided health insurance keep their coverage.

The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local. One important note is the speed at which the first checks would arrive. Even before the Senate adjourned, Wall Street analysts were skeptical about the odds of reaching a compromise on either a broad package or more limited measures, such as a stimulus payment, before the election.

Your support makes a difference. Earlier in the day, Pelosi released a letter she sent to Mnuchin outlining the differences that remained. By ANDREW TAYLOR. While most of the talk during these negotiations has featured a base that would see individuals receive $1,200 payments like the first round, Cnet.com pointed out that provisions around bonuses paid to those with dependents could mean payments much higher than $1,200. Does it even matter that the House passed the bill if the Senate is against it? What you should know for a future second payment. As with the initial round of checks, they would be distributed to everyone earning less than $75,000 per single taxpayer or $150,000 per married couple, regardless of whether they lost work or income. "We estimate the expiry of the [LWA] program will create a $600 billion (annualized) income cliff leaving household income roughly 3% below its pre-Covid level in October," Daco wrote. This story updates often. Live Updates: Trump and Biden holding their final 2020 campaign rallies, How Trump used COVID-19 to shut U.S. borders to migrant minors, Judge rejects attempt to block 127,000 drive-thru votes in Texas, Gunmen open fire in Vienna, killing 1 and wounding 15, Florida voters may boost minimum wage boost to $15 an hour, On election eve, U.S. A … People with more complex situations: This category includes people who received a check after June, are still waiting to receive their stimulus payment or did not know they need to complete an extra step. Not quite, With talks shifting to after the election, we've mapped out some potential dates a bill could pass, and what it means for your check, depending how you'll get your money. But Mr. Trump didn't mention renewing the program as a standalone funding effort, nor did Mnuchin earlier this month. Of course, we’ve seemed close before, too. “We’ve come to a fork in the road when it comes to the coronavirus,” Pelosi said at her press conference. And, second of all, we have plenty of work to do in the Joe Biden administration.”.

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