CORONAVIRUS

Second stimulus check: possible second IRS payment due dates?

The US Congress is set to return on September 8 following summer recess with hopes that an agreement can be soon reached on a new coronavirus relief package.

Second stimulus check: possible second IRS payment due dates?

Before the summer recess holiday both Republicans and Democrats remained deadlocked over the details of a fifth stimulus package to bolster the US economy amid the ongoing Covid-19 crisis. With congress set to resume on 8 September, many US citizens are hoping for a quick resolution to the issue despite Democrats standing firm in their demands for the financial content of a new deal while the administration of President Donald Trump proposes increasingly watered-down versions to try and trim the overall cost to the federal financial situation.

How soon could a deal be struck ?

The earliest that a deal could be struck will be after Congress returns from vacation on 8 September but even then, it's unlikely that anything will happen immediately. The House of Representatives is not due to reconvene for voting until 14 September although members will remain on stand-by to return to Washington at 24-hours’ notice in the remote scenario that a deal on new stimulus legislation is struck.

Looking ahead to a potential agreement and subsequent payment, the earliest feasible and most optimistic date when beneficiaries would see money arriving in accounts via the IRS could be 23 September, though this is very much a 'best case scenario' with the most realistic outcome being payments made in the month of October to recipients.

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