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Stimulus Checks

Will there be a second stimulus check?

There still remains the possibility of a second stimulus check of a maximum amount of $1,200 per adult. Payments expected until the first half of 2021.

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Will there be a second stimulus check?
SHAWN THEW EFE

There still remains the possibility of a second stimulus check of a maximum amount of $1,200 per adult. Democrats, Republicans and president Donald Trump have all backed a second round of stimulus checks which could arrive before the end of the year.

People who don’t normally file a tax return or don’t receive certain federal benefits have until October 15 to use the non-filers tool at irs.gov if they want to get up to $1,200 in aid for individuals and $2,400 for married couples by the end of the year. Many might also be entitled to an additional $500 payment for each dependent child who was under 17 at the end of 2019. You don’t need earned income or a job to qualify for a stimulus payment.

'Skinny bill' blocked in Senate

The Senate failed to move a Republican bill forward on Thursday, that included $500 billion of new aid.The bill did not receive the 60 votes needed to pass in the senate. The plan would have provided $300 per week in enhanced unemployment insurance benefits. However, another round of stimulus checks, which would cost $300 billion, were not in the proposal.

The economic impact payment is an advance credit for 2020. Under the Cares Act, the payments must be made by December 31. If people don’t receive the money by the end of the year, they still have an opportunity to get the stimulus funds. However, they’ll have to file a 2020 federal return in 2021.

The IRS could start sending more stimulus money, however even if a new check gets the go-ahead, you may not receive it as soon as everyone else, even if you qualify for more money. Approximately nine million Americans still haven't received the first direct payment that began in mid-April The same applies to parents awaiting their $500 share, and will have until September 30 to make a claim.

When and if another stimulus check gets the go ahead, Treasury Secretary Steven Mnuchin has said it would take about a week to mobilize the first payments. When the House returns next week, it will have 12 working days before it's scheduled to break again for the November election. The Senate has 22 working days during the current session, which started earlier this week, before it breaks for the election.

It's likely the IRS would use the same system for sending out the second stimulus check as it did for the first one, including the IRS Get My Payment tool for tracking your stimulus check and registering for direct deposit.

Who got their checks first?

The IRS sent the first batch of stimulus checks to people who had filed 2018 or 2019 tax returns and had already provided the IRS with their direct deposit information, according to the House Committee on Ways and Means.

The last date you might receive another stimulus check

The IRS will have been sending the first stimulus payments from April 15 to approximately December 31, 2020. A second stimulus check that's authorized before the end of 2020 could therefore still be paying out funds to qualified recipients through the first half of 2021.

It's likely that the IRS has streamlined its system enough to send checks to more people faster, but if the first round is any indication, there could be complications that could delay a second payment for many. Once again, the schedule for the first stimulus checks may indicate the timeline, but there's no official news until a law or executive action lays out the details.