“I am confident that we will reach an agreement,” said House spokeswoman Nancy Pelosi on Monday on MSNBC. “I can’t say the timing because I don’t know.”
“The president is committed to reaching an agreement, but he wants to make sure we are swift but also fiscally responsible,” White House chief of staff Mark Meadows told Fox News Monday.
With theNow, in less than a month, these nine key stimulus payments factors will help you understand the current situation, including if you are how to estimate the size of your entire check and what the stimulus payments are . This story is regularly updated with new information.
Trump’s COVID-19 illness could change the timeline
Trump returned to the White House on Monday after receiving care at Walter Reed National Military Medical Center in Maryland. According to Trump’s personal doctor, Dr. Sean Conley, his hospital treatment included the steroid dexamethasone and supplemental oxygen if necessary.
What exactly Trump’s situation means and whether it will affect the outcome of an economic stimulus package remains to be seen. But on Saturday, Trump’s Twitter account announced the president’s support for a new bill, a sign of urgency related to his illness.
Meanwhile, key Democratic and Republican negotiators – Pelosi and Treasury Secretary Steven Mnuchin – have continued talks and appear closer to a deal than they have been for weeks.
A new stimulus bill has been passed, but here’s what it actually means
The House of Representativesplus $ 600 a week in unemployment benefits and airline and restaurant aid ( ). But – and this is crucial – this new version of the Heroes Act is not law. Negotiations on another bipartisan law are still ongoing.
If the talks are successful, they could produce an entirely new bill that both the House and Senate would vote on. When conversations are not Successful, the US may have to wait to see what happens next (some plausible scenarios below). The house will officially be on break from Friday, but can be called back to vote at any time.
One possible hurdle is getting the Senate Republicans on board with the bill. Mnuchin has grappled with the outline of the law, according to The Washington Post, but Senate opposition could block a new package. Meanwhile, Senate Majority Leader Mitch McConnell paused Senate votes until Oct. 19 after three Republican Senators tested positive for COVID-19 but said he would convene again to vote on a stimulus package.
Both parties want you to receive a new check for $ 1,200
There is strong support from both parties to provide one more direct payment(more on this below). Republican and Democratic lawmakers, as well as Trump, all say they want a solution that includes a second business cycle review, such as: .
Provisions for a second review were part of, one from Democrats and two from Republicans.
The IRS could expedite the process of issuing checks
Sent to the IRS and Treasury Departmentto the recipient within 19 days. Mnuchin has said he could send them much faster this time once new laws are signed.
“I could get 50 million payments very quickly,” and start making payments a week after signing an invoice, he said in August. We have.
You will not pay taxes on stimulus funds
The IRSand a payment you receive that year won’t reduce your 2021 refund or increase the amount you owe when you file your 2020 tax return. You also don’t have to repay any part of your check if you qualify for a lower amount in 2021. The IRS said if you didn’t get all of what you owed this year, you can claim it as credit for your 2020 federal income tax return by filing it in 2021. Here is .
The conditions of participation can be shifted to your advantage
While we believe that a second stimulus check would follow largely the same guidelines as the first,Subject to changes. It could even benefit your family when a new stimulus bill is redefined .
Further information on eligibility:
The IRS has a strategy of who gets their check and when
With the initial stimulus check, the IRS and Treasury sent payments in three ways: direct deposit, physical checks, and. According to the latest figures from the finance department (as of June), the nearly 160 million payments are divided as follows:
- Direct deposit: 75% or 120 million payments
- Check: 22% or 35 million payments
- Prepaid EIP debit card: 3% or 4 million payments
The quickest way to get your money is expected to be with direct deposit, followed by a check and EIP card. Read. The IRS will automatically select the payment method, but will likely open their online portal which will allow people to be accepted when new laws are passed.
We already think we know how much money you can get
If you areIf you’re looking for an estimate of how much a second exam might involve, you can use ours to get an idea of how much you, your family and can get, especially if qualifications shift with another round of payments. Our calculator tool does not save your personal data in any way.
Payment details can get complicated
When and when a second stimulus test is approved, the details need to be deciphered. While some situations are straightforward, other complications for you and your loved ones can make it unclear whether you are eligible, how big a check should be and when it comes. There are plenty of marginal cases.
There is a lot more to know about other government payments during the pandemic. Here’s what you need to know, the and .