The Second Stimulus Check: With the unprecedented pandemic that has swept across the world, businesses, whole industries and the entire world has generally shut down.
Life as we know it has been brought to a standstill. The effects of this are devastating, not only on the people being stuck inside their house, but economically and financially. With people unable to go outside and spend their money, and with businesses being shutdown worldwide, the economy has taken a huge hit, and a second stimulus check may be needed. With so many people being let go from their jobs due to businesses being unsure about the future of their company, the workforce has taken a hit also and people are less willing to spend money in general. This decreased spending has left many businesses in the dust, and the economy has taken a serious tumble. It is understandable that if someone has lost their main stream of income, and others are unsure about the future of the economy, that they have decreased their spending significantly. Having recognized this, the US government has attempted to stimulate the economy through the use of a stimulus check, in which the citizens of America would be issued $1200 per adult and $500 per qualifying child. The stimulus check helped increase household spending, with those who did not have cash on hand spending almost half of it within 10 days, and the those who did have cash on hand generally saving the amount. This has been somewhat effective at stimulating the economy, however it is not enough to save it.
There have been talks of a second stimulus check in the next COVID-19 relief bill, however nothing is concrete just yet. If there is a second stimulus check, it is expected to cap out at $1200, just like the first one. There have been many questions raised about the second stimulus check, and it is urgent that one is issued in order to combat the surge of non-spending and unemployment that is plaguing the US at the moment.
What you need to know about The Second Stimulus Check:
When are we getting our second stimulus check?
It is not currently confirmed if a second stimulus check is on the way, however it being urged by members of Congress and economists across the country, due to the increasing levels of unemployment and decreased level of spending in general. With current members of Congress on a recess, there are only a handful of days until they return to work on November 30th in order to wrap up the final bits of business that they have to attend to before the year ends. Many people across the country are asking for a second stimulus check before the end of 2020, including lawmakers on both sides of the election.
If the second stimulus check is approved, the IRS could start dole out payments in time for the Christmas holidays, which would be largely helpful to the spending in the economy, especially during this holiday period. If a second stimulus check is a go, the IRS has a specific system set up in place in this event. The aim of the system is to deliver the payments at a faster pace than that of the first ones, in order for all citizens of America to receive their payments in time for the Christmas holidays to maximize spending and stimulation of the economy. There are many speculative dates of when the second stimulus check could come into play and start being sent out, that is if they are approved before or after Inauguration Day on January the 20th.
However, even if the payments were sent out faster due to the IRS’s specified system in place, it does not necessarily mean you will be receiving them a week after the bill is passed.
So when do we get the second stimulus check?
There are many speculative dates and scenarios that could play out that will determine when the second stimulus check gets sent out.
Many of these scenarios involve the bill being during early December, and the actual payments being sent out during the months of January, February, March and the latest being April. The IRS is not able to send out payments to everyone at once for a few reasons; however they will be able to send out payments directly to 160 million people in the US, as they already have their direct deposit information available to them. This creates a certain priority that will allow some Americans to receive their payments days, or maybe even weeks before others. The IRS has stated that it will be able to send out 5-7 million paper payments per week to citizens of the US, starting with those who have a lower income than others ($20,000 or less) and progressively moving onto those with higher and higher incomes.
Who gets a second stimulus check?
There are many ways to see who would receive a second stimulus check and who will be receiving what. Who will be receiving what can be categorized and explained.
Direct deposit recipients
Those people who already have their direct deposit information available to the IRS or those who provide this information when registration reopens will be the priority. They will receive the payments first, as an electronic funds transfer is the fastest way to receive money and thereby these people will be the priority when it comes to receiving a second stimulus check.
People who get paper checks
The IRS will send out payments through mail a week after to those people who do not have any direct deposit information on their system.
Social security recipients
Like the first payments, those receiving a second stimulus check such as social security recipients will do so as they have their information stored on the system with the federal government, within the first week, though usually it is not on the first day.
Economic Impact Payment card recipients
An Economic Impact Payment card is a form of the second stimulus check, as they are cards which contain the amount on them and can be used as a payment method. If the IRS decides to use the same order of priority as they did for the first payments, then this group of people will see their payments coming in weeks after the first payments have gone out.
People in differing situations
This category is for those people who received their first payments after June or for those who have not received their first payments. Direct payments are to continue through to the end of the year for those who are not categorized in the other previously mentioned categories.
These categories should make it reassuring for if you are trying to figure out “are they going to send out a second stimulus check?”
What if there is no second stimulus check?
Quite a few federal programs designed to assist those families who are struggling through the economic implications of the pandemic are going to expire fairly soon towards the end of the year. A large number of leaders in Congress are calling for the reintroduction of a second stimulus check in order to stimulate the economy further and to continue assisting those in need.
This bill has not passed as of yet, and it is important to consider what will happen if it does not. A second stimulus check is not guaranteed, and it may not be deemed as necessary due to the COVID-19 vaccine which is currently on track and is looking to be available soon. With the introduction of a vaccine, life will be able to return to normal and the economy should slowly start to recover. However, it is important to consider that not everybody will be receiving the vaccine at the same time, and distribution of the vaccine is looking to be during the middle of 2020. So that begs the question, are they going to send out a second stimulus check and second stimulus check update news.
Increased spending for unemployed assistance
Unemployed assistance looked to receive a further $600 per week for individuals who are deemed as currently unemployed, taken from the second stimulus check program. When that program ran out in July, the previous president Donald Trump signed an executive order of $300 a week unemployed assistance, also taken from the second stimulus check program. The unemployment rate is currently higher than ever in the US, with over 20 million people claiming benefits for unemployment assistance, and if a second stimulus check bill does not pass then more money will be placed into this program. This form of assistance can help to assist those in need with food, family, rent and other essentials.
Helping small businesses to pay wages to workers
Spending taken from the second stimulus check program will also be allocated to those small businesses and those who are currently employed. The Payroll Protection Program, a part of the CARES Act, was set up by the government in order to provide employers with the assistance needed to pay the wages of their staff. The result of this is that employees who are currently working will be able to keep their jobs and have greater job security in these uncertain times. Both Democrats and Republicans have pushed for a renewal of this program if the second stimulus check program does not pass.
Protection from eviction
A 120 day moratorium was put into place by the CARES Act, in order to stop landlords from evicting tenants who could not afford rent. This has been a huge issue during the pandemic, as many tenants have been placed out of work due to the situation and thus they are unable to afford the rent for their places of living. A recent US Census study showed that 1 in 5 renters could not afford their current rent due to the coronavirus situation. A decrease in protections for the American tenant could prove to be devastating, which would also combine with an increase in personal bankruptcy claims.
With Congress on recess till after Thanksgiving, those in power will have to act very quickly in order to keep these protections and to create a short term fix taken from the second stimulus check program in order to keep this from happening.
What is the latest news on the second stimulus check?
The second stimulus check program is still up for debate, and with Congress on recess currently, there is not a lot of time for an implementation of it into the federal budget. Some of the latest news includes the benefits that are looking to be cut if no second stimulus check program is to be implemented.
Here are some of the latest second stimulus check news updates, as we know them.
The Treasury Secretary Steven Mnuchin is set to meet with Chief of Staff Mark Meadows, House Minority Leader Kevin McCarthy and Senate Majority Leader Mitch McConnell in order to discuss a stimulus package or a “targeted bill”.
Many states throughout the US are looking to head into a lockdown ahead of President Elect Biden’s taking over of government, and this discussion brings about good news or economic pressure relief. One of Biden’s calls for legislation involves the use of a stimulus package of sorts, possibly including a second stimulus check. There is no clear way to see how his inauguration will have on a second stimulus check; however it is more positive as he is looking into these forms of payments through his calls for legislations. Biden aims to plan a path of strong recovery through the coronavirus pandemic, and has a detailed plan on his website detailing the economic recovery he aims to obtain through his presidency. This plan includes monthly social security payments and a minimum of $10,000 taken off of student loans as a forgiveness.
Biden aims to help promote economic recovery through his plan and help to relieve pressure if states are poised to go into lockdown.
So is there any new news on the second stimulus check?
The truth be told, we will not know if the second stimulus check will pass, and Congress is currently in a recess, meaning that any major decisions will not be made until they come back into play later this year. The only thing that can really be provided is a timeline on events that may play out regarding the passing of the second stimulus check. A new wave of elected officials has will enter office in the coming few months. Whether or not lawmakers and negotiators will agree on a new package will determine whether or not the second stimulus check will come into fruition. If a deal will happen, it will likely only happen after the aftermath of the presidential election has passed and the dust has settled. With that being said, the lead lawmakers and negotiators are currently working in order to agree on a package. It is entirely possible that a bill could be passed that does even include payments to citizens of America, while providing relief to other programs which will also be beneficial.
Republicans and Democrats are currently at an impasse as to what to do about packages. Both of them have differing opinions on what should be entailed within a package and neither of them have budged from their respective opinions on the matter. The Democrats have held a steadfast view that a package should contain a larger bill with a second stimulus check, and Republicans holding the opinion that a package should contain a smaller relief program as a delay before the coronavirus vaccine is released. There is a lot more pressure for Democrats and president elect Joe Biden to support a smaller relief package in contrast to their $2.2 trillion Heroes Act, which involves having a second stimulus check and more money for dependents, as well as unemployment benefits and other programs being funded. The idea behind the Heroes Act is to provide some aid and relief while waiting for president elect Joe Biden to take office, in which more aid will be provided from thereon after.
Here is what is known so far about possible separate scenarios, in our second stimulus check news update.
A bill is passed before January the 20th
This is one of the more positive scenarios, with a bill passing before president elect Joe Biden is inaugurated as the 46th president of the United States.
In this scenario, an agreement is made and the Senate and the current House vote to pass a bill before a new Congress enters office in January. In this scenario, Trump would sign a new rescue bill into commencement and a second stimulus check would be sent out, as well as other aid, with specific groups receiving aid and help before the end of the year.
Funding is included in a bill that also funds the government
In this scenario, a bit of funding such as unemployment assistance or an extension of the moratorium on evictions (previously held programs) are continued in a bill, as well as keeping the government funded past the end of the year in order to avoid another shutdown. As the current sitting president, Donald Trump would have to sign this bill in order for it to pass and turn into law to take effect.
Lawmakers and negotiators agree on a bill however it fails
When passing a bill, it needs to get through both Senate and House.
Republicans and Democrats can attempt to advance their own bill proposals, however these could ultimately fail in both the Senate and the House.
They can try again after the new president elect Joe Biden is inaugurated as President of the United States.
Negotiations once again fall apart after January the 20th
If a bill fails, it is likely they will try again after January the 20th.
This is because there is a new Congress entering office and they might be more likely to succeed then, depending on how they view their proposal.
So, what is there you can take away from the second stimulus check news update above?
Ultimately, the possibility of a second stimulus check is in limbo right now.
The Republican and Democrat parties cannot agree on what should be contained within a package. The Republican party would want a small relief package which would provide aid and relief until the middle of 2021 in which a coronavirus vaccine is likely, whereas the Democrat party would like to spend $2.1 trillion on the Heroes Act, where a second stimulus check would be sent out as well as funding for various other programs to do with aid and relief, including extending the moratorium on evictions and increased spending on unemployment assistance. With the president elect Joe Biden looking to be inaugurated on January the 20th, Trump will still hold power in office, although many decisions being made will be swayed due to Joe Biden looking to enter office in the next coming months. Congress is currently on a recess and will not be resuming decision making for a few more months. Many programs that provide aid and relief to the citizens of America will expire soon, and the decisions that will be made later will affect their continuation or their expiry. The result of all this is that the possibility of a second stimulus check is in the air but not guaranteed at all, and neither party can agree on a middle ground, meaning it will stay in the air until Congress recommences its decision making.
For many people, a second stimulus check is seen as necessary to stimulate the economy of America which has taken a large hit as a result of the pandemic, as well as to assist those in need who are struggling throughout the environment created by the pandemic. News about the second stimulus check has been mostly the same since Joe Biden became the president elect, and will not have any meaningful updates until Congress recommences.
Until then, the United States remains in limbo.
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