While negotiations continue for the second stimulus package, many Americans’ main concern is that second stimulus check. Here’s where we are as of today, and what needs to happen before that check goes in the mail.

Is a $1,200 Check Still Coming?

The answer is, of course, complicated. That being said, the answer is most likely yes, Americans should be receiving another round of stimulus checks. Republicans and Democrats both seem to agree that a stimulus check should be included in the next economic stimulus package – which is a good thing. The issue is, they have to agree on the other components of the package before the stimulus check is official.

Why Is It Taking So Long?

The stimulus check is part of a larger economic recovery package that needs to pass first. Democrats proposed a $3 trillion stimulus package called the HEROES Act. Republicans have their own version of relief package in the amount of $1 trillion, called the HEALS Act.  The goal is to find a middle ground between the two packages, but this is proving to be difficult. Although both sides have said they are willing to negotiate, a middle ground has yet to be found.

As negotiations stalled, Trump signed one executive order and three memoranda that included eviction relief, extended the enhanced federal unemployment benefits, provided student loan relief and a payroll tax cut. However, there are questions of whether this will ultimately help Americans, and if Trump is legally able to make these decisions.

When Will I Receive My Check?

This is the million dollar question (or, I suppose it’s the $1,200 question). While most agree the stimulus check will be included in the final package, there are several scenarios that will influence the timing of the checks.

The biggest hurdle is passing the economic relief package. Best case scenario is Republicans and Democratic negotiators pick discussions back up and reach an agreement this week. That’s looking more doubtful everyday, so let’s assume negotiations will continue into next week.

The original CARES Act was passed by the Senate on March 25th, passed by the House on March 26th and signed March 27th. The first checks were sent out on April 15th. Using this timeline, if the Senate passes the package on August 17th, and the House passes it on August 18th then the bill could be signed into law as quickly as August 19th. In this scenario, the first checks could be sent out by the week of August 31st.

However, as negotiations stall, the possibility of the package being approved next week is looking less and less feasible. If the bill isn’t passed by the Senate until September 8th, using the same timeline, checks wouldn’t be sent out until the week of September 21st.

The Good News?

While there is always the possibility of this bill dying, and millions of Americans not getting the relief they need – that’s doubtful. There is a lot of pressure on both sides to get this package passed, and both sides continue to say they are willing to negotiate. The amount and details of the check seems to be the same as the original:

  • Individual tax filers with adjusted gross income up to $75,000 (up to $150,000 for married couples filing joint returns) received the full payment.
  • For filers with income above those amounts, the payment amount was reduced and then phased out for individuals whose income exceeded $99,000 (or $198,000 for joint filers with no children). 
  • Parents also received $500 for each qualifying child from the first check.

And the IRS is in a better position to get the checks out quicker than the first round since they now have the infrastructure in place. They are ready to hit the button, they just need the word.