Today July 26th, White House economic advisor Larry Kudlow confirmed there will be a second stimulus check of $1,200 to Americans and the government will lengthen the federal eviction moratorium.
Tomorrow, Republicans are expected to release the next relief bill of around $1 trillion. This bill will most likely extend unemployment benefits, have a second stimulus check, liability protection for business and funding for schools. It may also include $16 billion in new funds for testing and tax incentives to hire back employees.
Please note that the rest of this article is speculation and we do not know what is going to happen.
Okay, so when do you think the Second Stimulus Checks could be mailed?
This is high speculation but we found an article from CNET where they used the Senate calendar to estimate a rough timeline.
July 20 to Aug. 7: McConnell said that when Senators return to work on July 20 there will be a discussion on a new stimulus package.
This gives the Senate three weeks to create, debate, negotiate and pass a second stimulus check before the next recess. So let’s hope they can move quick!
If August 7th is the Date, When Would I get My Second Stimulus Check?
To estimate, let’s review what happened with the first stimulus checks. On March 27, 2020, the President signed the CARES Act into law and after about three weeks, the first stimulus checks started to go out.
If we just use past history as an example, it would take around three weeks for the first checks to be sent after the bill is signed by the President. Based on this timeline, the second stimulus checks could go out by August 26th.
Who could potentially qualify for a broad second stimulus payment?
This is just speculation from CNET, but here are the potential qualifications:
- Individuals who made less than $99,000 in 2018 or 2019 taxes (whichever was most recently filed).
- College students, dependents over 17, disabled relatives and a taxpayer’s parent.
- Families of up to five people.
- SSDI recipients.
- People who aren’t US citizens and file tax returns, pay taxes and otherwise comply with federal tax law using an individual taxpayer identification number (ITIN) instead of a Social Security number.
Please note that all these figures and information is speculation and we do not know exactly what is going to happen as of yet.
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