President Donald Trump’s killed over 211,000 in the US so far in 2020.has amped up pressure that funds a and other measures to push through the economic crisis. COVID-19 has infected over 7.4 million people and
“I am confident that we will have an agreement,” House Speaker Nancy Pelosi said Monday on MSNBC. “The timing of it I can’t say, because I don’t know.”
“The President’s committed to getting a deal done, but he wants to make sure that we move expeditiously but also in a fiscally responsible manner,” White House Chief of Staff Mark Meadows told Fox News on Monday.
With thenow less than a month out, these nine key facts about stimulus payments will help you understand the current situation, including if you are , how to estimate the size of your total check and how the stimulus payments are . This story is regularly updated with new information.
Trump’s COVID-19 illness could change the timeline
Trump on Monday returned to the White House after being cared for at the Walter Reed National Military Medical Center in Maryland. His treatment while in the hospital included the steroid dexamethasone and supplemental oxygen when needed, according to Trump’s personal physician, Dr. Sean Conley.
What exactly Trump’s situation means and whether it’ll affect the outcome of a stimulus package remains to be seen. But on Saturday, Trump’s Twitter account posted the president’s support for a new bill, a sign of urgency in the context of his illness.
Meanwhile, the main negotiators for Democrats and Republicans — Pelosi and Treasury Secretary Steven Mnuchin — have continued talks and appear to be closer to a deal than they’ve been in weeks.
A new stimulus bill has passed, but here’s what it actually means
The House of Representatives, as well as $600 a week in federal unemployment benefits and aid for airlines and restaurants ( ). But — and this is critical — this new take on the Heroes Act isn’t law. The negotiations for a different, bipartisan bill are still underway.
If the talks are successful, they could yield a completely new bill that both the House and Senate would then vote on. If talks aren’t successful, the US may need to wait to see what happens next (some plausible scenarios below). The House is officially on recess as of Friday, but can be called back to vote at any time.
One possible hurdle is getting Senate Republicans on board with the bill. Mnuchin has reached out with the outlines of the bill, 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 has said he’d reconvene to vote on a stimulus bill.
Both parties want you to get a new check for as much as $1,200
There’s strong bipartisan support to provide another direct payment(more on that below). Republican and Democratic lawmakers and Trump all say they want a solution that includes a second stimulus check, among other measures in the relief bill, such as .
Provisions for a second check have been part of, one authored by Democrats and two by Republicans.
The IRS could speed up the process of issuing checks
The IRS and Treasury Department sentto recipients within 19 days. Mnuchin has said he could send them much faster this time, once new legislation is signed.
“I could get out 50 million payments really quickly” and start making payments a week after a bill is signed, he said in August. We’ve .
You won’t pay taxes on stimulus money
The IRS didn’t receive everything you were owed this year, you can claim it as a credit on your 2020 federal income tax return by filing in 2021. Here’s ., and a payment you get this year won’t reduce your refund in 2021 or increase the amount you owe when you file your 2020 tax return. You also won’t have to repay part of your check if you qualify for a lower amount in 2021. The IRS said if you
Eligibility rules could shift to your advantage
While we think a second stimulus check would largely follow the same guidelines as the first,are subject to change. It might even benefit your family, if a new stimulus bill redefines .
Other notes on eligibility:
The IRS has a strategy for who gets their check and when
With the first stimulus check, the IRS and the Treasury Department sent payments three ways: direct deposit, physical checks and June), this is how the nearly 160 million payments break down:. According to the most recent numbers from the Treasury Department (from
- Direct deposit: 75%, or 120 million payments
- Paper check: 22%, or 35 million payments
- Prepaid EIP debit card: 3%, or 4 million payments
It’s expected you’ll receive your money fastest with direct deposit, followed by the check and then the EIP card. Read. The IRS automatically picks the payment method, but is likely to reopen its online portal that lets people if new legislation passes.
We already think we know how much money you may get
If you’reor are looking for an estimate of how much a second check could include, you can use our to get an idea for how much you, your family and may receive, especially if qualifications shift with another round of payments. Our calculator tool doesn’t retain your personal details in any way.
Payment details can get complicated
When and if a second stimulus check does get approved, the details will require some unraveling. While some situations are straightforward, other complications about you and your dependents may make it unclear if you’re eligible, the size of a check you should expect and when it’s coming. Fringe cases abound.
There’s much more to know about other government payments during the pandemic. Here’s what you need to know about, the and .