With all of this, it’s difficult to stay tunedto happen in Washington a with a . To keep things simple, we’ve identified the six most important facts that are currently known.
Read on for the key information you need to understand about ato the . We update this story regularly.
1. A new stimulus check is desired, but not yet here
The second stimulus check is strongly supported by both parties but is not a closed deal. The talks have now been suspended for over a month. Another payment is only made if a bill passes Congress or is funded by an executive order, which Trump pointed out in early September.
“It is very important that we have momentum that helps the areas of the economy that need support,” said Treasury Secretary Steven Mnuchin on September 14th [House Speaker Nancy Pelosi] I’m always available to negotiate, no conditions, “he said.
2. The IRS might send a second check faster than the first time
It took the IRS and Finance Department about two and a half weeks to send them outto authorized recipients. Mnuchin has said he could send them a lot faster this time once a deal is made.
“I could get 50 million payments very quickly,” Mnuchin said in August, a week after a bill was signed.
3. Qualifications can tip in your favor
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:
4. You can now estimate the size of your check
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 loved ones could expect, especially if qualifications shift due to another stimulus check. Our calculator tool does not save your personal data in any way.
5. How the IRS sends your stimulus money is important
To get money for economic aid to eligible Americans as quickly as possible, the IRS and the Treasury Department took a variety of approaches including direct deposits, physical checks, and. According to the latest figures from the finance department (in June), the nearly 160 million payments are divided as follows:
- Direct deposit: 75% or 120 million
- Paper check: 22% or 35 million
- Prepaid EIP debit card: 3% or 4 million
With the IRS continuing to urge people to set up a direct deposit in order to receive payments straight into their bank account, that number could be even higher. The quickest way to get your money is expected to be with direct deposit, followed by a check and EIP card. The IRS will automatically select the payment method but will likely open their portal forif you haven’t already.
6. The fine print can get complicated quickly
When and when a second stimulus test arrives, 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 .