All your questions answered in 60 seconds
All your questions answered in 60 seconds

All your questions answered in 60 seconds

Last updated September 9, 2020 at 11:41.

With negotiations on yet another Covid-19 relief package stalled, many are asking if they will receive a second stimulus check. After reading (and writing) countless articles that covered the second question about stimulus checks piecemeal, it seemed appropriate to compile this list of questions and answers to keep you updated on the current status.

Second stimulus check frequently asked questions

Do you get another stimulus check from President Trump’s orders?

No. His executive orders (technically only one executive order; the other actions were through notes) included an increased unemployment benefit, student loan repayments, an eviction moratorium, and a payroll tax vacation. He did not authorize or otherwise instruct the Treasury Department to issue another stimulus payment.

Can the President approve another round of stimulus control by promulgation?

No. It requires action from Congress. Our founding fathers structured our government to include checks (no puns) and balances so that no branch of government possessed too much power. These checks and balances include who controls the wallet in Washington. Congress, and specifically House of Representatives has the power to tax and spend public money.

If the president can not issue a financial impact payment, then who can?

As mentioned above, it requires a congressional action. Several bills have been tabled in Parliament and the Senate demanding another incentive payment in varying amounts. Both Parliament and the Senate would have to vote in favor of one of these bills, or perhaps a new stimulating bill. Only then could the president sign the bill. That is what is required for the government to issue yet another stimulus check.

What proposals for stimulus checks are currently awaiting in Congress?

There are several bills that offer another stimulus check pending in Parliament and the Senate:

The Heroes Act (a bill passed by the House Democrats in May)

  • $ 1,200 for single taxpayers
  • $ 2,400 for joint taxpayers
  • $ 1,200 for each relative, regardless of age
  • Income Restrictions for Eligibility

HEALS law (a bill tabled by Senate Republicans in July)

  • $ 1,200 for single taxpayers
  • $ 2,400 for joint taxpayers
  • $ 500 for each relative, regardless of age
  • Income Restrictions for Eligibility

Coronavirus Assistance for American Families Act (introduced by four Republican senators in July)

  • $ 1,000 for single taxpayers
  • $ 2,000 for joint taxpayers
  • $ 1,000 for each relative, regardless of age
  • Income Restrictions for Eligibility

Isn’t there a stimulus check proposal that would pay $ 2,000?

Yes and no. In May, four Democratic senators led by Senator Kamala Harris (D-CA) introduced the Monthly Law on Economic Crisis Support. Unlike the other bills that propose a one-time payment, this bill calls for monthly payments that begin in March 2020 and end three months after the Covid-19 public health emergency ends.

The bill requires $ 2,000 monthly payments for single files and $ 4,000 monthly payments for shared files. It also provides $ 2,000 a month for up to three relatives. Given the enormous cost, among other issues, the bill has, in my opinion, no chance of ever becoming law.

What suggestion for the next stimulus check, if any, is likely to be allowed?

Until Friday, White House Chief of Staff Mark Meadows and Finance Minister Steve Mnuchin met with speaker Nancy Pelosi (D-CA) and minority leader Chuck Schumer (D-NY) in an attempt to reach agreement on a broad Covid-19 bill. Although they did not reveal details, comments made during press briefings suggest that they could very quickly reach agreement on the next stimulus check. The issues that hold up an agreement have to do, among other things, with funding for state and local authorities and improved unemployment benefits.

That said, it is almost certain that the second stimulus check, if one is passed, will be based on the Heroes Act and the HEALS Act.

How much will the second stimulus check be?

I expect the next payment amount to be $ 1,200 for single files and $ 2,400 for shared files. The age limit for relatives is likely to be removed. The amount for each relative is less clear, but $ 500 is most likely in my opinion.

Will the income requirements for the second stimulus check be the same as the first payment?

Probably with a reservation. Although we may not know it definitively until a final bill is signed into law, it is likely that the income limits (based on adjusted gross income) will be the same: $ 75,000 for single files, $ 112,500 for household heads, and $ 150,000 for shared files. . Taxpayers get a 5% reduction in their payment for AGI over these amounts. The one likely key difference is that the age limits for qualified relatives will be removed.

When is the second stimulus check issued?

First, a bill must be agreed and signed into law. At present, it is unknown when or if that will happen. Once a bill is signed into law, Finance Minister Steven Mnuchin has said he can get stimulus checks out in a week.

I have heard that some have already received another stimulus check. Is it true?

No. The government has not issued another stimulus check. Some recently received a portion of the first stimulus payment related to relatives who had not previously been paid. You can read more about this payment at IRS website (Question 53).

Do I have to do anything to receive the second stimulus check if and when it becomes available?

If it acts as the first payment, no action is required if you have submitted your federal tax return for 2018 or 2019. For recipients of Social Security and Railway Pensions who are not required to file a tax return, the IRS will use the SSA-1099 form and Form RRB-1099 to generate the economic impact payment.

The IRS also offers two useful tools:

I was not entitled to the first stimulus payment? Will I receive the second stimulus check?

Probably not. While the eligibility requirements will not be known with certainty until a bill is passed, the proposals reflect the income limits of the CARES Act. If your income disqualified you for the first payment, it will likely disqualify you for the second.

However, there are exceptions. The first stimulus check, and probably the second, are advance payments of a new temporary tax deduction, which eligible taxpayers can claim on their tax returns for 2020. The payments sent out earlier this year were based on tax returns for 2019 or 2018 of enjoyed as we first submit our 2020 declarations next year.

As a result, even if you did not receive a check due to your 2018 or 2019 returns, you may still be eligible based on your AGI in 2020. The downside is that even if you qualify, you will not receive the payments until after you submit your tax return for 2020 next year.

Where are the negotiations on another stimulus check?

Both sides have indicated they are ready to compromise on a comprehensive Covid-19 emergency law, which will include the next stimulus check. Mrs Pelosi said this on CNN’s State of the Union she is open to compromise on the increased unemployment benefit of $ 600. Although, of course, separate from a stimulus payment, it is one of the problems that prevents the parties from entering into an agreement.

Mr. also stated. Mnuchin’s willingness to reach a reasonable compromise. However, he did not provide details on the current stimulus package negotiations. At present, both parties continue to blame the other for the current stalemate in Congress.

Here are the latest comments from Senator McConnell on the next stimulus deal:

Does President Trump’s orders mean there will be no other stimulus control?

No. One has nothing to do with the other. Mr. Trump’s orders did not include a stimulus check because he is not authorized to issue them on his own. It requires action by Congress. Both Republicans and Democrats support sending out yet another round of direct payments. What keeps it up is disagreement on other issues.

If both parties agree on another stimulus payment, then why has it not gone out?

While they agree that another payment should be made, they disagree on other issues, such as unemployment benefits and support for state and local authorities. Republicans have expressed a willingness to pass legislation that covers issues that both parties agree on. So far, Democrats have rejected this proposal and instead prefer to wait until the parties can agree on a complete stimulus package.

This article was last updated on 11 August 2020 to include information on how Mr Trump’s orders affect another stimulus check. It will be further updated as further information on the next stimulus check becomes available.

How does the new Senate Republican Stimulus Act affect another stimulus check?

Senate Republicans introduced a targeted stimulus package worth about $ 500 billion. While it includes additional unemployment benefits, funding for schools and other important reliefs, it does not include another stimulus check. While a vote on the bill is expected, it is unlikely to be passed.

It is still unknown how this bill will affect another round of direct payments. Despite the bill, there is still bipartisan support for another stimulus check.

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