A strong bipartisan group has now emerged in the Congress and is pushing for a new stimulus payment. There might be some changes that you need to know. 

(Photo : Reutersconnect)

Receiving the second round of stimulus payment, particularly the stimulus checks, should not be complicated.

It is undeniable that millions of Americans are still waiting for the benefits under the CARES Act, which includes the $500 dependent stimulus payments.

There are many factors why qualified individuals did not receive their benefits from the first stimulus package until today. One of these is the failure to update information with the Internal Reserve Service (IRS), including bank account details.

With the possible new round of stimulus payment, these are the things that you should know: 

1. A New Stimulus Check

There is still a chance for a new $1,200 stimulus check. It could be through an executive order, implementing the use of the unspent $300 billion under the CARES Act, which President Donald Trump has been urging.It could also be through the approval of the roughly $2 trillion that has bipartisan support. 

The White House and lawmakers from both parties are optimistic that the second stimulus check could be delivered before the election.

In fact, Treasury Secretary Steven Mnuchin said on Monday: "It's very important that we have a stimulus that helps the areas of the economy that need support. I've told [House Speaker Nancy Pelosi] I'm available anytime to negotiate, no conditions." 

2. The IRS Might Send the Second Check Faster

Mnuchin assured that payment for the second stimulus check would be faster. Last month, he said he could quickly get out $50 million payments and start sending them a week after a bill is signed.

The federal government took them about two and a half weeks to send the first stimulus checks.

3. Qualifications

If a new coronavirus relief stimulus bill is signed into law, there will be some changes to who will qualify. However, you do not need to worry because these changes will likely benefit your family more. The new bill will redefine who counts as qualifying dependents. These are the things that you should know: 

  • Your Adjusted Gross Income will have a huge role in the new stimulus payment
  • People who are not required to file taxes could also get a check
  • Children under 16 years old could get a $500 dependent stimulus payment

4. How Additional Money Could Arrive

The IRS wants to send the money as quickly as possible to eligible Americans. The Treasury Department also took several approaches to send the money, like through direct deposit, physical checks, and EIP cards. This is how the 160 million Americans got their payments during the first round: 

  • Direct Deposit: 75 percent or 120 million
  • Paper Check: 22 percent or 35 million
  • EIP Card: 3 percent or 4 million

These are just some of the things you should remember about the new stimulus payment with strong bipartisan support.

The tension within the rank of Democrats putting a pile of pressure on Pelosi to act on the stimulus payment is a good sign that the financial aid will likely arrive before the election or before the government shuts down. 

Check these out!