Second Stimulus Checks Possible by October 12 at the earliest if Bipartisan Deal Reached by October 5
Second stimulus checks of $1,200 could still be sent out by October 12, that is if the Congress can reached a bipartisan deal on another COVID-19 relief package.
The hopes for second stimulus checks were rekindled when talks between House Speaker Nancy Pelosi and and Treasury Secretary Steven Mnuchin were restarted.
It shone a bit brighter after the House Democrats unveiled a new pared-down version of its Heroes Act that was $1.2 trillion less than what they originally offered on Monday, September 28.
What's more, its new offering of stimulus package dubbed as the Heroes Act 2.0 included not only provisions for second stimulus checks of $1,200 but it will also resume the giving of a monthly additional $600 unemployment checks until January.
However, the weekend has arrived with still no bipartisan deal on a new COVID-19 relief package as the White House pitched its own offering of a little over $1.5 trillion.
The House decided to pass the Heroes Act 2.0 on Thursday, October 1 and while the Senate vowed that they will not approved it, there is hope as talks between Pelosi and Mnuchin continues.
And, there is also that promise of Pelosi to keep the House in session until a deal is reached.
So, if a deal is reached in a couple of days, the first of the second stimulus checks could still be sent out on the week of October 12. This is if the House passes a legislation on October 5, the Senate follows through with its own bill the next day and President Trump signs on October 7.
For those who did not give their bank details to the IRS, paper checks could be mailed starting on the week of October 19 while the first Economic Impact Payment (EIP) cards will be sent out starting on the week of November 9.
Should both parties need more time to reach a bipartisan deal, and take until October 9 for the Congress to pass a bill, most likely the first direct deposit of the second stimulus checks could be done on the week of October 19.
That is if the Senate passes a final bill on October 13 and the president signs on October 14.
Should this be the case, the first paper checks will be sent out on the week of October 26 and the EIP cards on the week of November 16.
However, should the Congress not reached a deal before the election, it is certain that they would do so after the election.
And, should there be a change in administration, perhaps the House could only manage to pass a bill by December 1, the Senate on December 2 and the president signs on December 3, second stimulus checks could be sent out starting on the week of December 14 via direct deposits.
Paper checks will be sent out on the week of December 14 and the EIP cards on the week of January 11.
Or, the Congress could pass a bill on December 7, the Senate by December 8 and the president signs immediately a day after, the first of the second stimulus checks could be started by direct deposits on the week of December 14.
The paper checks could be sent out on the week of December 21 and the EIP on the week of January 18.
Check these out:
Stimulus Payments, $600 Unemployment Monthly Checks Included in Newly Unveiled Democratic Package
IRS Schedules Second Stimulus Check by October 12 As Soon As Congress Approves
Stimulus Checks: Key Dates To Remember If You Have Not Received Your Payment