By Michelle Jones. Originally published at ValueWalk.
Many are excited to hear that President Donald Trump supports a second stimulus check, but what is the date when that check might arrive? Whether or not a second round of checks even makes it into the phase four stimulus package is still up for debate, but if it does, it could be a while before more money makes its way to you.
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What will be the date of the second stimulus check?
Trump said in an interview with Scripps that he expects the announcement date of the second round of stimulus checks to be in a couple of weeks. However, the problem with that timing is that lawmakers will be out on recess then.
The Senate has said it doesn’t even want to take up the question of the phase four stimulus package until after the two-week recess that starts on July 3. That would mean the debate over what should be in that package probably won’t begin in the Senate until at least July 20.
CNBC notes that if lawmakers don’t even start negotiating on a second round of stimulus checks until a date in late July, it could mean that the payments won’t be sent until at least August. The good news is that if lawmakers do finally agree that more direct payments are necessary, they should come much faster than the first round of payments did.
As with the first round, people who have already given the IRS their direct deposit information will be the first to receive their payments. Tax Foundation Senior Policy Analyst Garrett Watson said people with direct deposit info on file could get their second stimulus check within a few weeks of the legislation getting passed.
Other people who had to wait a while for their first check may also receive it much faster, like Social Security beneficiaries, Supplemental Security Income recipients and Veteran’s Administration beneficiaries.
Will lawmakers agree on more checks?
Lawmakers will continue to debate about what should be in the phase four stimulus package, including whether a second round of checks should be included. White House officials seem to be warming to the idea now that Trump has said that they will be sending more checks, but Republicans in Congress could take a bit more convincing.
Many are concerned about the ballooning federal deficit. The first round of checks cost about $300 billion, so if the second checks are the same amount and have the same rules for eligibility, that would cost another $300 billion.
However, some White House officials have said the Trump administration is considering targeting lower-income people more closely with the second round of checks. That could mean fewer people receive direct payments.
The post Second stimulus check date: We could be waiting awhile appeared first on ValueWalk.
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