By Aman Jain. Originally published at ValueWalk.
The Senate is finally expected to release its version of the next stimulus bill this week. This does not mean that the IRS will start sending stimulus checks next week. The bill must be approved before the IRS can start sending the checks. Here are some possible dates when you could get a second coronavirus stimulus check if it is proposed and approved this week.
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Lawmakers want to send checks in August
For now, there is no confirmation on the dates when the next stimulus checks will be sent. To determine the dates for the next round of coronavirus stimulus checks, we can take a hint from the timeline of the first checks and lawmakers’ comments and intent.
Before we move to the dates of the first round of coronavirus stimulus checks, let’s talk about how quickly lawmakers want to send the next round of stimulus checks.
On Saturday, Treasury Secretary Steven Mnuchin said they would be sending most of the stimulus checks in August.
Without offering specific dates for the next round of coronavirus stimulus checks, Mnuchin said, “We’re prepared to move quickly.”
Many other lawmakers have also suggested sending the stimulus checks in August.
Before we move to guess the specific dates for the next round of coronavirus stimulus checks, you must know the process that the bill must go through before it becomes law. After the Senate introduces its version of the stimulus package, the bill will go through at least one round of negotiation before it is approved by both chambers of Congress.
After this approval, the bill will be sent to President Donald Trump for final approval. Once the president signs it, the bill turns into law, and the IRS starts preparations to send the checs.
Coronavirus stimulus checks dates
The CARES Act’s timeline will give us some hints about the specific dates of the next round of coronavirus stimulus checks. The CARES Act was passed by the Senate on March 25. On the next day, it was passed by the House. The president signed it on March 27, and the first checks were sent on April 15.
For the next stimulus package, suppose the Senate proposes the bill today or in the next couple of days. If the bill is presented today, negotiations could start tomorrow. Considering the urgency, the longest negotiations can last is this week.
Thus, the Senate will likely pass the bill on or before Aug. 3, while the House could pass it the next day, and the president on Aug. 5. In the worst-case scenario, we can expect the entire process to be completed by Aug. 7, which is also the unofficial deadline for the bill. The Senate will go on a month-long recess starting Aug. 7.
The first stimulus checks were sent two weeks after the bill was signed by the president. Thus, if the next bill is signed by Aug. 7, the IRS could start sending checks by Aug. 20. However, this time the checks could arrive sooner than the first round of checks. The IRS now has the infrastructure ready to send the checks.
“If the parameters stayed the same, we could do it really quickly,” said Sen. John Thune, a Republican from South Dakota, according to The Washington Post.
The post Coronavirus stimulus checks: dates when you may get it if it’s proposed this week appeared first on ValueWalk.
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