The horse race continues! Congress has been fully back in session since July 20, and news reports have swirled nearly constantly since even before that time. GOP leaders appear to be debating different priorities for their proposed new legislation to support Americans during the pandemic. Both sides of the aisle have met with Treasury Secretary Steve Mnuchin, and with President Trump, setting terms for what all hope will be a swiftly enacted law, but may well stretch past the date the Senate recesses for August.
One thing is becoming more clear, however: direct payments to citizens. Americans have long stated, even in early polling, that without further direct assistance they may fall into dire need or suffer long-term financial and material hardship. Indeed, economists support another round of funding, as well as President Trump, who has stated that he supports another check.
Democrats built a second round into their HEROES Act, passed in late May but not debated or considered in the Senate during these past two months. It appears that Republican leaders are beginning to agree that the federal government should send money directly to its citizen again.
How much, and the eligibility requirements, are unknowns at this time, though Senate Majority Leader Mitch McConnell has previously floated a cap of $40,000 in annual salary to qualify for the payments.
Second Stimulus Check: How to Make Sure You'll Get Your Payment (Pop Culture)
If the payments are included in the next round of legislation, the IRS will likely use the same mechanisms to deliver funds to individuals: direct deposits on file first, for those who have filed 2018 and 2019 taxes. Paper checks and debit cards would follow after that. See here for a couple tips and cautions on ensuring a swift delivery.
The 7 major flash points on Congress’s coronavirus relief package (Washington Post)
This piece fleshes out the primary issues that slow down negotiations.
Get ready for another round of stimulus checks (Market Watch)
This piece includes a helpful graph comparing the first payment and a second that includes a $40,000 cutoff point for the maximum:
The urgent need for a new US relief package (Financial Times)
The Editorial Board weighs in with the need for action to delay potentially catastrophic consequences of allowing benefits to expire this month, alongside the political calculations both Republicans and Democrats face in working toward agreement.
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