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A second stimulus check from the IRS? What's going on with round 2



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Washington is already working on a second round of incentive payments for US taxpayers.


Angela Lang / CNET

Visit the WHO website for the latest news and information on the coronavirus pandemic.

Momentum is growing for a second wave of economic stimulus payments to put more money in your pocket, even as the IRS continues to send checks of the first emergency measure to individuals . Whether the federal government will approve a second round of incentive payments this year for $ 1,200 is another question.

A new relief law – proposed last week by House President Nancy Pelosi – is fueled by growing concerns about the economy and people's ability to pay for their basic needs. The US Bureau of Labor Statistics reported an unemployment rate of 14.7% in April, and there were 3 million new unemployment claims in the first full week of May, for a total of more than 36 million people who submitted a first unemployment claim [194590006] ] since mid-March. Economists warn of a deep global recession that could become the worst since the Great Depression, according to the International Monetary Fund.

Here we outline the most important things you need to know about a second stimulus check for individuals, including how much money you would expect to get if the current bill is successful, common arguments for and against the proposed action and what happens next.

This story is regularly updated in the light of new information and is intended to provide an overview of the situation. If you are waiting for your money, you can track the status of your stimulus check with the IRS and use a free USPS service to see when your check arrives . We also know some possible reasons why you have not yet received your stimulus control .

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What is the name of the bill and how much do I get?

The new proposed law is called the Heroes Act (view the bill here). On Friday, May 15, the United States House of Representatives passed the $ 3 trillion bill. It includes a wide variety of benefits, such as a second direct payment to individuals and households up to $ 1,200 per family member, with a ceiling of $ 6,000 per household, according to a House Appropriations Committee information sheet (PDF).

In addition, it would carry the current increased unemployment benefit of $ 600 per week (on top of the typical unemployment benefit) to January 2021. The Heroes Act would also reserve money for troubled companies, the US Post Office and costs for coronavirus testing. .

Passing the House of Representatives, which is controlled by a democratic majority, is a step from bill to law, but does not guarantee that the second bill will pass the next stage: approval by Republican-controlled Senate.

The argument for a new round of stimulus controls

The proposed legislation is a self-proclaimed "bold response to the coronavirus pandemic and economic collapse," the House factsheet said. The financial support is intended to absorb "the economic blow of the corona virus crisis".

The purpose of a second IRS stimulus check is in part "to put much needed money in the pockets of the American people," said home speaker Nancy Pelosi in a recorded statement. You can see her talking about the legislation here.

Since mid-March, more than 36 million American workers who have lost their jobs have filed for unemployment. The actual number of unemployed since governors and mayors shut down their states and cities to stop the spread of the coronavirus is likely to be higher – perhaps millions higher – because many eligible have not made an unemployed claim. With the job losses, the nation's unemployment rate reached 14.7%. The newly unemployed, and others who are hit economically by the pandemic, could benefit from spending more money now.

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For many, the stimulus check will help to pay the rent and groceries.


Sarah Tew / CNET

The argument against a second wave of aid payments.

Some in Washington, including Senate Majority Leader Mitch McConnell, question whether the prior emergency measures have achieved their goals and want to curb it before approving more federal spending on the effects of already approved relief packages. McConnell and others are also concerned with how additional stimulus packages will widen the historic federal deficit.

"So let me say the obvious," tweeted John Barrasso, a Republican Senator from Wyoming, last Tuesday . & # 39; What Nancy Pelosi proposes, the Senate will never pass. & # 39;

Since that benefit is available in addition to regular unemployment benefits and increased unemployment benefits of $ 600 per week, some critics have said that it will make unemployment harder in the future if people don't feel stimulated to return to work. The original emergency measure also provides a 15% increase in federal food aid under the supplementary nutritional assistance program.

What will happen next

It is not clear when the Senate will commence deliberations on the Heroes Act, although negotiations on the content of the bill are expected, Fox News reported. "Negotiations with Senate Republicans are expected to begin at the earliest this month," said The Wall Street Journal.

It is widely believed that Republicans will withdraw against the law and possibly work with the White House on their own stimulus package. If the House Democrats' Heroes Act passes the Senate, President Trump will still have to sign it into law for it to take effect.

We will update this story with new information as soon as it occurs. Although the future of a second promotional act is still inconclusive, we would like to share the available resources on unemployment insurance what to do if you lose your job what to know about evictions and late car payments and how you can take control of your budget .


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