As of Tuesday afternoon, it is not clear when Trump will sign, except “in the coming days,” the Associated Press and others report. Until he does, the COVID-19 contingency measures remain in limbo, with agencies unable to officially provide information on how and when recipients and institutions can expect their incentive benefits.
For example, Monday, Treasury Secretary Steven Mnuchin next week targeted people eligible for a second stimulus check to receive their payment via direct deposit, intended to bring direct cash flow to tens of millions of Americans. (You can. Here’s what .)
There is a self-imposed Jan. 15, 2021 limit for the IRS to send this second set of incentive checks, meaning the clock is ticking again for the agency to collect and trade its data. That also means there may be less time for people who don’t have direct deposit information registered with the IRS to create an account. (You can also get a second incentive payment in a paper check or an EIP card.)
If Trump actively vetoes or refuses to sign the stimulus package (also known as a “pocket veto”), Congress would still have the option to pass the bill by a two-thirds majority in both the Senate and the House of Deputies.
The new incentive law is a victory for bipartisans, after nine months of disagreement over the scope and scope of the law. It’s a compromise package in every way, with less money in oneand unemployment checks than Democrats would want and without certain provisions, like a liability screen against coronavirus-related lawsuits the Republicans wanted.
Most American leaders seem to see the $ 900 billion stimulus bill as a stepping stone to a larger aid package in 2021..
“This bill is just the first step, a down payment, to address the crisis – crises, more than one – we are in,” President-elect Joe Biden said Tuesday, emphasizing that.
The coronavirus aid package is getting criticalat a time when the country is seeing rising infections, hospitalizations and “gruesome” deaths from COVID-19. Without federal action, tens of millions and .
This story is often updated with new information.
How quickly can incentive benefits go out?
Aid was likely to start going out within a week or two after Trump signed the bill, with certain funding programs potentially getting financial aid before the end of 2020.
This is what we know. These are the details for that .
Why was a $ 1,200 stimulus not part of the deal?
Ahas had widespread bipartisan support since the CARES Act was passed. In recent months, everyone from Trump and to members of Congress, economists and ordinary people have argued for another direct payment.
Last week, Trump called for “more money than they are talking about” in stimulus checks, as high as $ 1,200 or $ 2,000 per person. Aides would have convinced him that making such demands would jeopardize a stimulus bill, The Washington Post reported.
While many are in favor of a $ 1,200 direct payment in theory, a second smaller stimulus check has helped keep costs below the $ 1 trillion mark that Republican lawmakers said in the past they would support.
Stimulus control isn’t cheap. The IRS said this summer it had spent $ 270 billion sending 160 million checks, and on Monday Senator Mitt Romney, a Republican involved in drafting the bipartisan stimulus proposal, predicted a cost of $ 300 billion if the checks once were charged again for $ 1,200 per person. Republicans are said to have curbed the charges.
A variety of factors could have contributed to a second stimulus check making its way into the final bill at all, from popular opinion and presidential bias to complicated negotiations that cut $ 160 billion from elsewhere, enough for a smaller stimulus check than before.
What do we know about a larger stimulus bill in 2021?
Biden, Senate Majority Leader Mitch McConnell and others have repeatedly described this December bill as an emergency aid rather than a comprehensive economic stimulus package, and have committed to a new stimulus bill in 2021.
Here’s everything we know about the.
For more information on stimulus controls, here, and what you need to know about the proposals for incentive laws that can help inform a final package.