The negotiations are in the final phase. This seems like a never-ending story about the negotiations in Washington, D.C., for a new economic aid package against the coronavirus, because although there is progress, there is no specific date for the approval of the law that would include the $1,200 aid per person.
Given the reports from House Speaker Nancy Pelosi (California) and Treasury Secretary Steven Mnuchin, it is possible that an agreement will be reached this week, but it is unlikely to be approved in Congress, since it is the day before the elections and several representatives and senators face re-election battles.
“I think we’re almost there,” Pelosi said last Thursday, and on Friday her spokesman, Drew Hammill, said after further meetings that there are important advances, but the Democrat and Mnuchin will meet again starting Monday.
If an agreement is reached in the coming days, the Administration of President Donald Trump and the Democrats will now have to convince several Republican senators who oppose an estimated $2 billion aid plan.
Both Mnuchin and Pelosi, however, have made it clear that it will be difficult to have a law in place before the election.
Senate Majority Leader Mitch McConnell (KY) has only said he would bring a deal to the Senate “at some point.
Once passed in Congress, President Trump said he would sign the bill soon, so the first shipments of aid could be made in as little as two weeks because the IRS already has a payment processing system in place following the CARES Act.
The IRS could issue payments in at least three ways: direct deposit, paper check and debit card.
2 requirements could change a new stimulus check and the IRS would give you more money
A change in requirements could provide more money for individuals and their dependents. We know that both Democrats and Republicans support a second round of $1,200 stimulus checks, but a change in requirements could affect your final payment.
If negotiators of a new economic relief bill reach consensus on delivering a second stimulus payment, it could be worth less than the first payment, or the new requirements could yield more money for individuals and their dependents.
The first stimulus payment established eligibility rules based on certain personal factors such as annual income, age and tax status, and a second stimulus payment is expected to follow the same path, although we don’t know exactly when that might happen.
You can also learn what to do if you missed the IRS deadline for claiming your first $500 dependent stimulus check.
The proposed new rules could favor some families over others
Three separate proposals have changed the amount of money dependents could receive in a final check if you claim them on your next tax return. Two of these proposals would add $500 for each dependent, regardless of age.
The White House’s October 9 offer sought to keep the definition of a dependent restricted to “children” as defined in the bill, but raise the value to $1,000, which would still give many families more money.
The first stimulus check increased by $500 for each child under 17, but unless their dependents were in a different category, however teens over 17 and dependent adults, such as a parent or grandparent, were left out of the support.