The second set of stimulus checks are desperately needed by millions who are struggling financially. But when will they come?
If you're waiting on the next stimulus check to keep your family afloat, it can be frustrating because the timeline keeps changing, and we aren't getting any concrete answers. In the United States, there are currently over 11 million people without jobs. Though the unemployment numbers have fallen a bit, our economy is still struggling.
This next set of stimulus checks can be the difference between if a family can stay in their home for another month or get evicted from their rental. Many people are waiting on the edge of their seats for the next stimulus check so that they can take care of just the very basics for their household. There are an estimated 9 million Americans who are still waiting on their first stimulus check.
The second set of proposed stimulus checks is supposed to provide 26 million people with cash to help with the financial burden caused by the pandemic thanks to the Health, Economic Assistance, Liberty Protections, and Schools Act (HEALS). Since both the HEALS Act, which is Senate-led, and the HEROES Act, which is House approved, include money for a second stimulus check for certain people up to $1,200, there is a good chance for that second stimulus check to come through eventually.
That said, we're still waiting to find out the exact details about when they will be released and who will be getting them.
Though we don't have definitive answers about who is getting stimulus checks and when they will be sent out to people, we do have some information to go on that we can use to make some educated guesses.
How Much Will The Next Round Of Stimulus Checks Be?
It's predicted that the amounts being handed out in the next set of stimulus checks will be similar to the first round. This could theoretically provide another $1,200 for each adult in the household. If this happens, it's also likely the plan would include $500 per child with a cap of $6,000 per family. However, this is just an educated guess based on the last check and the very little information available for the next round.
Who Is Going To Get The Next Stimulus Checks?
Again, no information about who will qualify for the second set of checks has been announced; however, if you received a stimulus check as part of the CARES act, you likely have a good chance of getting another. If another stimulus plan is announced, details will be provided on who exactly qualifies for another stimulus check.
The CARES Act provided full stimulus payments to those who earned up to $75,000 per individual, or $150,000 per family. Those individuals who earned more than $99,000, or married couples who earned over $198,000, were not eligible for a check at all. Only time will tell if the next stimulus checks have different income qualifications.
When Will The Next Stimulus Checks Be Coming?
There is nothing concrete out yet, but the government is slowly progressing towards getting the next stimulus checks out to those who qualify. Now that the Senate recess has ended, there is a good chance they may come to a decision soon.
While there is a small chance they may be hitting bank accounts in September, it's more likely that a bill will be passed in September with payments arriving sometime in October. CultureBanx has reported that they think if it doesn't happen before the election in November, there's a good chance we won't see the next set of checks until 2021 at the earliest.
According to Treasury Secretary Steven Mnuchin, once another stimulus check gets approved, it will take about a week to start depositing the first payments. Approval is still a ways off, but there's a good chance that it will be in September or October.
We don't have any definitive answers about when the next stimulus checks are coming, but there are promising signs that they are on the horizon.