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Now that we have seen that the Senate is not going to pass a stimulus package before its current recess, we now have a more definite time period for when to expect approval of another package and also potentially more stimulus checks.
Here’s what you can expect over the next couple of weeks.
First, Congress begins its recess today on July 3. They will not be returning to work until July 20 which falls on a Monday.
By the way, I know it is very frustrating to many Americans that they are seriously struggling right now during a crazy pandemic and Congress is taking weeks off at a time but that is just what we are forced to deal with.
We know from Senate Majority Leader Mitch McConnell (R-KY) that he stated he wanted a package approved no later than the August recess which begins August 8th.
This means that an additional stimulus package, which could contain more stimulus checks, should be worked out between July 20 and August 7.
If a package is approved at the earliest time of around the 20th, it is feasible that stimulus checks could start going out a week or two into August.
However, if we don’t see a package approved until around August 7, most likely checks will not start to hit many Americans until late August or early September.
As of now, we have strong reasons to believe that more stimulus checks will come out based on recent comments by President Trump and also comments by senators, including Republican senators.
The recent job report showed more jobs were added for the month of June which would typically cut against more benefits going to the public.
However, we are also seeing unprecedented spikes in the coronavirus in several states across the nation. And it looks like the virus is more contagious than it ever has been.
So there are competing forces at play which could both hinder and help the odds of receiving more stimulus funding from the government.
I think that because we are in an election year and the next election is really right on the horizon, the president is going to rally his Republican counterparts to pass something substantial.
Time will only tell but we are starting to get pretty close to the self-imposed deadline which should provide us clear answers on what to expect going forward.
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Daniel Gillaspia is the Founder of UponArriving.com and creator of the credit card app, WalletFlo. He is a former attorney turned full-time credit card rewards/travel expert and has earned and redeemed millions of miles to travel the globe. Since 2014, his content has been featured in major publications such as National Geographic, Smithsonian Magazine, Forbes, CNBC, US News, and Business Insider. Find his full bio here.