Stimulus check update (August recap)

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. 

This week is scheduled to be the big week for stimulus checks and the next stimulus package as a whole.

You might be wondering what exactly is happening with the passing of the stimulus package, so here’s a recap and look into what to expect in the future.

Democrats passed the $3 trillion HEROES Act back in May which authorized $1,200 payments to Americans just like the CARES Act did in March.

This $3 trillion price tag of the stimulus package was way over what Republicans thought was reasonable and many in the GOP claimed that the HEROES Act was “dead on arrival.”

This made a lot of people pessimistic about more stimulus checks going out to the public.

We then heard mixed signals from the White House for a few weeks and it did not seem extremely likely that more checks would be going out.

There were also talks about recurring monthly stimulus payments of $2,000 but those came and went pretty quickly.

Then things started to change in the White House and other members in the Senate started to show interest in stimulus checks.

There were rumors about eligibility caps for those making more than $40,000 per year but those turned out to be a nonstarter.

Just recently, the Republicans in the Senate introduced the HEALS Act which included more stimulus checks that would go out on virtually the same criteria as the first round.

One of the big differences is that more dependents can receive the $500 bonus.

And that takes us to where we are today.

Republicans and Democrats are still trying to come to an agreement on the terms of the next stimulus package.

Stimulus checks are not a hotly contested issue but instead the disagreements center around extended unemployment benefits, aid for local governments and states, food stamps, and liability immunity for businesses.

The overall price tag of the package seems to be a huge issue as well as Republicans would prefer something closer to $1 trillion while Democrats proposed a $3 trillion package.

Lawmakers are set to go on a recess on August 7 (this Friday) so many of us are hoping that an agreement will be reached by that deadline.

If it is not, it’s possible that lawmakers will extend out that deadline although nothing is guaranteed at this point.

The good news is that lawmakers feel the stimulus payment will go out much quicker this round so you could realistically start to expect checks to go out a week or two after a package is finalized.

Related

Senate is making progress on next stimulus package

Republicans propose $1,000 stimulus checks to literally everybody

Trump says stimulus checks could be higher than $1,200

UponArriving has partnered with CardRatings for our coverage of credit card products. UponArriving and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Leave a Reply

Your email address will not be published. Required fields are marked *