Less than a day after President Donald Trump returned to the White House after his put talks back on the table by urging “a Stand Alone Bill for ” which would “go out to our great people IMMEDIATELY.” This followed a Saturday tweet demonstrating the president’s support for a new bill, which seemed to signal urgency in the context of his illness. Trump remains on medication to fight the coronavirus, including a 10-day course , typically reserved for severely ill patients., he took to Twitter to order the GOP to stop . Before Tuesday was over, Trump had tweeted the opposite view, demanding to
The bottom line? There’s still hope that acould still happen — and perhaps even before the .
House Speaker Nancy Pelosi criticized Trump’s motivations on Tuesday (“He refuses to put money in workers’ pockets, unless his name is printed on the check,”) but has signaled a willingness to explore a standalone bill to and plans to speak Wednesday to chief White House negotiator, Treasury Secretary Steven Mnuchin.
While you wrap your head around the abrupt shift in direction, we’ve assembled the 10 key facts about stimulus payments to help you understand the latest, includingwith a new timeline in effect, how to calculate the amount you will be due, and how the stimulus payments are . This story is frequently updated.
Trump reboots stimulus package after powering down talks
The key takeaway from Trump’s tweets is that he’s still looking to pass a “major” new bill after the election, expressing confidence in winning a second term. Trump has expressed enthusiasm for delivering direct payments and vows to
Prior to Trump’s midday tweets, Federal Reserve Chair Jerome Powell talked about the need for further federal assistance. “The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods,” he told attendees of the National Association for Business Economics’ virtual annual meeting.
The IRS’s timeline to send stimulus checks has shifted
If talks don’t resume until after the Nov. 3 election, projections for receiving a stimulus check would be pushed back by two months for the first group of people out of. The final groups could receive their checks weeks or even months after people in the first batch.
A new stimulus bill passed the House. Here’s what it means
The House of Representatives, as well as $600 a week in federal unemployment benefits and aid for airlines and restaurants ( ). But — and this is critical — this new take on the Heroes Act isn’t law.
If the talks do pick up after the election — either following Nov. 3 or after Inauguration Day on Jan. 20, 2021 — they could yield a completely new bill that both the House and Senate would then vote on.
A $1,200-per-person stimulus check cap is likely
During talks, there was bipartisan support to provide another direct payment(more on that below). Republican and Democratic proposals and Trump, in his tweets, all support a $1,200 per person limit. However, if qualifications expand, families could get more money in the second round. (More on this below.)
The IRS could still send checks faster once approved
The IRS and Treasury Department sent he said.to recipients within 19 days. In August, Treasury Secretary Steven Mnuchin has said he could send them much faster this time, once new legislation is signed. “I could get out 50 million payments really quickly” and start making payments a week after a bill is signed,
You won’t pay taxes on relief money no matter when it arrives
The IRS didn’t receive everything you were owed this year, you can claim it as a credit on your 2020 federal income tax return by filing in 2021. Here’s ., and a payment you get this year won’t reduce your refund in 2021 or increase the amount you owe when you file your 2020 tax return. You also won’t have to repay part of your check if you qualify for a lower amount in 2021. The IRS said if you
Eligibility rules could change to your benefit
While we think a second stimulus check would largely follow the same guidelines as the first,are subject to change. It might even benefit your family, if a new stimulus bill redefines .
Other notes on eligibility:
Stimulus money could be delivered 3 ways
With the first stimulus check, the IRS and the Treasury Department sent payments three ways: direct deposit, physical checks and June), this is how the nearly 160 million payments break down:. According to the most recent numbers from the Treasury Department (from
- Direct deposit: 75%, or 120 million payments
- Paper check: 22%, or 35 million payments
- Prepaid EIP debit card: 3%, or 4 million payments
It’s expected you’ll receive your money fastest with direct deposit, followed by the check and then the EIP card. Read. The IRS automatically picks the payment method, but is likely to reopen its online portal that lets people if new legislation passes.
We already think we know how much money you could receive
If you’reor are looking for an estimate of how much a second check could include, you can use our to get an idea for how much you, your family and may receive, especially if qualifications shift with another round of payments. Our calculator tool doesn’t retain your personal details in any way.
Payment details can get complicated
When and if a second stimulus check does get approved, the details will require some unraveling. While some situations are straightforward, other complications about you and your dependents may make it unclear if you’re eligible, the size of a check you should expect and when it’s coming. Fringe cases abound.
There’s much more to know about other government payments during the pandemic. Here’s what you need to know about, the and .