When Will the New Stimulus Check Come Out?

When Will the New Stimulus Check Come Out?

August 7, 2020         Written By Heaven Speirs

It’s been four months since the first round of stimulus checks went out, and now Americans are anxiously anticipating round two. The problem is, the second stimulus check is still up for debate in Congress. How much will it be? When will payments be disbursed? Is there going to be another stimulus check? Read on to learn the current status of the second economic impact payment.

Two Stimulus Proposals: HEROES Act and HEALS Act

Congress is divided about how they want to handle the second stimulus payment. Republicans are pushing for the HEALS Act (Health, Economic Assistance, Liability Protection and Schools (HEALS) Act), while Democrats are rallying around the HEROES Act (Health and Economic Recovery Omnibus Emergency Solutions Act). They are both responses to the first stimulus package passed in March under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). Here are the key differences between the two proposals:

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CARES Act (first stimulus check)

  • $2.2 Trillion
  • $1,200 for single filers earning less than $75,000 per year
  • $2,400 for joint filers earning less than $125,000 per year
  • $500 each for dependents under the age of 16
  • $600 per week enhanced unemployment benefits
  • Enhanced unemployment expires July 31
  • Eviction protection through August 24 for federally funded housing

HEALS Act (Republicans)

  • $1 Trillion
  • $1,200 for single filers earning less than $75,000 per year
  • $2,400 for joint filers earning less than $125,000 per year
  • $500 per dependent with no age limit
  • $200-$500 per week in enhanced unemployment benefits, matching 70% of lost wages
  • Enhanced unemployment of $200 per week extra through September, then 70% lost wages until December 31, 2020
  • No eviction protection extension
  • $16 billion allotments for coronavirus testing, plus 5-year liability protection for schools, hospitals, and businesses
  • Return-to-work bonus of up to $450 for unemployed workers who are hired or re-hired

HEROES Act (Democrats)

  • $3 Trillion
  • $1,200 for single filers earning less than $75,000 per year
  • $2,400 for joint filers earning less than $125,000 per year
  • $1,200 per dependent for up to three dependents
  • Extension of $600 per week enhanced unemployment benefits
  • Enhanced unemployment runs through January 2021 for most workers
  • Additional 12 months of eviction protection
  • No funding for coronavirus testing or liability protection
  • No return-to-work bonus


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Congress Recess May Delay the Decision

With the two proposals in place, why not just put it to a vote? That’s where it gets even more complicated. The two parties are still ironing out the details for their proposals, and now the Senate and House of Representatives are scheduled for a one-month recess. The House ended their sessions on July 31, the same day that the $600 enhanced unemployment benefits ended. The Senate’s last day is Friday, August 7. Congress is not scheduled to resume sessions until September 8.

House Speaker Nancy Pelosi is working with the Rules Committee to see if voting is possible during the recess, but the matter most likely won’t be resolved until September. The finalized proposals will have to be re-examined by both the House and the Senate, along with final approval from President Trump.

Will There Be a Second Stimulus Check?

The short answer is yes, all signs point to a second stimulus check near the last quarter of 2020. However, the amount of the payment, how it’s funded, who qualifies, and when it will be disbursed is still in discussion. For now, continue to reduce frivolous spending, save when possible, and avoid unnecessary debt. Check out these five things you should do with your stimulus check when the time comes and how to prepare for the long-term financial impact of COVID-19.

 

If you don’t want to wait on the next stimulus check head over to our Top Credit Card Offers or the Lowcards Credit Card Selector Tool  and when that check does finally come you can easily set your stimulus money to the side to pay off that debt!

The information contained within this article was accurate as of August 7, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Heaven Speirs

Heaven Speirs is a contributing writer for LowCards.com. She remains up-to-date with the latest developments in the credit card industry and the financial sector as a whole. Heaven has over 10 years of experience in online journalism, the bulk of which has been focused on personal finance. Heaven attended Oklahoma State University, where she discovered her talent for research and content creation. In her spare time, Heaven enjoys painting, playing poker, and spending time with her husband and three dogs.