Theis mere days away and there has yet to be any kind of bipartisan agreement to pass a new with a . That’s the bad news. The good news is that major from both sides of the aisle ( ) include a of up to and more for , so a second check is likely… at some point.
The results of election could affect the next stimulus payment in five major ways, which we’ll spell out below. (P.S. Here’s how the IRS.) This story updates with new information.
Best case scenario, a check is approved shortly after the election
Senators, representatives and President Donald Trump have all said they. But exactly when after the election is what matters most. There are two time periods of note. The first is the “lame duck” session from Nov. 4 to Jan. 19. The other is after the presidential inauguration on Jan. 20.
Trump has promised “the best stimulus package you’ve ever seen,” if Republicans sweep Congress and the presidency. House Speaker Nancy Pelosi wants “a clean slate” if Biden wins the presidential election. The new term of Congress convenes on Jan. 3, which could also change the political makeup of the Senate and House of Representatives, a shift that could affect whether a certain bill is supported or opposed.
A stimulus check in the next aid bill is not guaranteed
While there’s a bipartisan commitment to some sort of economic stimulus, there are also several forms that could take. For example, a large package could pass that includes, money for . Or, a much narrower bill to bring targeted aid to programs considered critical could make it through before the inauguration, which might mean that a separate stimulus package could potentially come in early 2021. Right now we have to wait and see.
Election results will influence the timeline to receive a new stimulus check
Once again, there are two issues to consider when we think of. The first is that the makeup of the incoming Congress and presidency could either buoy current leaders or potentially cause them to dig in their heels until the official swearing in of the new term. That might mean a check is approved closer to December, or much later, in January or February.
Then there’s the question of how long it will take for the IRS to mobilize the first wave of stimulus checks, as well as payments for other groups, once a bill allotting more direct payments is approved. Learn more about thethat help determine when you got your first payment.
Qualifications for a second check are anything but certain
Democratic and Republican negotiators both want to makefrom the , but have different ideas about what should change.
For example, the Democratic proposals support bringing certain undocumented immigrants to the US who pay taxes the same $1,200 stimulus check afforded to, as well as . They’d also either broaden the to include college students and , or else approve of $1,000 per child dependent instead of $500 apiece. There may also be changes to .
It’s also possible a new bill could clarify if people. The issue is under current legal review.
A new stimulus check could bring you more money — or less
New qualifications might dictate a new total stimulus check sum for you. We’ve made some calculations to. In addition to changes in a bill that could show up in your next direct payment, there may be changes to your life circumstances since last April that could alter the size of a second check, in either direction. For more details, this is how will bring.
P.S. If the IRS owes you money, you need to claim it by Nov. 21
If you’re, there are several ways to hunt it down. As many as were estimated to be eligible for a first check but didn’t receive it because they needed to register with the IRS — an extra step most people didn’t have to take. The deadline is Nov. 21 and we .
Some people with dependents. The deadline to get that in 2020 is also Nov. 21, and we explain .
And if you share custody of a child but you’re not married, you may.
For more information about stimulus checks, here’s what to doand how to .