Millions of Americans are depending on this stimulus program while the COVID-19 takes place, CNET reported. However, since there are upcoming changes, what are the information that you must keep in mind?
The United States president Donald Trump is in support of the inclusion of a second wave of stimulus check in the soon-to-be-effective relief package, saying he is in strong favor of Americans getting more cash than during the first payment rounds or those known to be Economic Impact Payments or EIPs.
In other words, he supports these second stimulus packages which reportedly comes in greater amounts.
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Trump said, "I support it, I support actually larger numbers than the Democrats, but it's got to be done properly. I want the money getting to people to be larger so they can spend it. I want the money to get there quickly and in a non-complicated fashion."
CARES Act
The program is a clause in the CARES Act or the Coronavirus Aid, Relief, and Economic Security Act of the U.S. Department of Labor. The act provides a $2.2-trillion total stimulus program that will be distributed to Americans at $1,200 checks, after the law was signed last March.
Households may also claim $500 for each dependent under the age of 17. With the HEROES Act or the Health and Economic Recovery Omnibus Emergency Solutions Act passed last May, there will also be $1,200 worth of checks. It could be remembered that the bill was met with conflicts in the Senate mostly controlled by the GOP.
Second stimulus checks
It can be possible for the IRS to begin sending the second portion of the checks this August, provided that both the Senate and the House will give the green lights to the second round at the end of July.
After the CARES Act was signed into law on March 27, the first payments were sent out three weeks thereafter.
To speculate and to paint the picture of what to happen, should the new stimulus act become a law on Friday, August 7, the first checks can be released by August 26, similar to the first phase of the CARES Act provisions.
Furthermore, it could also be possible that the IRS may move quicker to send out the first wave of these checks, since it has been the mechanism in place from the first set, including tools and systems where people can sign up for direct deposits and be able to monitor payments.
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"We do support another round of economic impact payments," Treasury Secretary Steven Mnuchin pointed out.. "We're discussing the criteria with the Senate, and had a productive talk with Senate Majority Leader Mitch McConnell."
Not every American is in favor of these changes, there are individuals who want the checks and the stipends to remain from the original. With the first and second waves different, there will be a gap and waiting period for the beneficiaries. More updates will be posted in the coming weeks.
