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Holiday Stimulus Checks

December 16, 2020
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Lawmakers are running out of time to pass another coronavirus relief package before Congress adjourns for the holidays.

But congressional leaders said today, Wednesday December 16th, that they are nearing agreement on a roughly $900 billion economic relief package that would include a second round of stimulus checks and could be completed by the end of this week.   What we know:

  • Another round of payments could be around $600 to $700, down from the $1,200 sums Congress authorized with the first payments back in the spring.
  • Lawmakers on both sides of the aisle, as well as President Donald Trump and President-elect Joe Biden, have said they support a second round of checks to individuals.

The House and Senate will need to vote to approve the bill and President Donald Trump would need to sign it into law before checks would get sent out. 

How Much?

If approved, it's expected to be $600 stimulus payment per eligible adult and qualifying child dependent.  They are  making adult earners and child dependents equal, when you compare that to the first round of checks: $1,200 to qualifying adults and $500 to children, now families with more children would see a greater benefit than individual earners or married couples with no children. 

When?

Eligible Americans got the first stimulus money at different times, based on priority groups. The same system would likely be used if a second check is approved. For example, people who have set up direct deposit with the IRS -- an electronic transfer of funds into their bank account -- are expected to get their payment weeks before those who receive a paper check or prepaid EIP card in the mail.  may go faster

With the first check it took 19 days before the first wave of payments was delivered.  The hope is that the process could go smoother and therefore faster with a second check. The tracking tool is already up and running, the system is in place and it's probable that the majority of people who qualified for a first check would also receive another. 

Capitol Hill lawmakers are hoping to move an approximately $900 billion legislative package toward the finish line before Congress breaks for the holidays.