You could still get a second dunning check – here is the possible timeline

You could still get a second dunning check – here is the possible timeline

For many months, the two political parties have been engaged in a delicate dance on new COVID-19 relief measures, including more of those $ 1,200 “stimulus checks” to give households a financial boost. and stimulate the economy.

But in recent days, President Donald Trump seemed to be clearing the dance floor.

In a Tweeter On Tuesday, he accused House Speaker Nancy Pelosi of “not negotiating in good faith” and said he had asked his side to stop negotiating until after the November 3 elections.

By the end of the week, Pelosi and Treasury Secretary Steve Mnuchin were back at work trying to find a compromise on a new bailout, and Trump was urging them to “Go Big! “

So, are you likely to receive another payment soon? Here’s what we currently know about when or if you’ll get extra money for coronavirus from the government.

Second dunning check: what’s going on?

Stack of 20 dollar bills with illustrative US Treasure check to illustrate payment of the coronavirus stimulus on white background

Steve Heap / Shutterstock

It’s been over six months since Trump signed the law that gave you your first – and so far only – stimulus check. (Which were mostly in the form of direct deposits, not checks.)

The typical payment was $ 1,200, although the amount was phased out for higher income Americans. Families received $ 500 per child, but only until the age of 16.

Households devastated by layoffs and closures used the money to buy food or pay bills. Americans in better financial shape have splurged or used the money for more practical purposes like buy cheap life insurance to protect family members if a breadwinner died from the virus.

In early October, the Democratic-controlled US House approved a new $ 2.2 trillion bill offering $ 1200 for most taxpayers, plus $ 500 per dependent. But the House must strike a deal with the Republicans in charge of the Senate and the White House.

During his recent hospitalization for COVID-19, the president tweeted to Congress and White House negotiators: “OUR GREAT UNITED STATES WANT AND NEED A STIMULUS. WORK TOGETHER AND ACHIEVE IT.”

It was days later that Trump said the talks were halted.

But on Friday, he said they were back. “The Covid relief negotiations are advancing. Go for it ! ” he said on Twitter.

How quickly could you get more stimulus money?

With unemployment still high and cooler weather, forecasts of further peaks in infection and new blockages, many consumers were still hoping for $ 1,200.

According to information released on Friday, the White House is now proposing that the new direct payments be part of a $ 1.8 trillion aid package.

It is $ 400 billion less than the House bill, so there is still a lot of work to be done. No one gets any money until negotiators can agree on a bill that would be passed by the House and Senate and then signed by the President.

Senate Majority Leader Mitch McConnell said all of this was “unlikely over the next three weeks.”

Once the law is passed, the money could flow quite quickly because the government has already gone through the process once this year.

If McConnell is wrong and a deal can be reached this month, before Election Day, the money could start to trickle into Americans’ pockets. in November.

If new COVID relief for Americans has to wait until after the election – whoever wins – new stimulus checks are unlikely to come out before december.

What are you doing in the meantime?

Worried young parent calculating bills at home

GreenMiles / Shutterstock

If your budget is stretched to the limit and you could really use $ 1,200 more at present, here are some ways to find that money on your own and stop waiting for Washington to get its act together.

  • Reduce the cost of your debt. If you have high interest credit cards, collect those balances in one debt consolidation loan at a lower interest rate. You will reduce the cost of this debt and replace several monthly payments with just one.

  • Lower your insurance costs. Auto insurance companies cut rates amid the pandemic, but if yours doesn’t cut you off, take a break start shopping for a better. And when your home insurance expires, request quotes from competing insurers and compare them to get the best coverage deal.

  • Refinance your mortgage. If you have a mortgage and haven’t refinanced in 2020, you’re late. Thanks to some lowest mortgage rates ever, more than 19 million homeowners have the potential to cut their monthly payments by about $ 300 through a refi, according to data company Black Knight.

  • Reduce your monthly expenses. Consider ditching your cable and using a cheaper streaming service instead. Fight the temptation to order dinner delivery and prepare meals in your own kitchen. And, download a free browser extension which will find you the best price every time you shop online.

  • Take a sideways shake. Earn extra cash by purchasing another gig. Turn a hobby into a source of income, or use an online marketplace to find someone willing to pay for your talents and skills.

About Nell Love

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