July 8, 2020
AliExpress WW
Trump says he's open to additional incentive checks. What you need to know before you count on money

Trump says he’s open to additional incentive checks. What you need to know before you count on money

AliExpress WW

US President Donald Trump Signs H.R. 748. CARES Act in the Oval Office of the White House on March 27, 2020 in Washington, DC.

AliExpress WW

Erin Schaff | Getty images

A political battle is ripening on Capitol Hill over what the next stimulus package for coronavirus will look like.

But President Donald Trump made it clear that this week another round of incentive testing should be on the table.

Trump answered in the affirmative when asked in an interview this week whether the Americans would receive more checks.

“We will do another stimulus package” Trump said, “It will be very good. It will be very generous. ”

However, before any checks are mailed, they must receive a green light from Congress. In addition, Americans may face another expectation before they see the money.

What will happen next

There are several options for what could be included in the next stimulus package, including expanded unemployment benefits and job bonuses.

Support for these initiatives is very clear on the party line.

The House of Democrats passed a generous bill called the Heroes Act, which would include an increase of an additional $ 600 per week for federal unemployment benefits until January and the sending of another round of checks for $ 1,200 per family.

Meanwhile, Republicans have taken a more cautious stance on spending, urging priorities to be set in the form of incentives, such as allowances for work, rather than increasing unemployment benefits, which they say could scare people away from returning to work.

However, now talk of more direct payments to individuals is gaining momentum in the administration.

White House economic adviser Larry Kudlow said this week that tax breaks and additional incentive checks are under consideration in the next aid bill.

The first round of incentive testing cost $ 300 billion.

Despite the expensive price tag, Trump’s blessing can help open a second set of checks, said Bill Hoagland, senior vice president of the Bipartisan Political Center.

“Although such payments are not always best targeted to those who need such payments and will increase the already significant federal budget deficit for the current year, during the recession and in the election year, the likelihood that they will be accepted with the support of the president, high, “Hoagland said.

What a chart might look like

Washington lawmakers can start negotiations no later than the end of July, so the next round of payments is likely to start no earlier than August.

The good news is that a second round of inspections is likely to be faster than deployment than the first, said Garrett Watson, senior policy analyst at the tax fund.

As in the first round of checks, those who keep information about their direct deposit with the IRS are likely to be the first to receive the money.

“People who have this information on the IRS are likely to get it a few weeks after the law is passed,” Watson said.

More from personal finance:
Will the Americans get another round of incentive payments?
14% of enterprises expect layoffs after using their PPP loan funds
Can I get unemployment after quitting?

Others may receive a second check faster, he noted. This includes beneficiaries of social security, supplementary insurance income (SSI) and veteran administration, after government efforts to obtain information about these individuals.

It is noteworthy that some people are still waiting to receive their first checks. This may portend the next expectation of some people.

Discussions begin when the deadline for filing tax returns is July 15th. This may give taxpayers who do not have direct deposit information to the IRS the opportunity to do so.

“I think this is a good opportunity to get this information before the discount,” Watson said.


Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: