The second round of stimulus checks could be on the way, and we now know what the chances are that another $1,200 payment will happen in the next two weeks. In a video shared by CNBC, economy expert Garrett Watson, a senior policy analyst at the Tax Foundation, shared his take on what is happening right now with stimulus bill negotiations. Based on his projections, it seems that the possibility of another payment happening prior to Election Day, Nov. 3, is unlikely, but not impossible.
"There is broad agreement about the potential for stand-alone payment," he explained, referring to the fact Democrat leaders and the Trump administration want to get payments out to individuals as soon as possible. He also explained that in the event a deal is not reached in the next two weeks, then there is a chance it may not happen until January when new terms begin. Specifically, he referred to the chances of Democrats sweeping the elections and taking control of the White House and Senate. He believes that in this case, they will be highly motivated to get a new bill signed into law as soon as possible.
When it comes to citizens actually receiving their payments, Treasury Secretary Steve Mnuchin previously stated that he can get them out fairly quickly after approval. "I could have them out immediately," he said in a previous interview. "If I could get it passed tomorrow, I could start printing them the following week," Mnuchin added. "I could get out 50 million payments really quickly."
There is no official word on what final stimulus payment amounts will be in the new stimulus bill, but it is possible that lawmakers could approve a bill that gives $1,200 to all citizens — $2,400 to married couples who file their taxes jointly — and their dependents, up to three. This is the amount outlined in the HEROES Act, which was passed by the House in May. The Cares Act only provided $500 for dependents.
The White House proposed its own bill recently, with have upped the amount of money given to dependents, but it was met with criticism from both Democrats and Republicans for other aspects. Senate Majority Leader Mitch McConnell has proposed his own bill, but it would not provide funding for direct stimulus payments to citizens. The bill has not been met with enthusiasm by many lawmakers.