Second Stimulus Check: Here's What the Current Status of Another Payment Is

While the world is still currently caught up in the election and its aftermath, many Americans are eager to know whether additional stimulus checks are on the way amid the ongoing COVID-19 pandemic. As for the latest on where another stimulus package stands, there is the possibility that Congress could pass a new plan before the end of the year. Although, it may be far smaller than the figure that the Democrats want.

According to CBS News, it is likely that a second stimulus bill will be passed. However, the size and timing tied back to the package are still unknown. Senate Majority Leader Mitch McConnell said during a press conference on Nov. 4 that he wants another stimulus package. He even signaled that he would like to pass an aid deal by the end of the year.

"We need another rescue package. The Senate goes back into session next Monday. Hopefully, the partisan passions that prevented us from doing another rescue package will subside with the election," McConnell said. "And I think we need to do it and I think we need to do it before the end of the year." He did not share any details about the plan. However, he did say that the package could include "more for state and local governments." Even though Congress has plans to pass another stimulus package, Wall Street analysts have said that whatever package they do pass would likely be far smaller than the $2 trillion figure that Democrats want.

Brian Gardner, chief Washington policy strategist at Stifel said in a Monday research note that he believes that McConnell will re-propose an idea that he tried to push forward in October. He said, "The McConnell plan was for $500 billion and included additional Paycheck Protection Program funds."

When it comes to actually receiving aid from Congress' package, Americans could be waiting some time. While Democrats and Republicans have disagreed on a number of issues related to another stimulus package, both sides seem to be supportive of sending out another round of stimulus checks. The first round, courtesy of the CARES Act, provided eligible Americans with a one-time check worth $1,200. It's likely that Americans will indeed get another stimulus check, but they may not end up receiving them until early 2021. Deutsche Bank analysts said in a Friday research note, "We see our current baseline assumption of a roughly $750 billion fiscal package legislated by [the first quarter of 2021] as reasonable."