Second Stimulus: House Passes Bill to Increase Aid Payments to $2,000, Senate Vote Uncertain

After months of back-and-forth and confusion on whether American's would receive a second stimulus check and for how much, the House has passed a bill to increase payments to $2,000, according to CBS News. However, it's still unclear whether it will happen as of yet. Before the holidays, the news circulated that families would receive $600 per eligible person, however, that increase has just taken a step toward being bumped up. The U.S. House of Representatives voted on Monday to expand payments to $2,000, with 275 members voting for the increase, including 44 Republicans, and 134 against it.

In order for the bill to pass, the House required a two-thirds majority, which they did achieve. However, there are still more steps and the bill will also need a two-thirds majority in the Senate before it makes it to President Donald Trump's desk. Once there, it will likely be signed by Trump since he's in favor of higher checks and his public call was the spark for this action. During the week of Christmas, Trump urged Congress to increase the stimulus check amount from $600 to $2,000. He threatened to not sign if it was not increased, however, on Sunday evening, he signed the legislation.

House Speaker Nancy Pelosi was quick to back the president in his push for higher payments, and while most Democrats voted in favor for the pay increase, some Republicans were not for the bump. While this is a hopeful move in the right direction for so many who have lost their jobs and businesses due to layoffs and shutdowns, the idea of giving out more money will still more than likely be met with friction as it moves forward.

Prior to the possible increase, Jan. 15 was a big day to keep an eye on as a check, regardless of the amount, had to be delivered by then.The $900 billion bill stipulates that the IRS has until Jan. 15 to deliver a stimulus check to every eligible American, regardless of when the bill gets passed. That means that if you don't receive a check by then, it will not be coming at all, even if you are eligible. At that point, according to CNET, qualifying Americans will need to claim the missing stimulus check in their 2021 tax filing through the Recovery Rebate Credit. That means further delays are financial relief in the midst of a global pandemic and recession. However, this is subject to change as the wheels keep turning on the process. If checks are dispersed, they will likely be handed out similarly to the first time with direct deposits hitting banks quickly, and with paper checks taking more time.