[Second Stimulus Check Update] Congressional leaders have agreed in principle that a second stimulus check will be paid in 2020, given the ongoing economic fallout from the COVID crisis. This CARES 2 economic impact payment (a.k.a stimulus check) will be part of the next stimulus package, which is still under review due to several other politically contentious items. However the one-time stimulus check payment seems to be agreed upon by Republicans and Democrats, and the general consensus is for another round of $1200/$2400 stimulus checks.
Some proposals had the stimulus check as low as $600, all the way to a recurring $2,000 monthly payment! However it is highly likely that income eligibility levels will be lowered so that the payment goes to those who need it the most. Further the $500 child stimulus is also likely to be expanded to cover those under 24, so high school and college age dependents would be covered.
When Will the IRS Make the Payments?
Also, the stimulus payments are expected to be paid soon after approved by Congress and the White House. The first round of checks was plagued by problems (detailed below) as the IRS had to update systems, account for non-filers and work with several other agencies to verify payments. Luckily that is now in place so I expect the payments to be much more efficient this time around and hit most people’s bank accounts by late August.