The news surrounding the second round of stimulus check has been swirling, but when are the checks going to be issued? That is the million-dollar question. There is always back and forth between the political parties to reach an agreement but right now the clock is ticking. The big concern currently is that there is a scheduled month-long recess for Congress planned for this Friday, August 7th. If an agreement is not reached by then, we are probably looking at the end of September for the first checks being sent out (see chart below).
The first round of checks was issued under the CARES Act (The Coronavirus Aid, Relief, and Economic Security Act). The second round of check would be issued under what is being referred to as the HEALS Act (Health, Economic Assistance, Liability Protection, and Schools Act). One of the most talked-about differences between these two bills is the shortened time in which the first checks would be sent by the IRS utilizing more payment options.
While these two bills have very similar agendas there are some major differences proposed. Below is a chart outlining the main differences between the two proposals.
The final bill will almost certainly end up somewhere between the two proposals with each side having to give-and-take to get it done. When the bill is finalized, we will provide insight and commentary on it. Stay tuned.