The $908 billion “framework” put in place by a group of Democratic and Republican senators is the most promising in terms of multiparty support. By bridging the gap between the price tag and funding, this proposal would fund hot button themes such as four months of additional unemployment benefits for $300 per week; tradable loans to small businesses, vaccine delivery and more — but not a second stimulus check. If an invoice that involves a direct payment passes, here`s how fast we think the IRS could send a second stimulus check. If the Senate passes the bill for a second economic review before the end of September, the House of Representatives will have until October 1 to reach an agreement and the Speaker could sign it as early as October 2. Once this chain of command passes through everyone, the IRS will be able to send the second round of payment of the week of October 12, according to U.S. Treasury Secretary Steven Mnuchin. McConnell acknowledged the need for a new aid package Thursday, but continued to attack the $2,200 billion stimulus package proposed by Democrats. He proposed a much smaller $500 billion package, blocked by Democrats in the Senate before the election. McConnell`s bill does not include the $1,200 in direct payments to individuals. A smaller bill could be passed now, and a bigger one could happen later: a subset of programs could be funded before Biden becomes president, such as unemployment aid or an extension of the deportation ban, with the new Congress returning to other programs after his inauguration, such as a second stimulus check. As current president, Trump is expected to sign any legislation passed by January 20 so it can take effect. In the eight months since the passage of the CARES act in March, both sides have maintained their respective positions, Democrats support a major bill with a second cyclical test, and Republicans, who are adopting a smaller aid package as an intermediate solution, until mid-2021, the first mass coronavirus vaccines will be administered.
(Here`s what could happen if a new bill is passed without a stimulation check.) They have narrowed disputes over a new coronavirus stimulus law, but both White House Chief of Staff Mark Meadows and House Of Representatives spokeswoman Nancy Pelosi said Sunday that they`re not there yet, even though election day is less than two weeks away. Goldman Sachs analysts are more optimistic that while the election results are still controversial, lawmakers are likely to adopt a $1 trillion stimulus package before Biden`s inauguration in January.