Search
  • Matthew Adkins

Where's My Stimulus Check?

Congress want it, so where is it?


If you've paid any attention to the news lately you've heard much about a second round of government economic stimulus payments. And if you're one of the many affected by Coronavirus aka Covid-19, then then another relief check can't come fast enough. Unfortunately, thanks to politics, you're going to have to wait.


For those of you living under a rock, the first economic stimulus payments were sent out back in April after Congress passed the CARES act which was then signed into law by President Trump. After some frustrating delays with setup the IRS started sending out checks and direct deposits of $1200 per taxpayer making under $75,000 with that amount increasing to zero if you made $99,000 or more. You got $500 for dependents.


The original idea was to send out that $1200 ($2400 if married) to help with the immediate crisis and wait and see if a second round was needed. Well, the results are in and the US government has decided that a second round is needed. In fact, that's about the only thing the House or Representatives, the Senate, the President, and Democrats and Republicans all agree on. In fact they pretty much all agree it needs to be done now and what the amounts should be.


So if everyone agrees we need a second $1200 payment, why isn't it happening?

Politics.

Each chamber in Congress is controlled by a different political party and they haven't been able to work a deal with each other on a variety of other topics, so a second $1200 check doesn't happen. Even better, Congress has gone on vacation so nothing is expected to change until after Labor Day.


The good news is once Congress gets a single bill ironed out, passed, and the President signs it, the money should go out really quick. The IRS says it has ironed out all the issues from the first round and most Americans have gotten their taxes filed (the refund is based off last year's taxes) and updated their address and account information. There is also every reason to believe that the checks will still be $1200 and that many more dependents will be eligible for those $500 payments. Congress is also under immense pressure to get this sorted out so once they come back refreshed from their nice vacation they can hopefully get an agreement signed by mid-September.


Here's some hope. Not waiting for Congress, President Trump recently signed an executive order and some memorandums to provide "immediate" relief. Whether the Democrats challenge or not is to be seen, but the $300 or more per week in additional unemployment benefits and additional three months of student loan forbearance (at 0% interest) should help those out of work and the payroll tax holiday MAY temporarily put your 6% FICA tax back in your pockets. Those of you needing help now can be cautiously optimistic that those orders will roll out soon, but I wouldn't count on anything until the money is in hand.


Take Care.


-Matt





9 views

​© 2020 by Adkins Financial Coaching.

Keeping clients out of bankruptcy and foreclosure in Toledo, Findlay, Northwest Ohio, Escanaba, Southeast Michigan, and online everywhere.

P


Disclaimer: Completion of Dave Ramsey’s Financial Coach Master Training does not create an employment or agency relationship with Ramsey Solutions or its affiliates; it does not constitute a license or credentials to engage in legal, tax, accounting, investment, or other professional practice; nor does it constitute an endorsement or recommendation of the Coach by Dave Ramsey.

  • Adkins Coaching LinkedIn
  • Adkins Coaching on FaceBook
  • Matt on Twitter