Do you remember when you were a child and your parents would say you could have something soon or later? “You can play with that toy later. You can have that piece of candy soon.” When we work hard at a job, we don’t expect our boss to say, “You can get paid later.” With COVID-19 circulating the world right now, the last thing that we want our government to say is, “You can have that stimulus check later.” Millions of Americans are relying on the second round of stimulus checks. Some Americans may not have even received their first stimulus check yet. However, the chances of a second stimulus check before election day has dwindled down from little chance to almost no chance.
Instead, politicians are looking at the “lame-duck” period as the best time to restart negotiations. The “lame-duck” period is the time between election day and the inauguration. Clifford Colby, Julie Synder, and Erin Carson have come up with four scenarios with possible dates of the second stimulus checks. The scenarios show that from the time that Congress passes the final bill to the time that the first paper checks and EIP cards are sent out it would still take three or four months to process. The problem with this is that thousands of unemployed Americans need this financial help now.
With the spike in COVID cases, one would hope that the government would want to do everything and reach out a hand to help their fellow Americans. We shall wait and see which Presidential candidate, Donald Trump or Joe Biden, wins the election. Whichever man becomes our President, we can only pray and hope that he will reach out a helping hand to his fellow Americans.
Want to find out more about the progress of the second stimulus check bill and COVID-19 relief aid? Contact Lakeesha Browne, CPA, info@lvbrownecpa.com. We will keep you updated with any further information as we receive it.
Sources: Dolcourt, Colby, and Brown. “ ‘Either way we’ll do something’: Washington pins hope on stimulus negotiations reboot post election.” CNET, 30 Oct. 2020, www.cnet.com/personal-finance/either-way-well-do-something-washington-pins-hope-on-stimulus-negotiations-reboot-post-election/. Accessed 30 Oct. 2020.
Colby, Synder, Carson. “When will a new stimulus check arrive? Some post election guesses.” CNET, 30 Oct. 2020, www.cnet.com/personal-finance/how-fast-could-the-irs-send-your-second-stimulus-check-that-depends-on-who-you-are/. Accessed 30 Oct. 2020.
Exley, Robert Jr. “Here’s why you’re not getting a $1,200 stimulus check before election day.” CNBC, 29 Oct. 2020, www.cnbc.com/2020/10/29/coronavirus-relief-bill-second-stimulus-checks-election.html. Accessed 30 Oct. 2020.
