With every passing day, we are moving closer to the next coronavirus bill. There have already been quite a few speculations on the next stimulus checks, but none are confirmed. However, there are two critical dates that everyone waiting for the next coronavirus stimulus checks must know.
July 20: most important date for coronavirus stimulus checks
The first critical date for the next coronavirus stimulus check is July 20. This is when the Senate reconvenes after a two-week long break. It is largely believed that the Senate will start discussions on the next stimulus bill on this date.
Willow Oak Asset Management 2Q20 Commentary: Looking For Emerging Managers To Seed
Willow Oak Asset Management commentary for the second quarter ended July 30, 2020. Q2 2020 hedge fund letters, conferences and more Overview The second quarter was one of the most consequential time periods in American history. Risks that existed in the economic and political systems revealed themselves during the quarter due to the COVID pandemic. Read More
Also, it is possible that the GOP will present its own version of the stimulus bill on this date. Senate Majority Leader Mitch McConnell has already said that it will be a priority to pass the next legislation between July 20 and the end of the month.
"As soon as the Senate gets back [from its current break], we are going to sit down on a bipartisan basis with the Republicans and the Democrats," McConnell told CNBC last week.
There are speculations that Senate members and their staff are using this two-week break to gather data for the next stimulus package.
August 7: the next most critical date
The next important date for the coronavirus stimulus checks is August 7. If the comments from McConnell to get the stimulus bill out before month's end stands true, then the August 7 date is not that important. However, if the discussions over the next bill carry beyond July, then August 7 will be the next critical date.
This is the date when the Senate is scheduled to go on a month-long August recess, which lasts through Labor Day (Monday, September 7). A couple of weeks back, McConnell said the Senate won’t work through the August break. This means, if there is no stimulus by the end of July, then the decision has to be made by August 7.
In case there is no decision by August 7, then many say there might not be another stimulus bill. Or, the next bill, which would come in September, would be very different from what it would be if it is passed before August 7.
The situation at the time (September) could be very different from what it is now. It is possible there won’t be any need for stimulus checks as we may get a vaccine for COVID-19 by then.
If no decision is made by August 7, then another possibility is that the August recess is postponed to pass the coronavirus bill. House Speaker Nancy Pelosi has already said that she would delay or cancel her chamber’s August recess to decide on the next coronavirus bill.
“We absolutely have to. We also have to come to an agreement,” Pelosi told CNN on Tuesday, when asked if she would cancel or postpone the recess.