There are some important dates to watch in the debate over a second round of coronavirus stimulus checks. Lawmakers haven’t officially decided to send more coronavirus stimulus checks. These dates are important ones to market on the calendar if you’re hoping for a second round of checks.
Coronavirus stimulus check date: back from recess
The Senate starts its July 4th holiday break today, but unlike the rest of the country, they won't be back in the office on Monday. Senators will remain on recess until July 20. The House of Representatives will only be doing committee work for the next two weeks and won't be voting on anything until July 20.
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July 20 is an important date to watch in the hope for a second round of coronavirus stimulus checks because debate over the phase four package could begin as early as that date. Negotiations will have to occur at some point, so hopefully, some progress will be made during the recess.
President Donald Trump said last week that he expected to have more news on the topic of a second round of direct payments in a couple of weeks, which is during Congress' July 4 recess. It is possible that Trump administration officials will work on a package in the interim.
However, lawmakers may have to start from scratch when they get back on July 20. That means they will first have to negotiate provisions to include in the phase four stimulus package before it comes up to a vote. The stimulus package must pass both houses of Congress, which could take some time.
The next recess: July 31 and Aug. 7
After July 20, the next date to watch in the debate over a second round of coronavirus stimulus checks is July 31. That's the last date the House of Representatives will be in session until September. It means that at the very least, the House must pass the phase four stimulus package by then, or there might not be one at all.
The Senate leaves for its next recess on Aug. 7, so senators have an extra week to pass the phase four package. Senate Leader Mitch McConnell has said that the next stimulus package will be written in the GOP-led Senate rather than the Democrat-led House.
That means if the new package starts in the Senate on July 20, it will have to get through the Senate fast enough for the House to vote on it and wrap things up by July 31.
Deposit date of the second coronavirus stimulus check
Finally, the date everyone really wants to know is when they can expect the second coronavirus stimulus check to be in their bank account. There is no real timeline here until lawmakers approve a bill containing a second round of checks, but assuming the stimulus package does include it, we can look at the first round of checks for some clues.
The CARES Act, which contained the first round of coronavirus stimulus checks, was passed in late March. The IRS put the first stimulus checks into bank accounts via direct deposit on April 15, so that was a little over two weeks between the bill's approval and the first deposit date.
It is possible that the second round of stimulus checks will be deposited faster since everything will be in place from the first round. For now though, we just wait to see what lawmakers decide to do.