A second stimulus payment will form a big part of CARES 2, the Senate Republicans' plan for the next economic rescue package, set for an unveiling today. However, anew check for up to $1,200 won't arrive immediately, even in the best circumstances.
Treasury Secretary Steven Mnuchin said Saturday that the checks will be sent out in August. "We're prepared to move quickly," he said, but didn't offer a more specific date. That's because the checks will have to go through at least one round of negotiation before both chambers of Congress agree and advance the legislation to President Donald Trump for final approval.
We don't know how long it'll take from the time the bill is signed into law to the time the IRS sends checks, but we can sketch out possibilities based on the first CARES Act's journey through the final approval process.
WHEN COULD THE SECOND STIMULUS CHECKS GO OUT?
Date passed by Senate
Date passed by House
Date signed
First checks sent
Original CARES Act
March 25
March 26
March 27
April 15
Proposal date
Negotiations begin
Negotiation time before deadline
Deadline to pass a bill
CARES 2 Act
July 27
July 28?
7 or 8 days
Aug 7
If Senate passes
If House passes
If President signs
First checks could be sent
Final negotiated bill
Aug. 6
Aug. 7
Aug. 10
Week of Aug. 24
Sept. 8
Sept. 9
Sept. 10 or Sept. 11
Week of Sept. 28
Source:Cnet.com
Photo:Getty