Most Americans are hoping and praying that another round of stimulus payments will hit our bank accounts soon. Unfortunately, if a deal in Congress isn't reached soon those checks will have no chance to get to the millions of people that need them until mid to late September...if ever. I hate to sound all doom and gloom, but that's the reality we're facing.

Republicans and Democrats on Capital Hill continue to argue over the latest proposed stimulus bill. They haven't come to an agreement on unemployment assistance. Republicans want to cut the recently expired $600-per-week pandemic jobless benefit to $200 or less. Democrats want to extend it until the end of the year.

Other sticking points include funding for cities and states, funding for the Postal Service, and eviction protection for renters and homeowners. According to News 10, Senate Minority Leader Chuck Schumer, D-N.Y. said, “There are a lot of issues that are still outstanding. But I think there is a desire to get something done as soon as we can.” Treasury Secretary Steven Mnuchin also said there are some areas that the two sides can agree on, but on other issues, they are pretty far apart.

Well, there may be a desire to get something done, but time is running out. Lawmakers only have one week before they leave on a planned month-long recess. If a deal isn't struck soon we'll be waiting until they get back from their month off before they would even start negotiations again. That could push any stimulus relief checks into the holiday season before they would be sent out.

One thing that looks pretty certain is that the second round of stimulus payments would mimic the first round with the possibility of increased dependent payments.

  • Individuals earning a gross adjusted income of up to $75,000 per year in 2019 will receive a $1,200 payment.
  • Couples earning a gross adjusted income of up to $150,000 per year in 2019 will receive a $2,400 payment.
  • The checks will be reduced by $5 for every $100 in income, phasing out completely at $99,000 for individuals and $198,000 for couples.
  • Individuals with no income and individuals who rely on benefits such as Social Security are eligible for the full $1,200 payment

One plan calls for the $500 dependent payment to included any dependent. That would include older children living at home and college students that might not have been included in the last round of checks.

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