President Donald Trump (Photo by Drew Angerer/Getty Images)
What’s the timeline for the new stimulus package?
Here’s what you need to know.
Stimulus: key timeline
There’s much anticipation about the new stimulus package, which could include several benefits for the American people and businesses, such as:
When will the next stimulus happen? Here’s the key timeline so you have full transparency about the legislative process:
July 20, 2020
Congress returns from recess. Congress has not been in session since July 3, 2020. Senate Majority Leader Mitch McConnell is expected to introduce a new stimulus package this week in response to the Heroes Act, which is the $3 trillion stimulus package that House Democrats passed earlier this year. McConnell’s bill is expected to be around $1.3 trillion, which is less than half the size of the Heroes Act. Republicans and Democrats should start negotiations this week on the proposed stimulus package. White House Chief of Staff Mark Meadows said Sunday on Fox News that McConnell and House Minority Leader Kevin McCarthy (R-CA) will also meet with President Donald Trump and U.S. Treasury Secretary Steven Mnuchin to “fine tune” provisions in the stimulus package.
July 31, 2020
The House of Representatives has scheduled in-person votes to end on July 31. Then, House members will be in summer recess. Speaker of the House Nancy Pelosi (D-CA) has said that she is willing to forgo recess if a stimulus bill has not been finalized. The Senate is still in session after July 31.
August 7, 2020
The Senate is scheduled to start summer recess after August 7, 2020. McConnell has said that he expects Congress to finalize a stimulus bill before August 7. If Congress does not reach an agreement by August 7, this means there would be no second stimulus check in August. When will you get a second stimulus check? Well, Congress approved the Cares Act on March 27, 2020. The Treasury Department started sending the first stimulus check on April 15. That’s 17 days from approval to the first stimulus check being sent. For the second stimulus check, if Congress approves a second stimulus check, it’s possible that second stimulus checks will be sent on a similar timetable. Based on the Cares Act precedent, this would imply that second stimulus checks could be sent prior to September 1 if Congress reaches a deal before August 7. Of course, the U.S. Treasury may take longer to send second stimulus checks, so there is no guarantee that the U.S. Treasury will adhere to the same schedule as the first stimulus check.
September 8, 2020
If Congress does not reach a stimulus deal in August, both the House and Senate are not in session until September 8, 2020. Unless Congress works through the planned summer recess, any stimulus package would be delayed until September. While it’s more likely that Congress finalizes a stimulus package by August 7, it’s possible that Republicans and Democrats do not reach consensus and a stimulus deal falls apart.
October 9, 2020
The House of Representatives is not in session in October. The Senate is in session through October 9. Given the election is November 3, members typically return to their districts to campaign during October. All members of the House and 35 senators are up for re-election. Given that it’s an election year, members of both parties want to ensure that there is a new stimulus package to show to their constituents.