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Stimulus checks unlikely until September without deal this week



  • The IRS is in “a better position” to send stimulus checks in August than the agency was in April, according to a union representative.
  • But if Congress cannot finalize further economic aid measures this week, the controls could not come until September.
  • Lawmakers agree to another $ 1,200 check sent to eligible Americans – but the parties are divided on most other issues, such as easing unemployment and cutting taxes.
  • Visit the Business Insider homepage for more stories.

The IRS is in a “better position” to send stimulus checks in August than the agency was in April, according to union representatives for the IRS.

Adad Hooper, national president of the Association of Professional Managers, which counts IRS managers among its members, told CNBC on Tuesday that Friday̵

7;s deadline is key to taking control this month: “Infrastructure is now in place to administer a such payment, “he said.

This time is significant, given that the first round of economic aid measures – as an additional $ 600 in unemployment – expired at the end of July, leaving about 16.3 million Americans unemployed.

Earlier this week, Treasury Secretary Steve Mnuchin said “if we can reach a fair deal, we are ready to do it this week” when asked about a stimulus plan during an interview with CNBC. However, lawmakers still appear to be stuck after more than two weeks of negotiations.

While both sides want another $ 1,200 check for eligible Americans, the rest of their stimulus plans depend on balance, especially points relating to unemployment benefits.

Eligibility for the second check is likely to be the same as the first, with those who make $ 75,000 and get under the full amount, and a reduced amount goes to those who are making between $ 75,000 – $ 99,000. Those who have made more than $ 99,000 will not receive a check.

For now, Republicans are sticking to the HOLY Act, which cuts unemployment benefits from $ 600 to $ 200 for the first two months. After that, the plan will move to 70% payroll replacement. Democrats, meanwhile, have proposed the HEROS Act, which holds unemployment benefits of $ 600 until 2021.

“We’re seeing middle-class income tax cuts and capital gains tax cuts to boost investment, jobs and liquidity,” White House economic adviser Larry Kudlow told reporters Wednesday about the ongoing negotiations. . “We’ve seen it. A while again. In another era we called those tax cuts 2.0. The president has never lost those thoughts. He’s a taxpayer in direct contrast to Biden’s team, who are thieves. of taxes. “


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