The second round of stimulus checks for the amount of $2,000 per eligible individual won't happen before Congress's new session is sworn on Sunday. President Donald Trump, House Democrats, and several outspoken Republicans pushed to raise the $600 stimulus checks ceiling t0 $2,000.
However, the Senate did not vote on either of the two bills that would give a higher chance. The bills are neither expected to garner enough support from both parties to override the $600 cap. Here is where it leaves the second stimulus and what it means for the third round of stimulus check, according to CNET:
$600 stimulus payments are out on January 15
The $900 billion stimulus package includes the second stimulus check and won't be altered. So the U.S. Treasury and the Internal Revenue Service (IRS) will continue delivering new payments via direct deposit, EIP cards, and physical checks. Besides, the bill has the cutoff of January 15, then no more payments will be sent, or you need to claim a Recovery Rebate Credit to claim your check.
Supposedly, the IRS's direct deposits were to hit bank accounts before December 31, as per CNBC. But due to the delay of signing, the bill may take the distribution slightly longer to arrive.
The direct deposits are possible to be deposited under the same timeline "as soon as this week," since the Treasury Department is preparing the payments under the assumption that the bill would be signed last week, a spokesman for Representative Don Beyer said.
Read also: What's Inside Your Stimulus Check and Everything You Need to Know
Senate seats could support the $2,000 stimulus check
From all corners of the government, lawmakers support the $2,000 COVID relief check. But the Georgia runoff election on January 5 will determine the party that will control the Senate and different crucial committees. The runoff election is expected to set the pace for more economic relief aid in 2021.
If Democrats win both seats, they will win the Senate and increase the chance of pushing for a larger check. But the Republicans will maintain Senate dominance if they win one of the two contested seats. Republicans are also forecast to reel in spending and in passing a larger stimulus bill.
With Senator David Perdue and Kelly Loeffler, who is on the ballot in the Georgia runoff election, the larger stimulus check has been picking up support from the Republicans. Perdue and Loeffler reversed their previous stance and now expressing their support for the $2,000 checks.
Third stimulus check and a new bill could happen
The current $900 billion stimulus bill has been seen by many in Washington as a precursor to a larger stimulus package in 2021 would expand the provisions that Democrats and Republicans agreed to leave out to pass the crucial deal.
On Tuesday, Biden called the latest stimulus package a "downpayment" that is needed, Newsweek reported. Meanwhile, Senate Minority Leader Chuck Schumer acknowledged that Congress' work has not yet been done with the $900 billion stimulus package.
On Wednesday, House Speaker Nancy Pelosi expressed optimism that the $2,000 payments could happen and that they are not giving up on it.
Read also: Weekly $300 Unemployment Benefit: Here are Essential Things to Know
