The wait for a second stimulus check continues.
Just a month before the 2020 election, the status of a second stimulus check — and the possibility of Americans receiving one soon — hangs in the balance.
But while officials have not yet reached a deal on another round of COVID-19 relief, there are several factors that could affect how much Americans receive if a new bill is passed.
Here are a few things to know about another possible direct payment of coronavirus aid.
What is the latest on a second stimulus check deal?
On Tuesday evening, President Donald Trump announced that he would "immediately" sign off on another round of $1,200 stimulus checks if Congress would send him standalone legislation.
The comment seemed to reverse course on an earlier Tuesday tweet in which Trump announced that he advised his team to postpone all negotiations on another round of COVID-19 relief until after the November 3 election.
Prior to his orders, Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi were in talks, negotiating for middle ground on a deal that would provide relief to Americans affected by the pandemic.
On Saturday, Pelosi even said she was feeling “optimistic” about the possibility of additional stimulus checks despite Trumps’ positive COVID-19 diagnosis early Friday morning.
What factors would affect the amount of a second check?
CNET reports that while the maximum check for American’s would be $1,200, Munchin and Pelosi’s deal could have potentially provided more or less money than the first stimulus check to certain individuals through an eligibility rule that would alter qualification for dependents.
According to the outlet, a combination of factors such as adjusted gross incomes and number of dependents could affect the amount that taxpayers could receive through a second stimulus bill. Things like filing taxes jointly with a spouse or the number of dependents could play a role in determining how much stimulus relief you’ll receive.
As an example, a married couple filing jointly with a combined AGI of $75,00 per year and eight dependents could potentially get a total payment of $5,200.
How fast could you get a second stimulus check if passed?
While you wait for a decision to befall the relief deal, there are some things you can do to ensure that, upon passing, you’ll get your check quickly.
Since the IRS sends checks automatically, be sure you’re registered for a direct deposit at your bank. This way, the IRS can electronically transfer the money into your account after you’ve provided the proper details.
Make sure they have the right address on file if you anticipate a physical check. If you’ve recently moved, now is the time to officially change your address with the US Postal Service.
In the first round of checks, many Americans got a prepaid economic impact payment card – like a debit card – rather than a check. Since the payment came in a plain, unmarked envelope, many were tossed away accidentally. Be sure to check all your mail carefully when expecting a payment.
As the first round of payments began going out, stimulus check scams were aplenty as fraudsters attempted to prey on the vulnerable. Be alert and check out some of the most common scams right here so that you are aware.