For those who qualify, next stimulus could come in next few weeks

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Stimulus payments are tax-free, but unemployment benefits are taxed

If Senate passes the HEROES Act before its recess, stimulus checks could be on the way soon

In less than two weeks, the Senate will be in recess. If legislators decide to use that short window to come to a consensus on the HEROES Act, slated to bring billions to businesses and individuals still suffering economically due to COVID-19, a stimulus check could be coming soon for some Americans.

Senate Leader Mitch McConnell, R-Kentucky, is set to unveil a bill that he has been negotiating with Treasury Secretary Steven Mnuchin in the next week. Earlier this month, McConnell announced the next coronavirus relief bill would likely include a stimulus check for those “hardest” hit by the economic downturn. From his perspective, that would be those who earn $40,000 or less.

“I can’t comfortably predict we’re going to come together and pass it unanimously like we did a few months ago — the atmosphere is becoming a bit more political than it was in March,” McConnell said. “But I think we will do something again. I think the country needs one last boost.”

Credit: AJC

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McConnell says next stimulus package aimed at ‘kids, jobs, healthcare’

Credit: AJC

According to Forbes, there are early indications a variety of compounded interests, from unemployment benefits to state aid, will take a lot of negotiation to reach a consensus.

»MORE: Next stimulus check may be targeted for those making $40K or less per year

McConnell reiterated Tuesday that lawmakers want to send another round of direct payments to Americans. For many, besides wondering the amount, the big question is: When will the stimulus come?

That all depends on if the Senate makes the decision before its recess begins. When the CARES Act passed in March, the first deposits came within weeks. That initial stimulus relief package was signed into law March 27. By April 15, the first round of deposits was available to those who had direct deposit and had their correction information on file with the IRS.

Using that window as a guide, Forbes presented a possible schedule of when checks could come for those with the approved incomes and proper IRS filings.

If the second stimulus bill is signed into law July 24, the first deposits could begin Aug. 12.

If the second stimulus bill is signed into law July 31, the first deposits may start by Aug. 19.

If the second stimulus bill is signed into law Aug. 7, deposits may possibly be available by Aug. 26.

If you are anticipating another stimulus check, you should visit the IRS Economic Impact Payments page to update your information. If a second payment is coming soon, this will make sure there’s no delay.