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Stimulus Check Update 8-7-20: $500 Stimulus Checks Trump Executive Action Unemployment Congress

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Here’s your daily stimulus check, your second stimulus check and stimulus package update for Friday, August 7th, 2020.

You may be receiving another stimulus check in the coming days, but it won’t be for $1,200 and will not count as your upcoming stimulus check in any approved Phase 4 disaster relief bill.

The IRS sent out direct deposits on Wednesday and paper checks and debit cards today to Americans that did not receive $500 for eligible dependents.

They explain: “The IRS will automatically issue the additional $500 EIP per qualifying child to affected individuals in early August for those who used the Non-Filers tool before May 17, 2020.”

Payments can be tracked through the Get My Payment portal on the IRS website and as stated in the CARES Act, dependents must be under the age of 17 to receive $500 per dependent.

While it’s great to see these stimulus checks finally the streets, it’s baffling to me how it’s taken them 5 months to disburse these stimulus payments.

Meanwhile, yesterday’s meeting between the Fearsome Foursome of Nancy Pelosi, Chuck Schumer, Mark Meadows and Steven Mnuchin was their longest, and least productive session yet.

After more than 3 hours of negotiations, both sides still appear to be on completely different wavelengths and it does not seem likely that a Phase 4 stimulus package will be approved by the end of the day.

Pelosi stated: "We are very far apart -- it's most unfortunate."

Schumer echoed Pelosi’s comments, explaining: "We are very disappointed in the meeting. ... They were unwilling to meet in the middle."

Mnuchin and Meadows can agree with the Dems on one thing, that both sides are "very far apart" on the upcoming stimulus package.

Mnuchin stated: "I think there's a lot of issues we are close to a compromise position on, and I think there's a handful of very big issues that we are still very far apart."

With the Fantastic 4 set to meet again today, hopefully they can begin to bridge the gap between the two sides and get us our stimulus as soon as possible!

Finally, if Congress isn’t going to agree on another stimulus package, more and more evidence shows that President Trump will take action to bypass Congress and get stimulus relief to struggling Amercians, possibly by the end of the day.

White House economic adviser Larry Kudlow stated today that he believes that President Trump will take executive action soon if Congress is unwilling to agree upon another stimulus package.

When asked whether President Trump would consider using executive action, Kudlow stated: “He will use them. You can bet on it.”

Offering further details on the stimulus items that President Trump hopes to approve, Kudlow explained: “The president is looking for a payroll tax cut, administrative actions for moratorium, executive authorities on unemployment, re-employment, retention credit -- those are essential on his list.”

That’s quite a list there Trump! Throw in another round of stimulus checks and I’m on board with your executive action if it means we get something going by the end of the day.

Will we see more stimulus by the end of the day? Let me know in the comments below!

Source: https://www.foxbusiness.com/personal-finance/irs-dependents-eligible-stimulus-check-recipients

https://www.cnn.com/2020/08/06/politics/stimulus-talks-latest-nancy-pelosi-jobless-benefits/index.html

https://www.foxbusiness.com/politics/kudlow-believes-trump-will-use-executive-action-for-coronavirus-relief-you-can-bet-on-it

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