- What's going on y'all,
welcome back the channel Wealth Hacker Labs.
I am your gracious host, Jeff Rose.
It is Thursday and I've got
another economic stimulus check update for you.
Now whenever I did my last update
there was something with that update that I didn't realize
and this is critical information.
It just kind of give us an expectation
if and when a second stimulus check gets approved
and it gets passed, what is an expected timeline
when you can expect to receive your check?
Because whenever I did my last update
for those that don't know so the HEROES Act,
so this is the second bill that has passed in the house.
Right now we're waiting on the Senate to approve it.
Everything got pushed back
especially after the May Unemployment,
the jobs report came out
and things seemed like the economy was improving.
So because of that
all the legislators and everybody has just pushed back
and saying, we're not going to vote on this until July.
I know whenever I heard this
I was frustrated based on all your comments
you are frustrated.
Just many people are still struggling
trying to figure out how they're gonna make ends meet.
So the fact that
this thing is getting pushed back even further.
So many of you are frustrated but for me,
I'm a guy I'm gonna try to look at a glass half full
or a Yeti half full and just hopeful that, okay,
if they ever come back in July,
then what's going to happen then?
How quickly can a second check get passed
and it also get get approved?
And then when is that going to make its way
to you in the form of a check,
a direct deposit or a prepaid debit card,
whatever that looks like?
And that's what I realized
there was something about that optimism
whenever I came across a schedule
which I'll share here in a second,
that just increased my frustration.
I'm trying not to cast my frustration onto you
still wanna be optimistic,
but now just trying to be a realist in
when we could expect a second check to get to you.
But before we go into that for those that don't know,
I am a contributor to Forbes
so in addition to doing YouTube videos and also my blog
I also contribute to Forbes.
And if you wanna check out my latest article
that just went live today,
this is just talking about
how likely is a second stimulus check going to happen?
I'll have a link in the description
if you wanna read that.
So that's just the latest updates that I have to share
what's going on there.
But what I'm talking about as far as in this video
the timeline,
the optimistic best case scenario
of when can we expect a check.
So once again,
the congresses that they are basically pushing back
any decisions until July.
They wanna see the June jobs report,
the unemployment numbers,
how the economy is doing before they make any decisions.
So here we are, okay,
we're waiting until July but
of course, whenever they made that announcement
there was one piece of that that wasn't mentioned
and that is this.
So you can go to the United States Senate
you can go to their website and they have a schedule
that shares like, when are they meeting?
When are they in session?
Let me see if I can actually increase this a little bit.
Are you sure that you can see this?
So for those that are familiar
I mentioned this in a last video
with Memorial Day you heard they were on recess,
recess.
I'm doing quotation marks here,
recess for Memorial Day,
weekend or Memorial Day week.
So they're off May the 25th or the 29th
they came back in June and then that after a week
obviously dealing with all the riots, all the looting,
everything that was going on, no announcements were made.
And then that's when they made the announcement
that they were gonna push back until July
before they would actually come to a vote
on the HEROES Act,
which is the second $1,200 check among other things.
But here's one thing to take note is that
they are on recess.
Sorry, recess
I'm doing air quotes again help me out here, recess
in July from the third until the 17th.
So they're gonna wait until July,
they're not gonna come back on July the fifth
or I guess that would be a on a Sunday,
July the sixth and make a vote then
because they're gonna be on recess until the 17th.
So they're not even gonna vote on anything
or deliberate on anything until they get back
which if they're out to the 17th
that would not be until July the 20th.
So Monday, July the 20th
is whenever they would be back in session
looking at the hero's act.
And as a reminder at the time of this recording
it is Thursday, June the 11th.
So we have to wait until Monday, July the 20th
before they even vote.
And just to put this in perspective
so with the CARES Act, and this is the first check
that you have either received or still waiting to receive,
with the CARES Act this was put into place
was voted on
try for the day here it was like,
I know it was passed on a Friday,
here it is on March 27th.
So it passed the Senate on March 25th and the very next day
passing the house
and then the president Trump put it into force
on March the 27th.
And I wanna share that date
because it passed officially on the 27th.
So from there the very first checks that went out
and were received by the first Americans
and all this was through direct deposit
was about April the 15th.
So if you have a calendar if you wanna look at the dates,
so check this out.
So here is the 27th,
so this is whenever President Trump put it into force
and then all of these days here
it didn't go out until the 15th.
So the 15th is when it finally got deposited,
not paper checks
a direct deposit into people's checking accounts
and this was 19 days.
So 19 days from whenever Trump passed the CARES Act
until it actually made it into the hands of Americans.
So here we are looking at a July calendar
as we right now like we're not even in July,
but we're still 11th.
So, I guess I should have printed off the July calendar
so you could see how many more days we have left in June
and then going into July so the Senate is on a recess
from here until here.
So they out, they're out, they ain't working,
they're on recess.
You like how I did the air quotes there?
Recess.
So they come back on the 20th.
So let's say they come back on the 20th
and they go through deliberations
and like they decide, okay yeah,
like here's what we wanna change,
they're reviewing it.
I guess at first they have to like vote on it
they're gonna deny it
'cause they've said that for the longest time.
And then had deliberations go back to the Democrats
say, here's the changes we want and they go back and forth.
So let's just say optimistically that this thing passes
on say the 29th or the 30th somewhere in this date
and then Trump puts it into force on the 31st,
so the 31st.
So from there, if we wanna do the same 19 days
that we saw with the CARES Act
before that very first direct deposit went out
now we're going into August.
And ending on July 31st makes it really easy
'cause we can add 19 days.
1,2,3,4,
17, 18,
19 is right here.
So August the 19th is a potential date
that the next second $1,200 stimulus check
actually makes it into the hands of the first Americans
that have direct deposit set up.
Now that being said, one could say
well, with the CARES Act
all the infrastructure wasn't in place yet.
You had the IRS get my payment tool,
making sure direct deposit was set up,
everybody's address might not have been current,
you had the prepaid debit cards
that they never had issued those before.
So now they have the system in place
to make this happen and hopefully make it happen sooner.
So in that case all right
so maybe we give them an extra week.
So maybe instead of the 19th
we're looking at August the 12th
as the date that the checks could arrive.
I think based off the current timeline
of them being on recess until Monday, July 20th,
getting back, voting, going through deliberations
and actually saying, all right it's good to go,
I mean, I feel like August the 12th
is not an unrealistic prediction
on when those checks could be sent out.
And that's just, I mean yeah, here I am.
I'm trying to pass them off optimism here.
I'm trying to be optimistic,
but I mean we're talking from today's day
just over 60 days
on a best case scenario
on when the next check could arrive,
and that's assuming that the bill actually passes.
I know many of you still don't think that's going to pass
and a lot can happen from now until then.
And I think probably the scariest thing
that's going on right now
is that as states have begun to open up,
as quarantine is getting more lax.
We're seeing report numbers in different states.
I've seen cases in California, where LA cases are going up,
COVID-19 or coronavirus cases.
I'm seeing situations in San Francisco
where they haven't gone up at all.
Like, they're trying to figure out like what's causing this?
Why are some in some states and some cities
we're seeing record cases
in other cities where they haven't.
I forgot the city where they shared this
but like they haven't been as strict with social distancing
and even despite that
the cases really haven't been all that crazy
compared to what we've seen in New York and California
and other isolated incidents.
So there's still a lot that can happen with that.
But if the coronavirus cases
continue to soar, we see the cases go up
and then the U S has to shut down again.
I mean, I just don't see
how they can push this back until July the 20th
to even make a vote.
Yeah, so I expect
that they're going to be a lot more announcements,
a lot more updates on this.
But nonetheless, based off all of the information
that we have right now,
I am predicting hopeful
best case scenario August the 12th
is when you can expect to see
that next economic stimulus check,
whether it be a $1,200 that is currently proposed,
maybe it's more, maybe it's less,
but August the 12th is what we're looking at.
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All right, until next time this is Jeff Rose
reminding you that it's your money,
it's your life and only you can make it awesome.
Until next time, peace.