Earlier this year,  President Donald Trump signed a law, the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act”   that provided direct stimulus payments to most Americans.

The maximum amount of aid was $1,200 for individuals making less than $75,000 and tapering off if your annual salary exceeded that number. Families also received an additional $500 per child under the age of 16 years old.

Unemployment benefits were also raised to $600 a week. The intention of the plan was to help those who were experiencing financial distress from the coronavirus pandemic and to inject cash into the economy that was failing due to a global shutdown.

It has been a little over 6 months since these stimulus checks had been sent to Americans and they are now in need of more aid. While Congress has been trying to agree on a second stimulus package that would pass both the House and the Senate, nothing has come to fruition just yet.

Without surprise, political parties have not been able to put their differences aside and come to an agreement. However, upon returning from their Congressional Recess, House Speaker Nancy Pelosi introduced a new $2.2 trillion aid plan that included more direct payments and more increased unemployment benefits (the boosted $600 weekly unemployment bonus expired back in July).

The Democrat-controlled House passed the plan without any support from Republicans. Senate Majority Leader Mitch McConnell called the House plan "outlandish."  Republicans, who control the Senate, have countered with a $1.62 trillion relief plan that was announced by Treasury Secretary Steven Mnuchin. The plan also includes $1,200 direct payments and boosted unemployment benefits of $400 per week.

President Donald Trump encouraged both Democrats and Republics to put their differences aside and pass a plan to aid Americans who are really the ones being hurt by this political stalemate.

He tweeted, "OUR GREAT USA WANTS & NEEDS STIMULUS. WORK TOGETHER AND GET IT DONE. Thank you!" while he was being treated for COVID-19 at the Walter Reed Medical Center.

So when can you expect to receive more direct stimulus money?

Last week, Pelosi and Mnuchin continued negotiating to reach a compromise and draft a bill that would pass both congressional houses. No one gets a check until the two sides come together and realize this is bigger than Left and Right, Blue and Red.

Ironically, with elections is right around the corner, you would think all members of Congress would want to pass something immediately as to not further upset Americans who are already stressed by the events 2020 has seen. Unhappy people don't usually vote favorably for the representatives that didn't represent them as promised.

Once a bill passes both the House and the Senate, it will go before the President to be signed into law. As soon as the deal is made, payments could move quickly given the large number of Americans who enrolled in direct deposits when filing their taxes.

November certainly seems like a reasonable estimate especially with Congress having done this once before, earlier in the year. In the meantime, Americans should continue to spend conservatively, cutting out unnecessary expenses, and looking for other ways to bring in cash.

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