Incentive Checks: We’ve mapped out some dates when your next payment could potentially arrive

A growing number of senators and representatives on both sides of the aisle are urging colleagues to a second stimulus control now, or as part of a larger economic rescue proposal as by itself. Congress cannot go home for the Christmas holidays until we pass legislation providing for one $ 1,200 direct payment to working class adultsSenator Bernie Sanders said Monday. This is what we need to do today. “

In the few weeks remaining in 2020, Congress is also working on renewal a collection of benefits expires immediately after Christmas if the House and Senate do not act. If Congress does approve a second direct payment this year along with other help, you probably won’t see your money until 2021, even though the IRS is expected to start sending payments according to priority groups shortly after getting green light from Congress.

note that some people may receive a higher pay, while others have a smaller payment or may not be eligible for incentive funding.

We’ve mapped out when a check might come, based on the payment group you are in, and describe four important issues you should know about right now. We’ve also built a stimulus calculator so you can get a estimate for your future payment amount. This story is updated often.

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Following stimulus checks: what to expect

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When will Congress vote on a new stimulus law?

That’s in the air. The House and Senate could vote on more aid by Friday, when an extension to this year’s federal budget expires. Or they can vote until next week, before Christmas. “We can certainly get together and provide this relief before celebrating the Christmas holidays,” Republican Senator Susan Collins said Monday.

While there is still a stimulus check on the table for this year, we show that possibility in scenario 1 in the graph below.

After becomes President-elect Joe Biden US president on January 20, the new administration could try again for a larger bill that could include another outright payment if Congress doesn’t act in 2020. That would mean a check will be issued in February at the earliest. See the table below for possible dates. (Here are separate incentives that Biden could take if there is no incentive bill by inauguration).

read more: How big will your next stimulus check be? Calculate your estimate

How Long Can It Take For The IRS To Start Sending Checks?

In August, Treasury Secretary Steven Mnuchin said it would take about a week from when another direct payment is approved to when the IRS was able to process the first batch.

“I can get 50 million payments very quickly. A lot of that goes into people’s direct accounts,” Mnuchin said at the time.

If a check doesn’t arrive until 2021, a new Treasury Secretary will arrive – it’s not clear whether a power transfer would delay the sending of money. Biden has elected Janet Yellen, the previous chairman of the US Federal Reserve, for the position of the Treasury, although she must be confirmed by the Senate before taking office.

Even if the checks would go out faster the second time by following the existing IRS protocol from the first payment, it doesn’t necessarily mean your incentive money would come in a week after an account went live. The next section explains more.

On what date can I expect my second stimulus check?

Here is one stimulus check the truth of many: Not everyone gets a payment at the same time. On the first check, the IRS divided incentive payments into three main groups, depending on the form in which you received the money. We’ll explain more in the next section.

In the chart below, these speculative dates show when you might see a payment. The second scenario is possible if the House and Senate are recalled to vote and the session is officially extended. We’ve also outlined two timelines if a bill becomes law after Biden’s Inauguration day on January 20 to give you an idea of ​​how long to wait.

Direct deposit, EIP card, paper check and you

The three groups you see above are just the beginning. They represent the IRS’s staggered timeline for sending payments with the first incentive check. We dive more into the five stimulus check priority groups for payments here.