How fast could the IRS send your money? We have a number of possible dates.
Sarah Tew / CNET
Once Trump signs the new stimulus bill, how soon can the IRS and the Treasury Department start spreading the second stimulus control? Based on the first round of checks and comments from administrative officials, we have a good idea when that might happen.
The second stimulus control will likely be scheduled in waves according to different payment groups, similar to the first payments. We’ve mapped out some possible dates below depending on what you fit in.
Read on to learn more about a second incentive payment. Here are steps to take if necessary receive your second stimulus check faster. And if you’re curious, here’s how you can get a third stimulus check could be possible in the new year. We recently updated this story with the latest information.
read more: Want a third $ 1,200 incentive check? Everything could change in January
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Following stimulus checks: what to expect
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When will Congress say yes to a second stimulus check?
This weekend, conference leaders will continue to work out the details of a $ 900 billion rescue package that can be $ 600 checks for adults and dependents. The House of Representatives will vote on Sunday, the Senate will follow. A bill with a new $ 600 incentive check could go into law early this week.
After the President-elect is Joe Biden inaugurated on January 20, the new company can try again for a larger invoice that might be a third incentive payment, especially if the results of two senatorial run-offs in Georgia on January 5 go for the Democrats. That would mean that that particular check is likely to go out in February at the earliest. See the table below for possible dates.
Are you hoping for a second stimulus check? You are not alone.
Sarah Tew / CNET
How long will it take for the IRS to start sending the new checks?
Once a new incentive account is approved, the IRS and the Treasury may be able to send the first set of payments faster than the last time. In August, Treasury Secretary Steven Mnuchin said it would take about a week from the time a new stimulus check is approved to the time the IRS could 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.
Here is one stimulus check the truth of many: Not everyone gets a payment at the same time. With the first check, the IRS categorized stimulus payments different priority groups depending on the form in which you received the money and other factors.
In the chart below, these speculative dates show when you can see a payment if Congress comes to an agreement this week. We also outline three other timelines if another bill becomes law after Biden becomes president January 20.
Possible dates on which a second stimulus check can go out
|
Scenario 1 |
Scenario 2 |
Scenario 3 |
Scenario 4 |
|
|---|---|---|---|---|
| House passes the final bill |
Dec 20 |
February 1 |
March 1 |
April 5th |
| Senate approves final bill |
Dec 21 |
February 2 |
March 2nd |
6 April |
| President signs |
Dec 22 |
February 3 |
3 March |
April 7 |
| First direct deposits issued |
Week of January 4 |
Week of February 8 |
Week of March 8 |
Week of April 12 |
| First paper checks sent |
Week of January 11 |
Week of February 16 (February 15 is President’s Day) |
Week of March 15 |
Week of April 19 |
| First EIP cards shipped |
Week of February 8 |
Week of March 15 |
Week of April 12 |
Week of May 10 |
Direct deposit, EIP card, paper check and you
The IRS sent the first incentive payments on a staggered timeline to different groups of people, depending on how they were paid: by direct deposit, paper check, or EIP card. We dive more into the five stimulus check payment priority groups here.
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