When Your Next Stimulus Check Could Come: Here are the 4 Most Important Things You Need to Know

Are we any closer to knowing when a second stimulus control could arrive? Not exactly, although the direct payment has received so much support in some corners that vocal members of Congress say they won’t vote for help for coronavirus. that does not include any other check. Others suggest that a bill for the last days of 2020 should replace some measures and replace the stimulus check – which is currently disregarded. Bipartisan proposal of $ 908 billion — back in.

So what would it take for one stimulus control to come in 2020 and even if it did you would see before 2021? How soon could the IRS jump to send a new check, once it’s approved? And if that happens, how long will you have to wait your money to arrive in person?

Read on for the top four things you need to know and keep in mind some people can get a bigger check, some one smaller check than before, and others is not eligible for another round of incentive aid. (Here is how to estimate your stimulus amount.)

We recently updated this story.

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Following stimulus checks: what to expect

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When will Congress vote on a new stimulus law?

This is not clear. Some will keep an eye on next week. Others, such as House Speaker Nancy Pelosi, have said it’s important to take the time it takes to get the bill right.

“If we need more time now, we’ll take more time,” Pelosi said Thursday. “But we need an account and we can’t go home without it.”

Since we cannot yet officially rule out another stimulus check, you can see that possibility reflected 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 can be another direct payment. That would mean that a check would 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 could it take for the IRS to send more stimulus 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 payment priority groups here.