Are we any closer to knowing when acould arrive? Not exactly, though the direct payment has garnered so much support in some corners, that vocal members of Congress say they won’t vote for any coronavirus relief aid . Others are suggesting a bill for the last days of 2020 should swap out some measures and swap the stimulus check — which is currently left out of a — back in.
So what would it take for ato come in 2020 and even if it did, would you see it ? How quickly could the IRS jump on sending a new check, whenever it’s approved? And if that happens, how long will you have to wait for ?
Read on for the four key things to know about, and also keep in mind that, some a than before, and others . (Here’s .)
We recently updated this story.
When will Congress vote on a new stimulus bill?
This isn’t clear. Some are eyeing next week. Others, like House Speaker Nancy Pelosi, have said it’s important to take the time needed to craft the right bill.
“Now, if we need more time, then we take more time,” Pelosi said Thursday. “But we have to have a bill and we cannot go home without it.”
Since we can’t officially rule out another stimulus check yet, you’ll see that possibility reflected in Scenario 1 in the chart below.
After President-elect Joe Biden becomes, the new administration could that could include another direct payment. That would mean a check would likely go out in February at the earliest. See the chart below for possible dates. (Here are separate if there’s no stimulus bill by inauguration).
How long could it take the IRS to send more stimulus checks?
In August, Treasury Secretary Steven Mnuchin said it would take about a week from the time that another direct payment is approved to the time the IRS could process the first batch.
“I can get out 50 million payments really quickly. A lot of it into people’s direct accounts,” Mnuchin said then.
If a check doesn’t arrive until 2021, there will be a new Treasury secretary — it isn’t clear if a transition of power would cause a delay in sending out money. Biden has selected Janet Yellen, the previous chair of the US Federal Reserve, for the Treasury position, though she would need to be confirmed by the Senate before taking office.
Even if the checks were to go out faster the second time by following the existing IRS protocol from the first payment, that doesn’t necessarily mean your stimulus money would arrive a week after a bill went live. The following section explains more.
On which date could I expect my second stimulus check to arrive?
Here’s one: Not everyone will get a payment at the same time. With the first check, the IRS divided stimulus payments into three main groups depending on the form in which you received the money. We 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 called back to vote and the session officially extended. We also sketched out two timelines if a bill becomes law after Biden’sto give you an idea of how long you might have to wait.
Possible dates a second stimulus check could go out
|Scenario 1||Scenario 2||Scenario 3||Scenario 4|
|House passes final bill||Dec. 16||Feb. 1||March 1||April 5|
|Senate passes final bill||Dec. 17||Feb. 2||March 2||April 6|
|President signs||Dec. 18||Feb. 3||March 3||April 7|
|First direct deposits issued||Week of Dec. 28||Week of Feb. 8||Week of March 8||Week of April 12|
|First paper checks sent||Week of Jan. 4||Week of Feb. 16 (Feb. 15 is President’s Day)||Week of March 15||Week of April 19|
|First EIP cards sent||Week of Feb. 1||Week of March 15||Week of April 12||Week of May 10|
Direct deposit, EIP card, paper check and you
The three groups you see above are just the beginning. They represent the IRS’ staggered timeline for sending out payments with the first stimulus check. We dive more into the.