Despite the House of Representatives being due back next Monday, and the Senate having reconvened this week, a question mark still hangs over the approval date of a second stimulus check. Ahead of his inauguration, President-elect Joe Biden has his own stimulus plan that includes funding for direct payments, but new stimulus legislation still must pass in Congress.
As soon as more stimulus aid is authorized, it’s expected that payments of up to $1,200 for individuals would be issued to people whom the IRS considers adults. The IRS will send the money out over the course of weeks or even months, likely starting with people who set up direct deposit, then issuing paper checks, and finally through EIP debit cards. Some people, however, won’t qualify for another round of stimulus money.
We’ve assembled a few potential schedules that the IRS could use to send stimulus money to eligible people, once the federal agency is authorized to do so. You can also get an estimate of a payment with our stimulus calculator. If the IRS owes you a full or partial check, you must file a claim by Nov. 21 — and follow these steps if you think your check is missing. We update this story frequently.
Current Mortgage and Refinance Rates for November 2020
When might I receive a new stimulus check?
These dates, which are speculative, show you when you might see a check — if a bill becomes law after the Nov. 3 election and before or after Inauguration Day on Jan. 20, including Dec. 11, the deadline for Congress to pass the next federal budget.
One important note is the speed at which the first checks might arrive. In August, Treasury Secretary Steven Mnuchin said it would take about a week to process the first payments. “I can get out 50 million payments really quickly. A lot of it into people’s direct accounts,” he said.
But that doesn’t necessarily mean your stimulus money will arrive a week after a bill goes live….Read More>>