Right at the deadline, Congressional leaders agreed late Sunday on athat will include a for up to $600, and funding for other . The House is poised to vote on Monday, followed by the Senate, before a passing bill heads to President Donald Trump to sign.
Once thebecome law, how soon could the IRS and Treasury Department begin distributing the payment? Based on the first round of checks and remarks by administration officials, we have a good idea when that might take place. The will likely be , similar to the first direct payments. We’ve mapped out some potential dates below, depending on where you fit in.
Read on for more information about a. As long as you’re here, there are steps you can take to potentially . And if you’re curious, here’s how a could happen in the new year. We recently updated this story with the latest information.
When will Congress completely pass a second stimulus check?
On Sunday, Congressional leaders agreed to the details of athat include for and . The House of Representatives is set to vote Monday, with the Senate to follow. The bill with the new $600 stimulus check could become law early this week.
After President-elect Joe Biden is, the new administration may try again for a larger bill that could potentially include a , especially if the results of go for the Democrats. That would mean that particular check would likely go out in February at the earliest. See the chart below for possible dates.
How soon could the IRS start to send the new checks?
Once a new stimulus bill is approved, the IRS and Treasury could potentially send the first batch of payments faster than last time. In August, Treasury Secretary Steven Mnuchin said it would take about a week from the time that another stimulus check 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.
Here’s one: Not everyone will get a payment at the same time. With the first check, the IRS divided stimulus payments into depending on the form in which you received the money, and other factors.
In the chart below, these speculative dates show when you might see a payment if Congress agrees to the bill and the president signs it into law the next two days. We also sketch out three other timelines if another bill becomes law after Biden.
Possible dates a second stimulus check could go out
|Scenario 1||Scenario 2||Scenario 3||Scenario 4|
|House passes final bill||Dec 21||Feb 1||March 1||April 5|
|Senate passes final bill||Dec 22||Feb 2||March 2||April 6|
|President signs||Dec 22 (same day)||Feb 3||March 3||April 7|
|First direct deposits issued||Week of Jan 4||Week of Feb 8||Week of March 8||Week of April 12|
|First paper checks sent||Week of Jan 11||Week of Feb 16 (Feb 15 is Presidents Day)||Week of March 15||Week of April 19|
|First EIP cards sent||Week of Feb 8||Week of March 15||Week of April 12||Week of May 10|
Paper check, direct deposit, EIP card and you
The IRS sent out the first stimulus payments on a staggered timeline to different groups of people depending on how they were being paid: by direct deposit, paper check or. We dive more into the .