The, and that changes everything. We’ll explain. But first, this is important to know. After Congress authorized a with a for up to $600 per person this past Monday night, President Donald Trump was expected to sign it. Instead, he sharply criticized the and made it clear he wanted Congress to .
Although Trump reportedly had possession of the nearly 5,600-page bill on Christmas Day, (it combines $900 of stimulus aid with $1.4 trillion to fund the government in 2021), he was said to be golfing with Sen. Lindsey Graham, before he again called on Congress to increase the . Without a bill, government programs to send emergency and an will .
The pause on turning the bill into law complicates an already short deadline for the. The language in the stimulus bill requires the IRS to send out new payments by Jan. 15. But with such a tight timeline, tens of millions of people likely wouldn’t receive their payments within the three week window, and would have to claim their money a different way — which is bound to take longer.
We’ll explain more below, and also worked out some dates your next direct payment could arrive. (Meanwhile, here’s how toand what could happen with a .) This story has been updated with more details.
How fast could the IRS deliver the next stimulus payment?
If Trump relents and signs the new stimulus bill into law, the IRS and Treasury could send the first batch of payments viaas soon as a week later, compared with the 19 days it took to set up the online tools and schedule distribution of the first stimulus check.
“Most of these will be direct deposits. We call them ‘checks in the mail,’ but most will be,” Treasury secretary Steven Mnuchin said Monday. “It will be within three weeks. We are determined to get money in people’s pockets immediately. So that will be within three weeks.”
As of last summer, 75% of the first round of stimulus payments were sent straight to people’s bank accounts using, the Treasury said, which brings hope for the majority of people to receive their second payment before Jan. 15.
In the chart below, we map out a possible payment schedule for the second round of checks, plus a projection if Congress approves, after Biden .
Possible dates a second and third stimulus check could go out
|Dates for second check||Dates for possible third check?|
|House passes final bill||Dec. 21||April 5|
|Senate passes final bill||Dec. 21||April 6|
|President signs||Dec. 28||April 7|
|First direct deposits issued||Week of Jan 4||Week of April 12|
|First paper checks sent||Week of Jan. 11||Week of April 19|
|First EIP cards sent||After filing 2020 tax returns||Week of April 26|
|Recovery Rebate Credit||After filing 2020 tax returns||Unknown|
Why is Jan. 15, 2021 so important?
This is the cutoff date in theby which time the IRS and US Treasury will stop sending checks as part of this round of delivery. If you don’t receive your full by Jan. 15, you will need to claim all or part of the missing amount when you file your federal tax returns in 2021. You can also claim any money the IRS still owes you from the first round of payments as part of a at that time too.
How long could it take to receive a second stimulus check by mail?
Since the new stimulus bill sets a Jan. 15 deadline for the IRS to send out payments, people who will receive their— either as a paper check or a — should look for a payment in the first three weeks of January, Mnuchin said on Monday. According to the Treasury, 22% of the payments as of last summer were made by paper checks and another 3% by .
However, after Jan. 15, you will have to. That could further delay your stimulus check, since the timing would hinge on:
- When you file your 2020 taxes — the deadline could be April 15, unless you file for an extension.
- How long it takes the IRS to process your tax return, which may also include your second stimulus check.
- If there are any complications that arise in your specific scenario that could further delay your check.
We’ll keep our eye on the situation, which is constantly evolving. Here are theand here’s how you can .