When the IRS sent out the first stimulus payments, not everyone got them all at the same time — and some people are still waiting. If and when a second stimulus check comes to be, it’s likely that the IRS will once again sort those who are eligible to receive the next payment of up to $1,200 per individual (and more for dependents) into priority groups. Do you know which group you fell into?
Negotiators are striving to agree on another stimulus bill before the Nov. 3 election. House Speaker Nancy Pelosi continues to be optimistic that a deal can be reached before election day and said on MSNBC Thursday morning, “We’re about pretty soon ready to put pen to paper.”
However, Senate Majority Leader Mitch McConnell made his opposition clear earlier this week, reportedly cautioning the White House not to move forward with Pelosi, The Washington Post reported.
Even if Washington fails to pass a new economic rescue bill by the election, the Senate, House of Representatives and White House have all at one point been in favor of a second direct payment as part of a broader package, so there could be hope for post-election legislation.
The uncertainty makes is hard to keep an exact timeline, but we created an overall schedule for when stimulus checks are sent that should hold up even as the actual date to close a deal continues to slip and slide. Below, we take a look at four plausible timelines and explain which priority group you could land in if you are eligible to get a second stimulus check. We update this story regularly.
How quickly could the IRS send my payment?
Treasury Secretary Steven Mnuchin has said it would take about a week to process the first payments, when and if another stimulus check is signed into law. “I can get out 50 million payments really quickly. A lot of it into people’s direct accounts,” he said in August.
We’ve speculated as to some potential dates if a bill becomes law before the Nov. 3 election or after Inauguration Day on Jan. 20, based on current negotiations in Washington. Keep reading for more information…Read more>>