When will a second stimulus check arrive now? Our best post-election guesses

When will a second stimulus check arrive now? Our best post-election guesses

It’s official. We’ll have to wait until after the Nov. 3 election for a second stimulus check to receive funding. Once it’s approved, however, the IRS is expected to send out money in waves according to different qualifying priority groups, which is how the agency delivered the first stimulus payment. In fact, some people are still waiting for that first check, even as a second payment remains under negotiation, along with other aid.

We know some details about the process, like that your second stimulus payment could be bigger if you have dependents and that even more rules will be revealed in the final stimulus package. So what’s the strategy for sending out payments and when’s the soonest the first checks could come? How long will you have to wait for yours? We’ll explain everything we all need to know. This story updates often.

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How quickly could the IRS send your check? Depends on who you are

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. But that doesn’t mean your stimulus money will arrive a week after a bill goes live.

While the goalposts keep moving on when a deal could happen, we’ve kept tabs on some potential dates a bill could pass, and what it means for your check, depending how you’ll get your money. More on that in the next section.

These dates, which are speculative, map out when you might possibly see a check if a bill becomes law in the period after the Nov. 3 election and before or after Inauguration Day on Jan. 20, including Dec. 11, the deadline to pass the next federal budget.

What do the IRS’ payment groups mean?

The IRS has so far sent money to at least 160 million people three different ways, starting with people who filed for direct deposit. Some people with more complicated personal situations are still waiting for their checks or even for catch-up payments. This creates a de facto priority order that could lead some Americans to receive their checks days or even weeks before others…Read more>>

Source:-cnet 

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