Today is expected to be a big day for those waiting for the next stimulus package. The Senate is likely to start discussions on the next package and should possibly approve it before the August recess. A big question, however, is: if the coronavirus stimulus checks are passed in the next two weeks, when will you actually get it?
Coronavirus stimulus checks: when you will get it
There is no definite answer as to when coronavirus stimulus checks will actually reach you. We can only use the schedule of the first stimulus checks to get an idea of when the next checks would reach you.
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The CARES Act was signed into law on March 27, while the first round of deposits was sent on April 15. These deposits were for those having their direct deposit information on file with the IRS. So, it took the IRS 13 days to process the first direct payments.
If the IRS doesn’t have your direct deposit information, then it issued a paper check. Those with lower income – $10,000 or less – were sent the checks first.
This time, however, the IRS is already prepared. It now has all the information it needs to send out the checks. So, it will likely take less than 13 days to process the payment via direct deposit. We might consider that it could take 13 days as the upper limit.
This means, if the next stimulus package is approved this week by July 24, then you can expect direct deposits to start on August 12. And, if the package is approved next week, i.e. by July 31, then deposits would start on August 19. If negotiations over the next stimulus round extend to the first week of August, then direct deposits would start on August 26.
EIP cardholders may get payment early
Those who got the first stimulus payment via EIP prepaid debit card could get the payment faster this time. The IRS likely would not be issuing new cards; rather, it would send the new payment to the old card only. Thus, it is important that you don’t throw the card away once you have exhausted the first stimulus payment.
Others, to ensure they don’t face delays with the second stimulus payment, must visit the IRS Economic Impact Payments page to check if their information is updated.
Separately, White House chief of staff Mark Meadows, on Sunday, said that the negotiations on the next stimulus bill will start "in earnest" Monday on Capitol Hill.
"As we've started to engage with our Senate and House colleagues up on Capitol Hill, those will start in earnest starting tomorrow, Monday," Meadows told Fox News.
Meadows added that Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy will meet President Donald Trump and Treasury Secretary Steven Mnuchin "to actually start to fine tune it.”