Congress has reached an agreement on the second stimulus check, which includes $600, after months of back-and-forth.
As part of the nearly $900 billion bill, eligible taxpayers will receive a $600 stimulus check, a measure not included originally in several recent plans.
According to Tom’s guide, Individuals will receive half of what they received under the CARES Act last spring.
Currently, lawmakers plan to include the stimulus package in the 2021 budget proposal because they hope to move quickly.
The bill has been passed by both the House and Senate, so the President must pass it into law now.
How Does This Affect the Second Stimulus Check?
As soon as next week, assuming that the relief package is approved promptly, Americans will receive their second stimulus checks. Treasury Secretary Steven Mnuchin said direct payments this time around will be distributed much faster than last spring and summer’s stimulus checks.
When Will You Receive your Second Stimulus Check?
Throughout the negotiations, Steven Mnuchin stated that once a deal is reached, the date for the second stimulus check will be announced swiftly.
In addition to taxpayers whose data the IRS has already collected, those who filed specifically to receive their first check earlier this year are likely to have more data in the IRS database now.
You can get it prior to 2021. This could occur provided that the President passes the bill before Saturday, with votes in both houses.
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It is difficult to pinpoint an exact timeline with the upcoming holidays, but direct deposits could be made before or shortly after Jan. 1, with paper checks soon following.
Congress has been challenged by recess dates in the past, but lawmakers seem committed to remaining in session until the issue is resolved.
You could get it before Inauguration Day. It is also possible that stimulus check 2 is delayed if talks drag on past the weekend, and legislators decide to pass a short-term government funding bill instead, or Congress takes a holiday recess.
You could get it after Inauguration Day. Additionally, there is a possibility that the Biden administration will have to push through the deal if it falls apart.
Negotiations after Inauguration Day could lead to a passing of a bill and checks coming in by mid-February.
That’s all speculation, of course. There is a chance that Biden’s plan would differ from what’s on the table now, and future elections in Georgia could alter priorities in the Senate.
According to The Wall Street Journal points out, a deal near the end of January or beyond may actually delay the issuance of the second stimulus check since the IRS is also preparing for a busy tax-filing season.
