Here’s when the stimulation controls might come out
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After months of negotiations, lawmakers have finally agreed on a second coronavirus relief bill. And fortunately, this bill includes a series ofdirect dunning checks.
The news isn’t totally great – while the CARES Act granted $ 1,200 in stimulus payments to eligible adults, the second round will reach a maximum of $ 600 per adult. Eligible dependents will also be entitled to $ 600.
Given the number of Americans who have struggled with a loss of income since March and who have depleted their savings accounts, the big question remains: when will these stimulus payments actually be made? Here’s what we know so far.
We’re probably at least two weeks out
Once the new relief agreement is enacted, experts say it will take the IRS at least two weeks to transfer that money to individual bank accounts. However, Treasury Secretary Steve Mnuchin said payments could be made by early next week if the bill goes official early enough, which would shorten that time frame a bit. Mnuchin previously said he could get 50 million payments pretty quickly once given the green light.
This accelerated timeframe, however, only applies to beneficiaries for whom the IRS has Bank account information on file. Anyone who has filed a recent tax return and received a refund by direct deposit has already provided this information. Likewise, non-filers who have registered their bank account information on the IRS website should receive their stimulus money as soon as it becomes available.
Those who have to wait for a physical check in the mail may have to wait much longer. This is because the IRS can only send out paper checks in batches of five to seven million per week. This means that some people could wait until February or beyond to get their money.
A faster timeline
Since this is not the first massive stimulus payout, things could go easier this time around. In the first round of direct payments, there were hiccups. Notably, some beneficiaries have waited months for their money, and in the meantime the IRS has sent out checks to the deceased. And in the first round of payments, many recipients received their money in the form of a prepaid debit card – without warning. Some people mistook these cards for spam and threw them away. It’s likely that a second round of stimulus payments will also include debit cards, but at least now the public can know they need to be watched.
Lawmakers have dragged their feet on a relief bill, but it’s clear those who can will aim to speed up stimulus payments. Large numbers of Americans could receive their money in the first half of January, which is still far from ideal in the context of the biggest economic crisis, but better late than never.