Will Congress go big with the next stimulus package and include a second stimulus check? Or will Washington lawmakers leave out another payment and try again for a larger COVID-19 relief bill in 2021? What could President-elect Joe Biden do if a stimulus package doesn’t pass by the time he takes office on Jan. 20?
With both the House and Senate on break till Nov. 30, there are as many things we do know about a second stimulus check as we don’t — and that’s assuming Congress passes a new stimulus bill with another direct payment in the first place. With negotiations over the next COVID-19 relief package waiting to begin again in the final sprint of 2020, there’s quite a lot we can predict, including who could get the next stimulus check first, how it could bring you more money than the first payment and which qualifications might change.
We can also predict who may not get a second payment by looking at the terms of the first stimulus check and the various proposals that have come across the table, including Biden’s plan. Here are the key facts about stimulus checks to know right now. This story updates often.
The IRS issues checks by groups: Know which one you’re in
Eligible Americans got the first stimulus payment at different times, often because of the way they got paid, and a second payment would be similar. For example, people who have set up direct deposit — an electronic transfer of funds into their bank account — with the IRS could get their checks weeks before those who receive a paper check or prepaid EIP card in the mail. We identified five priority groups based on the first stimulus checks.
You can prepare to get a check faster, when it comes
If a second stimulus check is approved, it’s expected that the IRS will move quickly to send them out. There are steps you can take now to get your payment faster. We’ve identified ways to help make sure you’re in one of the first waves to get your stimulus money, not the last.
The next payment may arrive quicker than the first one did
With the first check, the IRS learned how to mobilize and deliver stimulus money, and said it worked out many of the difficulties in the process. If a second check is approved, it’s likely the agency could speed up the process of sending out the first set of payments. The tracking tool is already up and running, the system is in place and it’s probable that the majority of people who qualified for a first check would also receive another.
The timeline is constantly changing, but we’ve mapped out potential dates a check could be sent if approved before — or after — the Jan. 20 inauguration…….Read More>>