President Joe Biden is urging Congress to approve a $1.9 trillion stimulus bill, which includes stimulus checks of $1,400. Though Biden is taking it as a priority, many other lawmakers seem to be opposing it due to its high price tag. Despite opposition, it is very likely that the Biden administration will win support for the stimulus checks. If you are wondering when you could get the coronavirus stimulus check, there are two possible timelines for it.
Q4 2020 hedge fund letters, conferences and more
Possible timelines for coronavirus stimulus checks
A report from CNET claims that lawmakers are considering two ways to approve the third stimulus checks. The first is packing the checks in with one big relief proposal, and the other is to approve stimulus checks and funds for COVID-19 vaccine distribution as a standalone bill.
In case the lawmakers approve the third stimulus checks as part of one big package, then a timeline of mid-March seems likely. This is because the coronavirus stimulus package would need to pass through the usual debate and negotiation process. One point that may take the most time during negotiations is deciding the amount for the stimulus checks, whether it would be less than $1,400, or if it would be more targeted.
If the lawmakers approve the package by mid-March, then the IRS could start sending the checks within two to three days. This means millions would get the payment in their bank account before the end of March.
If Congress approves the stimulus checks as a standalone bill, then the timeline could be early next month. It is likely that the Biden administration may use the reconciliation process to get the stimulus checks approved.
This way they would be able to pass the stimulus checks by the first week of February. In such a case, most people would get the checks before mid-February.
How much time will the IRS take?
As with the second stimulus checks, the IRS would be quick to send the third stimulus checks as well. At the time of the second stimulus payment, the agency was able to send over 100 million payments in under three weeks.
This was way better than the first time (under the CARES Act) when the IRS took 19 days (from the time Congress approved the stimulus package) to issue the first payment. On the other hand, with the second stimulus checks, the agency had just 17 days (including weekends) to process all the payments.
So, all this means is that you will be able to get your stimulus payment quickly once Congress approves it. Still there are a few things that can help you to speed up your stimulus check. In case you haven’t signed up for direct deposit, then you must do so in your 2020 tax return. Also, if you moved to a new address recently, then you must inform the IRS and USPS of the same.
The post Possible timelines for third coronavirus stimulus checks appeared first on ValueWalk.