The legislation, which still needs approval from both chambers of Congress and to is signed by the president, includes up to 600 stimulus packages for many Americans. Congress has finally agreed on a second stimulus check for most Americans, including the first coronavirus check, the second round of the stimulus plan, and the third round for people with chronic diseases. If passed in the House and then in the Senate, the COVID-19 aid package would authorize $1.5 billion in new stimulus funds for the 150 million people who received the first checks. Just as Americans are starting their first coronavirus stimulus checks, Congress appears finally ready to approve the second round of checks, according to the Congressional Budget Office.
While you are here, there are steps you can take to possibly get a second stimulus check faster. If you had received the first stimulus checks, you would be eligible for a tax credit of up to $2,000 for your first check in 2021, and you would file your tax credits and 2021 taxes in 2022. The next stimulus tested would work in much the same way, but for people with chronic diseases such as heart disease, diabetes, or cancer. For example, if you have been eligible for Stimulus Check 2.0 for at least two years, you will not be able to access another $1.5 billion in the second round of checks.
If you have questions about what to do if you don’t get a stimulus check, you see “What to do? Read on to learn how stimulus checks are calculated, when checks should arrive, what you can do if the check has not arrived yet or is the wrong amount. It is also useful to learn how to spend your stimulus plans. Payments can be made via the Payment Transactions page of the Federal Reserve Bank of New York. There will be no second StimulusCheck, but you can read more about it in the Stimulus Check 2.0 blog post here.
On the positive side, the IRS framework for distributing stimulus packages is already in place, so people can receive their payments. Depending on which group you are in, we have also calculated how quickly you might be able to get your next stimulus checks and what that means for the first batch of the second round. Payments can be made immediately after the law is passed, but there is no guarantee that a second – an economic check – could be sent more quickly, as they have already done a lot of preparatory work for this first round of payments. But we have a good idea when they start sending out second cheques.
If a compromise to stimulate the economy is reached and implemented, it could reduce the need for a more robust package, which would likely include a second stimulus check. Whether negotiators agree on a new package by the end of this week or this month will depend on how quickly stimulus No 2 is released.
There is no guarantee that Economic Stimulus Check # 2 will pass, but it might be useful to know how much money you can look forward to in your personal finances over the next few months. If you don’t need to use the stimulus for something urgent, you should consider investing or saving some of that money.
If you prefer not to wait, you can enter your bank’s direct deposit information into the IRS Get Payment tool to get your stimulus check for direct deposits. If your taxes don’t provide direct data – or if you don’t want to wait weeks or months for stimulus measures – panic.
You should still be able to use the Get Payment tool to find out on what day your stimulus will be deposited into your bank account and into which bank accounts it will be deposited.
If you received your first stimulus check by email, you may want to sign up for a direct deposit to ensure you get it faster. The IRS will send all recipients of stimulus programs a confirmation letter with instructions on how to send the payment and how to send confirmation letters. Since the IRS already has the ability to use your previous tax return for tax refunds, expect to have your second stimulus reviewed more quickly.
It’s unclear whether the IRS would follow the same schedule for the EIP card for your second stimulus check. In August, Treasury Secretary Steven Mnuchin said it would take between two and three months for the stimulus packages to be approved and for the first batch to be processed by the IRS.
Then the IRS will confirm your eligibility, calculate how much you should receive, and send you your bonus. You can use the Stimulus Check # 2 calculator to see how much you could expect for your second round of stimulus checks. To find out where to submit your stimulus check repayment based on the state you live in, visit the U.S. Department of Health and Human Services website and gogo to question # 13. Here’s how you could get your money in the form of an EIP card (also known as an Economic Impact Payment) and how your IRS payment arrives.