How soon could I get a second stimulus check?

Senate Leader Mitch McConnell (R-KY) will present a bill that he has been negotiating with Treasury Secretary Steven Mnuchin next week.

With just 15 business days before the Senate takes its recess, it’s a short period to reach a deal with the Democrats. There are early indications that a variety of competing interests, from unemployment benefits to state aid, will require a lot of negotiation to reach consensus.

And just yesterday, we learned that the President wants to block funding for virus testing and the Centers for Disease Control. This introduces another point of conflict, this time between the President and members of his own party within the Senate.

But suppose, given the historical nature of the pandemic, its impact on the economy and financial health of ordinary Americans, our legislators can pass a bill before their next recess: how soon could you get a second check stimulus?

How fast could I get a stimulus check?

It all depends on the day the president signs the law.

Once we know that date, we can compare it to the speed at which checks and deposits are issued after the approval of the Care Act.

The Care Law was enacted on March 27, a Friday.

The first round of deposits, which was for those who had their direct deposit information on file with the IRS, on April 15, a Wednesday.

It took 13 business days for the first deposits to ship.

If they did not have your direct deposit information, a paper check was issued based on this schedule. That schedule was based on your income. Those with lower incomes would receive their checks first, starting with those who make $ 10,000 or less on April 24.

Since the IRS has a lot of the information you need to send checks, and you’ve already done it once, I hope the process can be quicker than 13 business days, but thirteen is likely the upper limit.

Based on that, that’s when you can expect to receive an economic impact payment:

• If the second stimulus bill is enacted on July 24, we could see deposits starting on August 12.
• If the second stimulus bill is enacted on July 31, we could see deposits starting on August 19.
• If the second stimulus bill is enacted on August 7, we could see deposits starting on August 26.

This is a good time to visit the IRS Economic Impact Payments page to update your information if you have not already done so. If a second payment comes, you’ll want to make sure your information is correct to avoid delays.

Finally, if the two sides can’t reach an agreement and don’t extend the day they begin their recess, Congress won’t return until after the Labor Day holiday in early September.

Additional resources

The income limit on the second stimulus check is likely to be over $ 40,000

The next stimulus project will likely have these three main changes

Second-stimulus controls must be recurring and direct, 156 top economists urge

The next $ 600 federal unemployment benefit is likely to be smaller

Second stimulus check update: here is everything we know now

Where’s my tax refund? Why it can be late and when to expect it