The new $900 billion stimulus package was approved by Congress on Monday. Congress approved on Monday night a $900 billion stimulus package that will allow for a second stimulus check of up to $600 per adult and dependent child. The bill is now expected to be signed during the next few hours by President Donald Trump.
How quickly could the Internal Revenue Service (IRS) and the U.S. Department of the Treasury begin making first deposits and when could you expect your second stimulus check to arrive at your bank account or mailing address?
If you qualified for the first stimulus check, you probably know that the process of distributing the money is not easy. The same goes for the IRS payment schedule.
On Monday, Treasury Secretary Steven Mnuchin said in an interview that he could start sending out the second stimulus check as soon as next week, assuming the new stimulus package becomes law within the next few hours. Most of the payments will be made through direct deposits that could arrive during the next three weeks, Mnuchin said.
Keep in mind that there could be some complications that would prevent the check from arriving later, as happened during the first round of payments.
How soon will the IRS send the new payment?
After Trump signs the new bill the IRS and Treasury could send the first batch of payments through direct deposit as early as next week, contrasting with the 19 days it took to set up the online tools and distribute the first stimulus check.
Last summer, the Treasury said 75% of the first round of stimulus payments were sent directly to people’s bank accounts using direct deposit.
If the IRS can process the direct deposit payments, most qualified people could receive the second payment. In the table below we have made a possible schedule of payment dates for a second stimulus check.
Possible Payment Date Schedule
|Second Stimulus Check Date
|House of Representatives Vote
|Reimbursement credit recovery
|After the 2020 tax return
|First shipments to EIP cards
|Delivery in the week of January 4th
|First direct deposits issued
|It would be delivered January 11
|The first paper checks would be sent
|It would be delivered in the week of December 30th
|The president could sign the week of December 22-24
|Week of 22nd to 25th December