Congress will make a decision on the third stimulus check that will enjoy some changes that could bring in more money. Here are some of the details on how soon your new payment could arrive.
Many of the details of the third stimulus check that are up in the air could become clearer this Friday as the House of Representatives intends to approve the terms of the next payment, including how much money you could receive and who among your financial dependents will be eligible to receive it.
The House vote will mark an important step on the road to passage of the $1.9 trillion stimulus package, which would include payments of $1,400 and from which they have removed the proposal to raise the minimum wage to $15.
After the vote, the stimulus package will move to the Senate to finally reach President Joe Biden for his signature in mid-March, according to the schedule set by Congressional Democrats.
But between this Friday’s vote and when Biden finally signs the bill approving the next round of checks a lot can happen that could delay when you will receive your payment and verify that you are eligible to receive it.
When will the new stimulus check pass?
Congressional Democrats are rushing to pass the sweeping stimulus package of coronavirus relief before March 14, when current federal unemployment benefits expire.
The new bill seeks to renew unemployment payments by sending $400 weekly federal checks to citizens who are unemployed through August.
After the House vote, the bill will move to the Senate for approval before finally reaching Biden for his signature by that mid-March deadline, if all goes according to plan.
When is the soonest Congress could pass a third stimulus check?
The stimulus bill is expected to pass the House this Friday. If the Democrats’ plan to use a powerful legislative budget reconciliation tool works, your third stimulus check could arrive later in March for the first group of beneficiary payouts. But when the bill passes, assuming that happens, it doesn’t mean everyone will get their funds immediately.
There are many variables that could affect the amount of money you will receive. For example, the 2020 tax filing season could have a dramatic effect on how and when you will receive your next payment.
While that’s happening, we’ve mapped out some dates on a possible timeline that serves as a starting point when the Internal Revenue Service (IRS) and Treasury Department could begin sending out the third stimulus check.