As a taxpayer you will have to wait to see how the negotiations play out in Congress.
President Joe Biden’s proposed $1.9 trillion economic stimulus package proposes a third round of $1,400 stimulus checks for most Americans. However, analysts note that this aid could take a couple of months.
Experts believe that both parties in Congress will support the $1,400 payments that are seen as “lifelines” for a large number of workers who have asked for their jobs or seen their incomes decline during the pandemic. During the first week of January alone, nearly 1 million people applied for unemployment benefits.
The increase in the number of infections and deaths from the pandemic could be a reason for lawmakers to support President Biden’s economic stimulus program.
Chuck Schumer, the Senate majority leader, told Bloomberg that the goal is to pass the next round of stimulus checks in mid-March. But there is an economic reason behind that date, the annual unemployment benefits as well as the $300 a week extra help expire in March.
According to Senator Schumer, “the next round of the fiscal stimulus check is still a month to six weeks away” notes an article in The New York Times which adds that Senate Democrats plan to make the “spending bill a “priority” in legislative business.
When will you receive the $1,400 stimulus check?
After the stimulus bill is passed by Congress it must be signed by the president for the Internal Revenue Service (IRS) to distribute the funds via direct deposit, mailed checks and prepaid debit cards.
Should the new economic stimulus package be approved by the end of March you could receive your new stimulus check in early April. During the second round of coronavirus support that provided a $600 check, it took a week for the funds to reach the first group of the population that received their direct deposit payment.
To date, some citizens have experienced delays in receiving their second stimulus check due to problems at the IRS such as outdated technology and lack of staff.
On January 22, President Biden signed an executive order directing the Treasury Department to expedite the delivery of the stimulus check for those citizens who have not yet received a direct payment.