We tell you how quickly you could get a new check, if a new law is passed. This is the latest information.
The IRS may send a second check to eligible individuals at the end of the year. If a new bill passes, the physical check, direct deposit or prepaid card could arrive faster than the first round of payments. But how quickly will you get it? That depends on the decisions that will be made in the next few days.
Both Democrats and Republicans have publicly stated that they want to reach an agreement, but have done nothing to compromise on the size and scope of the package, as billions of dollars separate the two sides.
“It is vitally important that we find some solutions,” White House chief of staff Mark Meadows said Friday, August 28. Meanwhile, House Speaker Nancy Pelosi said in a statement, “We hope the Republicans will come to the table and accept our lowest offer to save the lives and livelihoods of the American people.
Regardless of how the legislation plays out, Treasury Secretary Steven Mnuchin said the IRS could start sending checks a week after negotiators reach an agreement. We have calculated some possible dates when the first checks could arrive, as well as details about who would be the first to receive the new payment.
The IRS may send the second check at this time
Hopes that negotiations will resume are shifted to September, when Congress will return to work after its August recess, while the Senate will return to session until after Labor Day, which is September 7.
These are some of the possible dates when a second check could be sent. For reference, we also include the timeline of the now-expired CARES bill, which serves as a point of reference. Read on to find out when you might be able to receive your second check.
|Approved by the Senate
|The House approved
|It was signed into law
|The first checks were sent
|If approved by the Senate
|If approved by the House
|If the president signs it
|Sending the first checks
|Week of September 21
|Week of September 28
|Week of September 28
These people would be the first to receive the check
The IRS may use the same tools you used to send your first check, such as the Get My Payment tool to track your check and the logging tool to make a direct deposit.
The IRS sent the first batch of checks to people who filed their 2018 or 2019 tax returns and provided the IRS with their direct deposit information, according to the U.S. House of Financial Services Committee. Following that model, the next stimulus payment could arrive first to those who are already registered for direct deposit, either as part of their 2019 tax return or earlier.
The next group would be Social Security beneficiaries, who have their information for direct deposit on file with the federal agencies (according to the IRS, about 80 million people got their checks through direct deposit in the first week).
Physical checks began being sent a week after the direct deposits to people who were not registered to receive a direct deposit.
The first prepaid debit cards were sent in mid-May to approximately 4 million people.
Anyone who received their first check after June or who is still waiting to receive their payment. The IRS told CNET that direct payments will continue to be sent until the end of 2020. This is what could delay the delivery of the payments and this is what you need to do if you think your payment was lost or stolen.
Reasons the second payment may be late
We won’t know for sure until a new law is passed and the IRS forms a plan for sending the checks, but here are some points you might want to consider.
Changes for dependents
This will depend on the details set forth in the upcoming law. For example, the CARES Act passed $500 for dependents 16 and under, while the HEALS bill – backed by the Republicans – would also offer $500 for dependents regardless of age. However, the HEROES bill – backed by the Democrats – suggests a $1,200 referral for up to three dependents. If a change is made from what was previously established by the CARES Act, the IRS would have to adjust its accounting system, which could delay some payments.
People who did not sign up for direct deposit had to wait longer to receive their payment in the mail before sending their first checks. By June, 120 million people received the economic stimulus payment through direct deposit, 35 million through a mailed check and 4 million through a prepaid debit card. The IRS has not provided an update on how many people received a stimulus check before August 1.
Banking status has affected the speed of payments since the CARES Act was passed, impacting mostly ethnic minorities, according to an analysis (PDF) by the Urban Institute. White people with incomes above the poverty line were more likely to receive their first check by the end of the year, which would then go to black, Hispanic or below-poverty people, according to the analysis.
People who didn’t earn enough to file their federal tax returns in 2018 or 2019 also didn’t receive their check unless they filed a form with the IRS, according to a report by the Center on Budget and Policy Priorities. This group includes low-income families with children and a much larger number of black people and people of color.
Deadline to receive a second check
Although nothing is official – and it won’t be until a second economic package is announced – we can draw up a potential plan based on past experience.
The IRS will have sent out some 200 million checks by the time the first round of economic stimulus is over (the total U.S. population is nearly 330 million, according to the Census Bureau).
) Most of these checks were sent out in early June, although the IRS said it will continue to send out the first round of checks until the end of the year. In the event that fewer people qualify for the second mailing of checks, the process may be faster.
How to get more help?
If you’re still waiting for the money from the first economic stimulus package you can track your check through the IRS website, we tell you what might be some of the reasons you still don’t receive your check, and you should also know that USPS offers a free service to find out when your check will arrive.
For now, it is too early to tell how much money individuals and families will receive, as this will depend on the size of the financial rescue package. However, here we explain in detail how much you might receive and who might be eligible for a second check.