Could you still get more federal stimulus money this year? President Donald Trump threw negotiations for a second stimulus check into question on Tuesday with two contradictory directives issued not from executive action, but on Twitter.
Even if a standalone bill authorizing more stimulus money does pass, Trump’s erratic missives delay the timeline to send a $1,200 maximum per person payment. Read on for our latest projections on how soon the IRS might issue a check after the Nov. 3 election. We regularly update this story.
When the IRS could now send the first checks
When and if another stimulus check happens, Treasury Secretary Steven Mnuchin has said it would take about a week to process the first payments. “I can get out 50 million payments really quickly. A lot of it into people’s direct accounts,” he said in August.
We’ve speculated about the potential dates based on the current situation in Washington. Note that not everyone will get a payment at the same time. Keep reading to see how the different priority groups shake out if a bill becomes law following the Nov. 3 election or after Inauguration Day on Jan. 20, 2021.
Possible dates a second stimulus check could go out
House passes final bill
Senate passes final bill
First direct deposits sent
Week of Nov. 23
Week of Dec. 14
Week of Dec. 21
Week of Feb. 8
First paper checks sent
Week of Dec. 7
Week of Dec. 21
Week of Jan. 4
Week of Feb. 15
First 160 million people three different ways, starting with people who filed for direct deposit. Some people with more complicated scenarios are still waiting for their checks or even for catch-up payments. This gives a de facto priority order that could lead some to receive their checks days or even weeks sooner than others. We expect the IRS would adopt roughly the same system for sending out the second stimulus check.
Direct deposit is fastest: People who already have their direct deposit information on file with the IRS or who register it when and if registration opens again should be first in line to receive their stimulus check. An electronic transfer of funds is faster and more efficient, which is why this group largely got their first payment faster.
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Social Security beneficiaries: With the first stimulus payment, many Social Security beneficiaries who had direct deposit information on file with the federal government received checks in the first week, though not always the first day.
People who get paper checks:The IRS began to mail these about a week later to people without direct deposit data on file.
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EIP card recipients:Economic Impact Payment debit cards are prepaid Visa cards that the IRS sent to around 4 million people starting in mid-May. If the IRS follows the same payment priority order, this group could begin to see their checks weeks after the first direct deposit transfers go out.
What’s the longest you might have to wait to get your check?
While we expect most people to get their money sooner, if the first round is any indication, it could still take months for the IRS to send all the checks. Six months after the first stimulus payments went out, the federal agency is still trying to track down millions of people who may be owed money.