Just when we thought thewas hours away from approval, another shift in the ever-changing pursuit of a has thrown a $600 direct payment into question. The tangled situation began Tuesday when President Donald Trump objected to the $600 ceiling and implied he wouldn’t sign the finished bill unless it .
The fresh round of direct payments were already on a tight timeline before Trump’s opposition arose. In fact, language in the stimulus bill actually requires the IRS to stick with a Jan. 15 cutoff for sending out new payments. The tens of millions of people who wouldn’t receive athree weeks after the IRS started to send them would need to claim them a different way (more on that below).
So what happens now? Anything is possible. But if the bill passes later than expected, that three-week window would shrink, with more people having to wait longer to receive their. That is, unless in the 11th hour, an additional amendment to the bill’s language were to be made. Barring that, we’ve mapped out some dates your next direct payments could arrive. (Here’s how to and what we know about a .) This story updates often with new information.
When could the IRS start sending new payments now?
If Trump relents and signs the new stimulus bill into law before Dec. 28 — the cutoff for the government funding shutdown — the IRS and Treasury could send the first batch of payments via direct deposit as soon as next week, compared with the 19 days it took to set up the online tools and schedule distribution of the first stimulus check.
On Monday, Mnuchin said the IRS could send money straight to people’s bank accounts quickly: “The good news is [ ] is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week.”
“Most of these will be direct deposits. We call them ‘checks in the mail,’ but most will be Mnuchin said. “It will be within three weeks. We are determined to get money in people’s pockets immediately. So that will be within three weeks.”,”
As of last summer, 75% of the first round of stimulus payments were sent straight to people’s bank accounts using said, which brings hope for the majority of people to receive their second payment before Jan. 15, the Treasury
In the chart below, we map out a possible payment schedule for the second round of checks, plus a projection if Congress approves, after Biden .
Possible dates a second and third stimulus check could go out
|Dates for second check||Dates for possible third check?|
|House passes final bill||Dec. 21||April 5|
|Senate passes final bill||Dec. 21||April 6|
|President signs||Dec. 28||April 7|
|First direct deposits issued||Week of Jan 4||Week of April 12|
|First paper checks sent||Week of Jan. 11||Week of April 19|
|First EIP cards sent||After filing 2020 tax returns||Week of April 26|
|Recovery Rebate Credit||After filing 2020 tax returns||Unknown|
What does Jan. 15, 2021 have to do with second stimulus checks?
This is the cutoff date in theby which time the IRS and US Treasury will stop sending checks as part of this round of delivery. If you don’t receive your full by Jan. 15, you will need to claim all or part of the missing amount when you file your federal tax returns in 2021. You can also claim any money the IRS still owes you from the first round of payments as part of a at that time too.
What about people getting their payments in the mail?
Since the new stimulus bill sets a Jan. 15 deadline for the IRS to send out payments, people who will receive their— either as a paper check or a — should look for a payment in the first three weeks of January, Mnuchin said on Monday. According to the Treasury, 22% of the payments as of last summer were made by paper checks and another 3% by . After Jan. 15, you will have to .