A second stimulus check is OFFICIALLY on the way after President Trump signed a $ 900 billion COVID-19 relief bill on Sunday evening after initial rejection. The relief bill will grant most adults who cannot be considered a dependent a second stimulus check for $ 600 and $ 600 for children 16 and under.
Now the wait begins – but luckily it should be shorter than the first time. Here you can expect your second stimulus check.
When does your $ 600 stimulus check arrive?
It took a little over two weeks for the first round of stimulus checks provided for by the CARES Act to begin opening bank accounts for people who had direct deposit information on file with the IRS. Those who received payments in the mail by check or prepaid debit card had to wait a few extra weeks – in some cases even longer.
Treasury Secretary Steven Mnuchin has indicated that this round of controls could start earlier. On December 21st, Mnuchin told CNBC host Jim Cramer, “People will see this money early next week.”
At this point, of course, President Trump should quickly sign the relief bill. It’s unclear how the timeframe will play out since Trump didn’t sign the bill until December 27th. Assuming the IRS processes payments at the rate Mnuchin suggests, checks could hit bank accounts in the first week of January.
Mnuchin expressed confidence earlier this year during discussions of stimulus packages that ended in a stalemate that the same timetable would be involved. In August he said, “If I could do it tomorrow, I could print it the following week. I could get 50 million payments very quickly. “
The faster schedule seems likely since the IRS has set up the infrastructure and received the information necessary to provide stimulus checks to most Americans through the CARES act.
In addition, the new invoice includes a January 15th deadline for the IRS to send payments. If your payment has not been made by then, you will need to file a 2020 tax return and receive your stimulus check as a refund.
How can you get your check faster?
Sorry, there is not much you can do right now. If you filed a 2019 tax return or used the non-filer tool to get your first payment, the IRS will have the information necessary to determine your eligibility. The same applies if you receive benefits from social security, the Railroad Retirement System, SSI, SSDI or the VA.
However, if you don’t have direct deposit information on file with the IRS or your bank account has been changed, you won’t be able to update it at this time. You will likely have to wait and receive your payment in the mail.
As of December 28, the “Get My Payment” tracking system on IRS.gov was offline. This means that you cannot find your payment status yet. We will update you if this changes.
Robin Hartill is a certified financial planner and senior editor at The Penny Hoarder. She writes the Dear Penny personal financial advisory column. Send your tricky money questions to [email protected]