Tax

Second stimulus check payment schedule: How fast might the IRS send you more money?

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How long might it take for the IRS to send a second stimulus check to eligible Americans? While the Democratic-led House of Representatives plans to vote on a rescue bill for the US Post Office on Saturday, the GOP-fronted Senate is working on a pared-down coronavirus relief package, which leaves the question of direct payments up in the air.

Treasury Secretary Steven Mnuchin can begin sending out direct payments within a week of a final package or standalone stimulus bill becoming law, he said Aug. 2. That’s almost one-third of the time it took for the first round of payments to be sent once the CARES Act passed in March. And both sides of the aisle agree that more stimulus money should be in the next coronavirus relief package to assist tens of millions facing evictionsunemployment, food insecurity and car repossession, as the recession brought on by the coronavirus pandemic continues to yo-yo. But talks on another stimulus package are on hold for the time being, while the pressure mounts to strike a deal.

How soon could the IRS deliver a second stimulus check?

Several scenarios could play out. Though still unlikely, Republican and Democratic negotiators could resume discussions and reach an agreement in late August — House Speaker Nancy Pelosi has called the House back into session to vote on the US Postal Service bill, but it’s unclear if stimulus package discussions will continue. Negotiations could also slide into September after the new congressional session officially begins.

Complicating the timeline, the Republican National Convention begins Monday, Aug. 24 and runs through next Thursday. Meanwhile, the Senate is adjourned until after Labor Day, which is Sept. 7.

Here are some possible dates that another stimulus bill could pass and the IRS could send the first checks. For reference, we also include the timeline for the now expired CARES Act. The payments don’t go out to everyone at once, so we’ll go over which groups of people could get their payment first…Read more>>

Source:-cnet