Why You Could Get Your Second Stimulus Check Earlier

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It is true that after the first stimulus check was allocated that you may get your next payment according to different priority groups.  But there are few reasons to “Why You Could Get Your Second Stimulus Check Earlier,” and here is how that might work.

After the first round of stimulus payment was authorized by the CARES Act in March, the IRS took records of the qualifying citizens. The second round of stimulus check should be expected to worth as much as $1,200 per citizen, more for dependents, and employ the same priority group system as per the first round.

Why You Could Get Your Second Stimulus Check Earlier

Why You Could Get Your Second Stimulus Check Earlier

The duration to which the second round of stimulus package is yet unspecified. After so many negotiations, it was finalized that it could come after the Presidential election that is coming on the 3rd of November, 2020.

It has been analyzed based on some potential dates if a bill becomes law after the Nov. 3 election and before or after Inauguration Day which is on the 20th of January, 2021, based on current negotiations in Washington. Keep reading for more information.

CHECKOUT >>> When is the Next Stimulus Check: Reasons that Could Delay the Check from Arriving Sooner

How Quickly Could the IRS Send My Payment to Me?

Treasury Secretary Steven Mnuchin has concluded that it would take about a week to finish processing the first payments, when and if another stimulus check has been signed into law.

Possible Date to Which the Second Stimulus Check May Commence

Below, is a sketch of four possible durations to when the second round of stimulus check could go out.

EventEvent Date 1Event Date 2Event Date 3Event Date 4
House passes final billNovember 6November 23December 7February 1
Senate passes final billNovember 9November 30December 8February 2
President signsNovember 10December 1December 9February 3
     
     
     
First direct deposits issuedWeek of Nov. 30Week of Dec. 14Week of Dec. 21Week of Feb. 8
First paper checks sentWeek of Dec. 14Week of Dec. 21Week of Jan. 4Week of Feb. 15
First EIP cards sentWeek of Dec. 28Week of Jan. 5Week of Feb. 1Week of Mar. 15

 

IRS Divided Payment Group

AS per the current record, the IRS has sent money to at least 160 million United State citizens in three different methods. It went in an order starting with the citizens who filed for direct deposit to the IRS. While other citizens with more complicated and complex situations are yet to receive their checks or even for catch-up payments. It is expected that the IRS will organize roughly the same system for sending out a second stimulus check-in 2020 as it did with the first stimulus check, which was approved in March.

Direct Deposit Recipients

Citizens who have already filed their direct deposit information with the IRS should be first in line to receive their stimulus check. The Electronic Benefits Transfer (EBT) of funds is faster and more efficient, which is why this group does receive their first payment faster.

Social Security Beneficiaries

During the first stimulus payment, many Social Security beneficiaries who had direct deposit information filed on their stimulus check with the federal government received their checks in the first week, though it is not always on the first day.

People Who Get Paper Checks

The IRS started the mail checks method of sending a check about a week later to those who don’t file the direct deposit.

Economic Impact Payment (EIP) Card Recipients

The Economic Impact Payment debit cards are prepaid Visa cards that the IRS has sent to over millions of citizens which started in mid-May. If the IRS follows the same payment order as per the first stimulus check, then this group will get to receive their checks some weeks after the first direct deposit transfers have gone out.

People in Complex Conditions

This category includes citizens who received a check after June, are still waiting to receive their first round of stimulus payment or did not complete their details required for the first stimulus check. Direct payments will continue through the end of the year 2020 for some citizens who were not part of the above groups.

For more information, you can check here https://www.cnet.com/personal-finance/

CHECKOUT >>> Qualifications May Change for The New Stimulus Check

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