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
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.
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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.
|Event||Event Date 1||Event Date 2||Event Date 3||Event Date 4|
|House passes final bill||November 6||November 23||December 7||February 1|
|Senate passes final bill||November 9||November 30||December 8||February 2|
|President signs||November 10||December 1||December 9||February 3|
|First direct deposits issued||Week of Nov. 30||Week of Dec. 14||Week of Dec. 21||Week of Feb. 8|
|First paper checks sent||Week of Dec. 14||Week of Dec. 21||Week of Jan. 4||Week of Feb. 15|
|First EIP cards sent||Week of Dec. 28||Week of Jan. 5||Week of Feb. 1||Week 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/
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