The August 7th deadline for Congress to agree on the next stimulus plan is just days away. After that date, the Senate goes on a month-long recess.
Both sides agree that a second stimulus package is needed, but the details are still being worked out.
Treasury Secretary Steven Mnuchin indicated that Americans may get the next round of stimulus checks much quicker this time.
If they can agree by August 7th, when can you expect to receive your stimulus check?
If the bill passes by August 7th, you could possibly begin looking for your check the week of August 17th.
If the bill passes after the Senate returns from their month-long recess, you could possibly begin looking for your check the week of September 21st.
It is likely that the first people to receive checks would be the same as last time – those who filed their 2018 and 2019 taxes and had provided the IRS with their direct deposit information.
The next group would be social security beneficiaries who have already submitted their direct deposit information to the IRS.
Paper checks would likely be after that, similar to the CARES Act stimulus checks.
Things that could slow down your payment include:
- Changes to aid for dependents
- Banking status