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Sunday, March 7, 2021

Everything We Know About The Second Stimulus Check So Far

The presidential elections are just two months away. Given the importance of the second stimulus check for Americans everywhere, it will be a crucial point in their voting decision. As the unemployment rates continue to grow, people’s demands for a second stimulus check have increased. Unfortunately, the Democrats and the Republicans in Washington are having a hard time agreeing on the details of the stimulus package. 

Tyler Goodspeed, an economic adviser to the president, has told media sources that the White House is enthusiastic about releasing the second round of stimulus money. However, due to the non-agreement between the two sides is delaying the relay of stimulus money. Here’s everything we know about the second stimulus check. 

When Will The Second Stimulus Check Come Out?

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As per Steve Mnuchin, the treasury secretary, if a stimulus package is agreed upon, initiating the second stimulus check would only take around one week. 

Taking into account the current Washington scenario, we have created an estimated timeline on when the second stimulus check will be released and who will be eligible for what stimulus packages. 

The Senate will resume working by next week and discuss the possibility of the second stimulus check release. Before the election breaks, the House has twelve working days. In total, the Senate has twenty-two working days for this session. 

Who Is Likely To Receive The Second Stimulus Check? 

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There’s no reason to believe that the IRS would not use the same system it used to send out the first round of stimulus checks. You can use the Get My Payment tool to track your package. 

People who had successfully filed their tax returns and provided their direct deposit details were the first ones to receive their stimulus package. Keeping this information in view, it looks like the IRS is going to prioritize this group of individuals for the second stimulus check as well. 

Individuals whose direct deposits details were available with the federal agents received their stimulus money next. Then came individuals who opted for direct deposit. They received their paper stimulus checks after a week into the program’s release. 

Factors That Might Delay Your Second Stimulus Check 

Although nothing is definite yet, these are some points that might delay your second stimulus check. 

If there’s a definition change for dependents, the IRS will have to update their system, which might cause a delay in your stimulus money’s delivery. 

If there’s a change in your banking status, that will also delay your stimulus package. If you are a nonfiler, you need to submit a form if you want to receive your second stimulus check. 

Keeping in view the first round of stimulus checks, it looks like the second stimulus check, if approved within this year, will be sending out checks to different groups throughout the first half of next year.

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