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Thursday, December 3, 2020

Stimulus Check 2 Status Update: How Quickly Can The IRS Release Stimulus Payments?

Americans will get an update regarding stimulus check 2 status once Congress and House of Representatives return on 16th November with President-elect, Joe Biden.

The IRS is expected to disburse $1,200 to adults through a de-facto method within the following weeks or months. Citizens with a direct deposit facility will be the first to receive the stimulus aid, followed by EIP cardholders. Some citizens however, are unlikely to be a part of the stimulus check 2 status.

Date Of Receiving Stimulus Check 2 Status

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The following chronology is tentative and will provide you a brief idea regarding the payment structure of the IRS.

Steven Mnuchin, Treasury Secretary declared that they could disburse 50 million within a week to direct payment recipients.

However, you might not be receiving the stimulus payment within a week of the announcement of stimulus check 2 status.

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The fastest date would be if the bill is passed by the House on 11th December, the President’s signature on 13th December, following the direct deposit disbursement by end-December, paper checks by mid-January, and EIP by mid-February. The latest would be the bill being passed on 5th April and the President’s signature on 6th April. Direct deposit disbursement will be done by mid-April, paper checks within end-April, and EIP by mid-May.

Stimulus Check 2 Status
Stimulus Check 2 Status

Why Does The IRS Have To Release Stimulus Payments In Phases?

Approximately 160 million US citizens have received aid through this step-wise disbursement. Whereas, several others have still not received any stimulus fund and are left out of the stimulus check 2 status. These de-facto cases are likely to receive payments much later than the others.

Thus far, the guidelines of this 2nd stimulus check closely resemble the CARES Act of March. As a result, citizens already enrolled in the SSI/SSDI and belong from a family income group below $20,000.

Beneficiaries of Direct Deposit: As soon as the bill is passed, direct deposit beneficiaries will quickly receive payments following fast electronic mode.

Beneficiaries of Social Security: These recipients will be second in the line of receiving the stimulus check 2 status benefits.

Beneficiaries of Paper Checks: These recipients will be disbursed of their payments at least a week after direct deposit holders.

Beneficiaries of EIP Card: IRS will discharge 4 million EIP cardholders’ payment within the 2nd week of May.

Complicated Cases: Citizens who have not received even the first stimulus check or non-filers are a complex group of beneficiaries and have to wait much longer.

Awaiting Beneficiaries

Citizens in the custody of a dependent below the age of 16 should be getting $500, but have not received it yet. Non-filers are also included in this list.

In the case of an immigrant US citizen, you will have to follow-up your stimulus check 2 status.

IRS has set up virtual helpdesks to track your payment and resolve issues on their online website to maintain a faster stimulus check 2 status.

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