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Sunday, December 6, 2020

Stimulus Check Round 2 Update: Which Category Do You Belong In?

According to the March CARES Act, Internal Revenue Service (IRS) had released payments from the stimulus package to categorized groups. Various important groups will start receiving $1,200 or more, once stimulus check round 2 is implemented.

Nancy Pelosi, House Speaker accused Republicans of withholding the stimulus bill negotiations till after November 3 elections.

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Based upon recent updates, we have compiled a chronology and preferred groups of stimulus check round 2.

Scheduled Payments for Stimulus Check Round 2 Payment

Under the current scenario, anticipated dates for the stimulus bill

 1st Situation2nd Situation3rd Situation
Bill approved by SenateNovember9December8February2
President’s signatureNovember10December9February3
Issue of 1st direct paymentEnd of NovemberMid-DecemberThe second week of February
Paperwork dispatchedMid-DecemberBeginning of JanuaryMid-February
EIP cards dispatchedEnd of DecemberBeginning of FebruaryMid-March

Categories of IRS

stimulus check round 2
stimulus check round 2

In the case of stimulus check round 2, the IRS will adapt their existing method of payment since March.

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1: Payment via direct deposit: Citizens who have already registered their data with the IRS will be the first to receive funds from the stimulus package through automated transfer.

2: Recipients of Social Security: Beneficiaries of Social Security under the state government will receive their funds according to the stimulus bill, as earlier.

3: Citizens without paper checks: Since March, the IRS began mailing checks to people ineligible for direct transfer.

4: EIP card beneficiaries: Approximately 4 million citizens received the Economic Impact Payment card since the month of May. Once the stimulus check round 2 rolls out the funds, people with EIP cards can expect their payment within weeks.

5: Complicated cases: Late recipients with incomplete procedures will be guided by the IRS.

Awaiting Stimulus Package

Federal officials are yet to complete releasing stimulus payments of the first round. It can be easily considered that the complete procedure and execution of stimulus check round 2 could take months.

There are a few exceptions for the stimulus package including citizens awaiting 2021 tax reimbursements. Adults and families with child custody and dependents will undergo a revised payment. Unfiled recipients like senior citizens and Disability protection beneficiaries require special attention.

Immigrant citizens of the US are allowed to file for a check. Under new guidelines, incarcerated citizens are included under stimulus check round 2.

Help-Desk for Stimulus Bill Recipients

By tracking the steps of stimulus inspection, awaiting recipients can find the required information.

Similarly, people searching for information about COVID-19 adversity loans, late EMIs, eligibility of double-checks by IRS, and unemployment protection can take them up to the concerned authorities online.

While Speaker Pelosi and the White House have expressed optimism, many experts believe that there’s not enough time to pass stimulus check round 2.

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