There are talks for providing a different relief package by Congress. This, if approved, will be made available this year. After the approval, the IRS will soon be getting to work on distributing the package. However, there are limitations to receiving this. Not everyone is going to get qualified for this.
For those who had to wait for a long time, in order to receive their second stimulus package, there’s good news!
If you did so, there are chances that you will be receiving your stimulus check 2 sooner than the first one.
What Determines The Timeline Of Stimulus Check 2?
If the economic package is to be out by this year then the legislators of both Senate and House have very little time. They will have to sort everything out and pass the package within just a few days. This is because they are already occupied by the federal budget of 2021 and the holidays for Christmas and Thanksgiving. In between all these, paying $1200 directly to the public is just a small part of the rest of the huge commotion. On top of that, the remaining protections from the Coronavirus will get over. This will result in millions of Americans who will be relying on help.
The Treasury Secretary, Mnuchin, in August, gave a statement on when the first stimulus check might be out. According to him, the check would take about a week to get through the process.
However, if it takes beyond December for the check to arrive, then by that time a new Treasury Secretary will have been elected. Janet Yellen has already been selected for the post by the President-elect Joe Biden. But she also needs to get approved for the post, by the Senate. Yellen has been the chair of the Federal Reserve of the US before.
There is no chance that your money from stimulus check 2 will arrive just after a week of the bill going live. It isn’t going to happen even if the current protocol of the IRS is used to give out a second payment, from the first stimulus check.
However, there lies a bunch of varying possibilities regarding the date of the arrival of the stimulus check 2.