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The IRS Could Send The Second Stimulus Package Sooner Than You Think!

The IRS Could Send The Second Stimulus Package Sooner Than You Think!: After the first stimulus check, the second stimulus timeline keeps shifting.

Negotiators didn’t make much headway to pass a new stimulus bill in the past month. But the Senate and the House of Representatives returns next week with good news for the Americans. They have renewed hope that the two sides may come back to the table to finalize another direct payment.

Treasury Secretary Steven Mnuchin said the IRS is ready to mobilize payment to the public within a week. Both chambers of Congress and the White House have issued statements in favour of the next stimulus relief package to meet the qualifications.Β 

The IRS might follow the same pattern as before. It might also include the IRS Get My Payment tool to track the stimulus check payment and sign up for the direct deposit.Β 

Also, Read Stimulus Check Update: Are You Among The 50,000 Who Will Get Stimulus Check From IRS?


IRS’s Stimulus Check

The first batch of stimulus checks will come to people who had filed 2018 or 2019 tax returns and have already provided the IRS with their direct deposit information.Β 

The next group who will receive the next stimulus package has already registered for direct deposit, either as part of their 2019 tax filing or before.Β 

The next batch was Social Security beneficiaries who had direct information on file with federal agencies. Paper checks didn’t start getting mail out for the people who had not signed up for the direct deposit until next week. Even those people can register for the electronic bank transfer as late as May 13.Β 

About 4 million people got the Economic Impact Payment debit cards, which were pre-paid, in mid-may.Β 

We don’t know for sure until we pass a new bill when the next stimulus package might arrive. It depends on a lot of things, including banking status. People who didn’t submit direct deposit information to the IRS had to wait for the mail’s stimulus check. Since the CARES Act, banking status has affected payment speed.Β 

The CARES Act gave $500 to citizens of age 16 and below. However, the Republican-backed HEALS Act gives out packages to dependents of any age.

Moreover, in comparison to that, the Democrat-backed HEROES Act gives out $1,200 to a maximum of three dependents.

Like the first round, there are likely complications for the second package.

Also Read Coronavirus Stimulus: White House Economic Adviser Larry Kudlow Confirms Additional Relief To Airline Industry!

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Tapur Chakraborty