While the Senate is busy debating another $1.9 trillion dollar coronavirus relief bill, millions of Americans are wondering when the new stimulus checks will be sent out. Unfortunately, no one knows exactly when the new stimulus checks will arrive, because the final details of the bill are still being hammered out.
However, the bill also includes provisions to extend employment benefits that are set to expire within the next month for over 11 million workers. Thus, the Senate should be highly motivated to pass the bill soon to make sure those who’ve lost their source of income during the pandemic can get buy until they find another job.
As soon as the bill passes, the IRS can begin processing payments. People who received their last tax refund via direct deposit will be first in line to receive the latest stimulus checks. These individuals should expect to see a deposit in their account within a week of the bill being signed into law.
Those who received a physical check after filing for a tax refund last year will be next in line. Physical checks should start to go out two weeks after the bill is signed.
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Stimulus Check Qualifications
Individuals who made $75,000 or less in 2019 will receive a $1,400 payment. Married couples or those who file jointly will each receive $1,400 so long as their combined income was less than $150,000. They may also get an additional $600 for each dependent under the age of 16.
Because the details of the bill have yet to be finalized, it’s possible that checks will use your most recent tax statement to determine eligibility. So if you made less money last year than in 2019, you should file your 2020 tax return as soon as possible.
It’s possible that these details may change before the Senate passes the bill. For the most up to date information, visit the coronavirus tax relief page on the IRS website.
