Well, well, well. Look who decided to finally pass a second COVID-19 stimulus payment. After months of bickering over a bi-partisan bill, Congress agreed on a $600 stimulus check Sunday. While that amount is insultingly low, at least we're no longer in purgatory, wondering whether or not Congress will ever actually send more much-needed money our way. However, even if the deal is officially passed by lawmakers as expected today, the waiting still isn't quite over. The next lingering question is when will that $600 actually be in our pockets?
After the first stimulus check was approved in March, people first started receiving their money in mid-April, about two weeks after the plan was passed; although many didn't get theirs when the first round of checks was disbursed, they did eventually, over the coming months. It seems the process will be a little quicker this time around. This morning, Treasury Secretary Steven Mnuchin told CNBC, "The good news is this is a very, very fast way of getting money into the economy. Let me emphasize: People are going to see this money at the beginning of next week."
Yesterday, CNN reported that the exact timing of the rollout would likely depend on whether or not Congress keeps eligibility requirements the same as last time. There were also concerns that the timeline of the second stimulus checks' rollout could be further complicated by the fact that December is already a busy time for the IRS because of preparations for the upcoming filing season and the holidays. Chad Hooper, the executive director of the Professional Managers Association, which advocates for more than 30,000 non-union IRS workers, told CNN, "I believe the IRS will deliver the stimulus checks in a timely manner. It just might be at the expense of the filing season start date."
If Treasury Secretary Mnuchin sticks to his word, many will get their $600 early next week, but the payments won't all hit at the same time. Like with the last stimulus check, those who have direct deposit information set up with the IRS will see $600 in their bank account sooner than those who don't. If your bank info isn't on file with the IRS, you will receive a paper check or prepaid debit cards in the mail, which will, of course, take more time. This check is long overdue and far from enough, but at least it's likely to come in a timely manner.