After nearly a year of stalemates, the U.S. government passed a second COVID-19 relief bill in December which included stimulus checks to citizens. Although the payments are smaller than before ($600, not $1,200) the money is still critical for millions of American families.
And following nine months without relief, it’s crucial that the money comes quickly, too. Since the IRS has already processed tens of millions of stimulus payments once this year, round two should come faster than the Spring’s payments. But how fast is faster, and when can people expect to see some relief?
When Are Second Checks Coming?
As it turns out, very soon. The first direct deposits were sent out on December 29th, and physical checks began going out on December 30th. As with the first stimulus, it may take longer for some to get paid than others. However, the quick rollout bodes incredibly well for this set of payments.
Remember – after the CARES Act was signed in March, it took the IRS nearly three weeks to send out any money. Now, it’s taken just days since the second stimulus was passed into law to get some relief disbursed.
The official payment date for the relief checks will be January 4th, so many Americans should expect to receive the money by then.
— Steven Mnuchin (@stevenmnuchin1) December 29, 2020
Who Will Get Money?
The income requirements haven’t changed much since the first stimulus check. Individuals with an income of $75,000 or less and couples with a joint income of less than $150,000 qualify for up to $600 in relief. Long story short, if you got a payment because of the CARES Act, you should get another one soon. You’ll also receive an additional $600 for each dependent in your household under 17 years old.
Anyone who used direct deposit with the IRS should get their payments quicker than those getting paper checks, and you can check your status from the same IRS portal as earlier in the year. However, as we mentioned earlier, everyone should expect to get paid quicker than they did last time. Hopefully, the timetable is weeks, not months, for everyone to receive their checks.
Read More: Your Year-End Financial Checklist for 2020