United States citizens waited for nine long months before finally getting their stimulus checks amid the coronavirus pandemic, escalating doubts that a third payment is highly unlikely to be passed a few weeks after it was raised.
White House Speaker Nancy Pelosi announced on Friday of her plans to pass a $1.9 trillion stimulus package. The bill would be passed to the Senate in the next two weeks. Democrats aim to power through the voting process without the help of Republicans due to their majority.
Third Stimulus Check
Pelosi assured the public that officials would be able to come to an agreement and pass the stimulus bill by the previous forecast date of March 14, “Absolutely. Without any question. Before then,” the house speaker said.
The potentially earlier passing of the bill would mean that U.S. citizens can get their $1,400 stimulus payments earlier. Additionally, the new bill would revise the previous two stimulus checks’ requirements and eligibility. The third payment may be restricted to fewer people, focusing on those who really need it.
However, despite positive talks regarding the distribution of the third stimulus, there are still several factors that could delay the payment. One is Former President Donald Trump’s impeachment, which could drive back President Joe Biden’s agenda regarding the stimulus payment.
Like previous payments, people will have to wait after the passing of the law to receive their money in their bank accounts. There are also many issues some people are worried about, such as if the payment arrives in the middle of the 2020 tax season.
There are two likely timelines that show when the third stimulus check would start getting distributed. “Next week, we will be writing the legislation to create a path to final passage for the Biden American Rescue Plan, so that we can finish our work before the end of February,” said Pelosi on February 5.
Based on previous patterns, if the stimulus bill is passed between the end of February and March 14, citizens could expect to get their money inside their bank accounts on May 3.
With the first two stimulus checks, those who had direct deposit payments received their money before the majority of the country. However, there were issues in the distribution process where the payments ended up in temporary accounts, where they were rejected by banks.
As a safety measure, experts are advising people to set up a direct deposit with the Internal Revenue Service (IRS) as part of their 2020 tax return. This is to ensure the smooth processing of the payment if and when it starts getting sent out, CNET reported.
The IRS has had two attempts at making a streamlined distribution process. But the agency had several problems when they sent out the first two payments, including giving out money to those who were not eligible to receive the checks. This time, however, many hope the IRS will be able to better monitor its distribution and ensure a quick and safe process.
People hoping to get their payments faster have little control of the speed of the stimulus checks being sent out. However, setting up a direct deposit in their 2020 tax return is a worthwhile endeavour that could potentially quicken receipt of the money.
Citizens who have recently moved should contact the IRS and USPS immediately to ensure that their addresses are up to date.