Full details of the latest stimulus bill were announced late last week, which the House Democrats plan to officially introduce on Monday, Feb. 22. The 591 page proposal includes federal funding of approximately $1.9 trillion and this includes the much anticipated third round of stimulus checks, this time rated at up to $1,400 per eligible American.
It’s been almost a year since the first round of stimulus payments of $1,200 were issued as part of the CARES Act, which arrived when it was clear that the Covid-19 pandemic would have devastating effects on the US economy, and this was followed in early 2021 with checks of the $600 worth as political parties heatedly debated their value to needy citizens. In addition to an increased amount, this time will also be on display admission requirements extended to include adult dependents.
STIMULUS: @HouseBudgetDems announces it will upgrade a $1.9T pack on Monday. The committee cannot make substantive changes on the basis of rules
— Erik Wasson (@elwasson) February 18, 2021
New stimulus bill to be discussed in Congress
On Monday, the House Democrats are expected to introduce the US rescue plan in the room, so members can debate and discuss the bill as it stands. It’s quite possible that some minor changes have been requested by lawmakers, but given the partisan split in Washington, it seems likely that it will remain fairly intact.
House Speaker Nancy Pelosi has said she was aiming for a vote in the Democratic Comptroller’s Chamber to pass the bill — a top priority of the new Democratic Biden administration — by the end of the week.
Earlier on Friday, Senate Majority Leader Chuck Schumer, a fellow Democrat, said said his deeply divided chamber will pass the bill before March 14, when the latest round of federal unemployment benefits ends.
While Schumer said he welcomed “constructive amendments” from Republicans, he added in a letter to ordinary Democrats:
“Make no mistake: The era of Mitch McConnell’s legislative graveyard is over.”
When will the third stimulus check be sent?
Spending Friday night answering the dozens of email responses to my story about the IRS’s postal backlog, which causes endless grief for millions of taxpayers who depend on incentives and refunds — or who are simply trying to fix various mistakes. 2021 will be great!
— Lydia DePillis (@lydiadepillis) February 20, 2021
The distribution process drastically improved for the second round of stimulus checks and it’s reasonable to assume the third round will also be fairly quick now that the IRS has details on the vast majority of recipients.
However, there are some concerns that the IRS may be too overloaded with tax returns at the moment, given that tax season 2021 Just started. The deadline for submitting your tax return is: 15 of April so the IRS will almost certainly try to manage both the tax system and the distribution of stimulus checks at the same time.
Whatever the exact dates, it’s reasonable to assume that: different groups shall receive their check payments at different times, purely because of the different speeds of each method.
As was the case in previous payment rounds, the direct deposits will be the first to arrive, who could arrive the week after the bill is signed into law by President Joe Biden.
The second to arrive is the paper checks, which are sent to those who have bank accounts, but the details are not on file with the IRS. These physical stimulus checks are likely to arrive two weeks after signing the bill in the law.
The last payments to be made are those for which a Economic impact Debit card to produce and deliver. These are used for Americans who don’t have access to a bank account, so they get a prepaid bank card instead. Given the extra time it takes to produce the cards, they will arrive about three weeks after the stimulus law is passed.