When Is the Third Stimulus Check Expected to Arrive?
President Joe Biden recently proposed a third COVID-19 relief package worth $1.9 billion. While the second stimulus check paid up to $600, the third one may put up to $1,400 in the hands of eligible Americans.
Although March 14, 2021, seems to be the date by which the package may get signed into law, it’s not definitive. Consider this the best-case scenario because Congress will be occupied with the impeachment trial of former President of the United States Donald Trump starting February 9. Additionally, on February 1, a group of 10 Republican lawmakers proposed an alternative stimulus plan that reduces the stimulus check payments to $1,000 and lowers the income cap to receive the check. The GOP plan also scales down the overall cost of the third stimulus check from $600 billion to $220 billion.
Even if Biden’s proposed $1,400-worth stimulus check gets the green signal on March 14, you may still have to wait to receive the payment, depending on how it’s sent and whether it arrives during the 2020 tax season. Below is a possible timeline for when the third stimulus check could be approved and sent to Americans:
- March 12, 2021: Congress passes the stimulus bill
- March 14, 2021: The stimulus bill gets signed into law
- Week of March 22: The IRS sends the first direct-deposit check
- Week of March 29: The IRS sends the first paper checks
- Week of April 5: The IRS sends the first EIP cards
- May 3: Claims for missing stimulus funds open
According to a government report from June, the IRS had processed 5 million to 7 million a week with the first stimulus check. Additionally, the IRS and Treasury had sent approximately 147 million second stimulus check payments in less than three weeks. Considering this, the IRS may be able to send out the third stimulus checks within days and weeks. All in all, a third stimulus check may come pretty soon if everything goes well.