Congress is expected to introduce a new $908 billion stimulus relief package proposal this week — but it may not include funding for a second stimulus check, which could instead be part of a separate stimulus bill in the new year. (Keep up to date with the latest stimulus negotiations here.)
If and when a second stimulus check is authorized, the IRS won’t likely send all the payments out all at once, instead forming priority groups of eligible people who would receive the money over the course of several months through direct deposit, mailed check or EIP card.
The eligibility rules for a second stimulus check could be different than the first stimulus check, which could mean that you would get less money than expected or are no longer eligible.
Keep reading for more information on priority groups, and what could happen with a second stimulus check.
The 5 stimulus payment groups we know about right now
When the CARES Act passed in March, it took a couple of weeks for the IRS to build a tool and a procedure to figure out who was owed a check and for how much. This formula helped determine the size of your household’s total sum, but the schedule for sending checks may have felt far less deliberate.
As the IRS was under pressure to get out stimulus money fast, how soon you received your check often aligned with the method by which you got paid. Any kind of complication could slow it down. In addition, some calculation errors meant there are people who may not see all or any of their allotted share until the middle of 2021.
Direct deposit recipients: People who already have their direct deposit information on file with the IRS or who provide that info when and if registration opens again should be first in line to receive a stimulus check. An electronic transfer of funds is faster and more efficient, which is why this group largely got their first payment faster.
Social Security beneficiaries: With the first stimulus payment, many Social Security beneficiaries who had direct…
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