When Could You Get Your Third Stimulus Check?
Washington, DC: President Biden has pledged to deliver a third stimulus check to millions of Americans still reeling from the coronavirus pandemic as part of a broader $1.9 trillion relief package — but it could be months before households start to receive the money .
In a note to clients last week, Goldman Sachs analyst Alec Phillps projected that Congress will pass another round of emergency aid sometime between mid-February and mid-March. Phillips said the timing ultimately hinges on several factors, such as Donald Trump's Senate impeachment trial and whether Democrats use a process known as budget reconciliation to pass the relief measure using their slimmest-possible majority.
“We do not expect 10 Republicans to support a $1.9 trillion relief package,” Phillips wrote.
Once Congress approves the bill, Biden needs to sign the legislation to release the money. The IRS and Treasury Department would then distribute the cash payments through direct deposit, mailed checks and prepaid debit cards.
The federal government took about two weeks to start distributing the first round of $1,200 payments in April, and about one week to send the second round of checks, worth $600, in January. Assuming Congress passes the relief bill in mid-February to mid-March, Americans could expect to receive the money anywhere from late February to late March… Fox Business
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