Treasury is already taking action to deliver a second stimulus check or another round of Economic Impact Payments (EIPs) despite Congress still debating the size of additional checks. The checks are a part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021, which was signed into law by President Donald Trump on Sunday and passed by Congress last week.
The majority of United States citizens have received their $1,200 stimulus checks. The first round of stimulus funding, which was approved in March and also included $500 payments for qualified dependents, was transferred via paper check, direct deposit, and prepaid debit card.
Stimulus Checks are Coming
According to Treasury Secretary Steven Mnuchin, starting tonight, individuals who have direct deposit established with the Internal Revenue Service (IRS) could start looking for their second stimulus payments. He wrote on Twitter, "These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week."
The Democrat-controlled House of Representatives passed a bill on Monday named the CASH Act of 2020 that will increase the amount of your second stimulus check from $600 to $2,000, reported Kiplinger.
The most surprising part reportedly about this round of political argument over stimulus checks that Incumbent President Donald Trump and the congressional Democrats are on the same page.
Mnuchin stated that the government would start transferring paper checks on Wednesday, meaning people should begin receiving such within the next two weeks.
People with direct deposit data on file with the IRS would receive their money even more hastily starting on Tuesday night for a couple of individuals and continuing into next week.
According to Mnuchin in a statement, "Treasury and the IRS are working with unprecedented speed to issue a second round of Economic Impact Payments to eligible Americans and their families. These payments are an integral part of our commitment to providing vital additional economic relief to the American people during this unprecedented time," reported Space Coast Daily.
Notwithstanding his complaints, the sitting president signed a $2.3-trillion spending bill on Sunday that will provide the government funding, including $900 billion in stimulus provisions for grappling families and businesses.
The measure arrives amid rocketing COVID-19 cases and fatalities and is designated to support the economy as the novel coronavirus vaccine dissemination continues, reported Los Angeles Times.
The president earlier stated after the relief bill had been passed that he would veto any bill that did not involve a $2,000 check for individual United States citizens. The resulting delay cautioned a lapse in unemployment benefits while endangering almost $1 trillion in aid; it also made the government susceptible to shutting down since the relief was linked to a measure to provide funding for the government through September.
Your stimulus check will come through direct deposit if you set it up with the IRS for your 2019 tax return by providing them with your bank account information.
Qualifying single tax filers will receive a maximum of $600 each, and married joint filers will be provided $1,200 and an additional $600 for each child dependent.
