MCX2ekcvPA1MBDf1DQpg6DkAys2T35

The President has signed the COVID-19 and annual federal spending package Sunday providing relief for millions of Americans amid the pandemic

What is the timeline for the second round of stimulus payments?

The relief bill says that the Treasury Department has until Jan. 15 to get out the $600 payments, according to The Washington Post and CNET.

If the payments can't be direct-deposited or mailed by then, Americans will have to wait to receive their money when they file a 2020 tax return in 2021.

How fast could the IRS send out checks?

During the first round of economic impact payments, President Trump approved the CARES Act on March 27 and the first checks started appearing in people's bank accounts about three weeks later, during the week of April 14.

However, because the IRS already did a lot of the set-up work during the first round of payments, there's a chance the second round of stimulus checks could be sent out faster.

Back in August, Treasury Secretary Steven Mnuchin said the IRS could process the first batch of new stimulus payments within a week. 

"I can get out 50 million payments really quickly. Lot of it into people's direct accounts," Mnuchin said then. 

With less than a week left in the year, it seems likely that the earliest Americans might see a second payment would be early January 2021. 

Author: TEGNA

Published: 2:07 PM EST December 28, 2020

Updated: 2:07 PM EST December 28, 2020

​Brown's Accounting  & 
Tax Service

T: 434-219-5725
  • w-facebook
  • w-blogger

Copyright 2013 Brown's Accounting & Tax Service