Due to a number of disagreements between Republicans and Democrats, Congress has been unable to come together on another stimulus package. But, what the two sides do seem to agree on is that Americans should receive another economic impact payment amidst the ongoing coronavirus pandemic. Once they do pass the next economic relief package into law, you may not have to wait too long to actually receive your next stimulus payment.
Congress is currently in recess, so it will likely be some time until they come to an agreement regarding the next stimulus package. But, when they are back in session, it could only be a matter of weeks before they sign the next stimulus package into law and send out checks to Americans. According to CNET, one of the earliest dates on which President Donald Trump can sign a package into law could be Sept. 10 (which would follow a bill being passed in both the Senate and the House). If he does sign it on Sept. 10, the first stimulus checks could be sent out starting the week of Sept. 21. Although, if stimulus deliberations continue through September, Congress and the White House may not be able to come to an agreement until midway through the month. If that is the case, the first checks could be sent out starting the week of Sept. 28.
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Once again, it should be noted that Congress has still not been able to come to an agreement regarding the next stimulus package. As of right now, given the major differences in opinion between the Republicans and the Democrats, there’s no telling when the two sides will be able to compromise on a new stimulus plan. As previously mentioned, one aspect of the package that the two sides appear to agree on ties back to economic impact payments. Based on all of the proposals that have floated through Congress, Americans can likely expect to receive another, one-time $1,200 stimulus check.
According to Forbes, there’s one major measure that the Federal Reserve can implement that can reduce the amount of time that it would take for Americans to receive that check. Aaron Klein, a Brookings Economics Studies Fellow, wrote in an op-ed in July that any checks from the Treasury Department must be available from the recipient’s bank account to the actual recipient “not later than the business day after the business day” on which the funds are deposited into the account. As a result, some individuals could receive their checks in no more than two business days.
But, that doesn’t take into account weekends or holidays, which could delay that timeline. Some banks have given Americans access to their stimulus payments early, as they know that the funds are sound. Although, this has not been the case in every situation. “After all, a Treasury check is not going to bounce,” Klein wrote. “Changing this one line [of the law] to ‘immediately’ would save people millions in bank overdrafts, check cashing fees, late fees, unnecessary payday loans, and countless other hardships and anxieties.”
