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When will the next stimulus payments be sent?
The stimulus checks are almost in the mail. After the bill is signed, it could be several more days to move into the payment phase. Like in the past, people who already have direct deposit information on file with the IRS will be up first. Paper checks and EIP debit cards will start coming out on staggered dates following that. Our best guesses based on prior timelines for stimulus are in the projected calendar below. The prior stimulus payment time frames were pretty fast for most people.
Round 3: The President will sign the bill on Friday. There are some procedural things that need to happen before money starts rolling out. We detail more below.
Prior Stimulus Timeline (Round 2): Trump signed the last bill on Sunday, December 27th 2021 and direct deposits starting hitting peoples accounts 3 days later on Wednesday, December 30th, 2021.
Let’s talk Stimulus Round 3
We are taking a break from tax refunds. Let’s look at the next stimulus package for a Round 3 stimulus. It is the bill that most people support with a $1400 direct payment to certain individuals. The Senate still has to move the bill forward through some tricky pushback territory from some Senators and vote before the President will sign. We won’t get into the political hoops that need to be jumped through, but are hopeful the Round 3 stimulus direct payments and extension of unemployment benefits will pass before 3/14. The hurdle is related to a federal minimum wage tacked on to the bill. There is a layer of confusion for the IRS to process these stimulus payments right smack in the middle of tax season. This remains to be seen. But might get sticky based on the income brackets that will be used (2019 income vs 2020 income limits.) If you made more money in one or the other, you could be disqualified for stimulus round three. There will be some catches and we will cover those soon. Here are some key points.
- College Students over 17 should be included in round three.
- Income limits will be the same or very similar in the new stimulus.
- Money to help state and local government to setup additional programs.
- Food stamp increases extended.
- Unemployment increases extended.
House Votes to adopt Stimulus Plan (Updated 3/10/20201 2:30pm EST)
With a final vote of 220 for and 211 against, the Stimulus Plan has passed the House of Representatives and will be sent to the President for his signature. This is expected to happen within the next couple of days.
House Votes on Stimulus Plan (Updated 3/10/20201 1:00pm EST)
The House is voting on the bill any moment today. the tax refund conversation. It could be a few days to signature by the President and then it’s in the hands of the IRS.
The Senate Passes Revised Stimulus Plan (Updated 3/6/2021)
On Saturday March 6th, the senate passed their version of the next Covid-19 Relief Bill that is set to include a third round of Stimulus checks. For the most part, the bill still contains the fundamentals of the original bill such as $1400 stimulus checks and unemployment increases. However, the details have changed as far as income eligibility and cutoffs. As it stands , individuals who make up to $75,000 (or $150,000 for couples) are eligible for the full $1400 stimulus checks and then decreases until it is completely cutoff at $80,000 for individuals and $160,000 for couples. Other major changes have now reduced the unemployment boost from $400 to the current $300 and the minimum wage hike has been completely eliminated. The bill will still need to go back to the House of Representatives for final approval before it can be sent to the president’s desk and signed into law. The IRS had said earlier this month that they have been keeping and eye on the bill so they can be prepared to distribute the stimulus payments, which could be as little as a few days to a week based on the previous distribution.
Delivery Date of Stimulus Round Three payments.
The delivery date of stimulus round three payments is still in question. We will keep posting as updates come in. Here is our guess as to when you might see stimulus payments for round three. We will publish the new timeline as the dates become more firm.
|Activity||Projected Date||Projected Direct Deposit Date|
|Stimulus check passes Congress||Wednesday 3/10/2021||Monday|
|Stimulus bill signed into law||Friday|
|First Round 3 Direct Deposits sent||Week of March 22nd||Week of March 29|
|Stimulus Round 3 Paper Checks sent||Week of March 29th||Week of April 5th|
|Stimulus Round 3 EIP Cards Sent||Week of April 5th||Week of April 12th|
|IRS Deadline to Finish Round 3 Stimulus Payments||December |
|Claims for Missing Stimulus Round 3 payments||May 3rd||May 3rd|
Sign Up for Direct Deposit
To make sure you get the stimulus round three quickly, be sure to sign up for direct deposit when you file your 2020 tax return and do so quickly. This will make sure the IRS has your correct account information.