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Third Round of Stimulus Checks: When Could You Get It?

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In a move that could extend a helping hand to millions of households in the U.S. suffering from the COVID-19 pandemic’s economic fallout, U.S. President-elect Joe Biden’s $1.9 trillion coronavirus relief plan has proposed a third round of Economic Impact Payments (also called stimulus checks) of $1,400 for most Americans.
But according to analysts, it could be months until the payments arrive.
This price tag of the relief package to aid pandemic-hit Americans — called the American Rescue Plan — is likely to face a negative response from Republican lawmakers, who last year resisted Democratic efforts to pass a $2 trillion bill.
According to Heights Securities analyst Hunter Hammond, the final relief package might be between $1 trillion to $1.5 trillion.
As reported by CBS News, most analysts think lawmakers on both sides of the aisle will support the $1,400 direct payments. Several economists view this cash relief as “a lifeline” for cash-strapped workers in the United States who lost their jobs or seen their income plummet during the global health crisis.
Ed Mills, an analyst with investment bank Raymond James, was quoted by CBS News as saying that support for another stimulus package may gain steam given several developments that point to widening economic distress as the pandemic worsens.
According to analysts, a bigger-than-expected 1 million jobless claims during the first week of January, as well as a record number of COVID-19 cases and fatalities, could force lawmakers to support Biden’s plan for additional stimulus.
So, are the $1,400 checks a done deal? According to Wall Street and political analysts, it is “very likely” as there is growing support among Republican lawmakers for additional stimulus for low- and middle-income households, with the latest bid to pass $2,000 stimulus checks winning some bipartisan support.
When Could You Get a $1,400 Check?
According to Alec Phillips—chief US political economist with Goldman Sachs—the package could be passed mid-February to mid-March, reported CBS News.
After the relief bill passes Congress, it should be signed by the President. Following that, the IRS would distribute funds through direct deposit, mailed checks, and prepaid debit cards.
As per media reports, in the first stimulus payments in April 2020, which directed $1,200 to eligible adults as well as $500 per child, it approximately took two weeks to several months for payments to reach people.
The second round of checks, which sent $600 to each eligible adult and child, required about a week for the funds to arrive via direct deposit, say reports.
But in a few cases, people did experience delays in getting the money due to issues with their account information.
As per the CBS news report, based on previous stimulus money payouts, and assuming Congress passes a new relief bill by mid-February, the checks could come in bank accounts by late February. However, that would likely be a best-case scenario.
If a package is passed by the end of March, people might get their checks by early April.

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