Did you get your last stimulus check? Because another one is on the way.
The Biden Administration’s nearly $2 trillion coronavirus relief plan has been approved. That means a third stimulus check is coming for most Americans.
The relief package being floated in government circles — the American Rescue Plan — includes stimulus money that can help needy Americans. The plan passed with zero Republican support, but because the Democrats were able to get a simple majority, we have a package.
But let’s get to the good stuff: When is your stimulus coming? We’re going to tell you that and more.
Third Round Of Stimulus Checks: Everything You Need To Know
Government cash has been distributed to Americans in waves since the coronavirus pandemic began last March. Not only is the money needed to shore up the economy, but regular Americans are struggling to find work as unemployment numbers start to creep up again.
It’s understandable that you’d have some questions about the new stimulus checks and we’re going to answer them. Here is everything we know about the third stimulus checks.
1. How Much Will The Third Stimulus Check Be?
Because the IRS and Treasury Department facilitated sending out the $600 at the beginning of the year, the third round of stimulus checks is for $1,400.
For those keeping score, that’s a total of $2,000 in government help, which many nations across the globe have committed to on a monthly basis.
2. When Will The Stimulus Checks Arrive?
While the political wrangling often takes days in Congress, the actual process of getting that money into the hands of Americans will be swift.
Hours after the relief package was approved by President Biden, the White House said it would be making its way to American bank accounts in days.
Of course, that won’t be the case with everybody. If may be months before the payments arrive, analysts say.
3. What’s Taking So Long?
The IRS has gone on record to say that their online systems have been overwhelmed when stimulus checks are involved. The truth is that for all Americans to get paid, it’s going to take some time.
Congress painstakingly approved a relief package in April 2020 that took weeks to go out. In the last week of the year, U.S. lawmakers freed up more than $900 billion for a stimulus package that gave each Americans $600, and that also took time for some U.S. citizens.
Final Thoughts
If you need help finding out what’s up with your money, go to IRS.gov, the official site of the Internal Revenue Service, and see if they can help you.
With many workers still preparing for layoffs, lawmakers are poised to approve more stimulus money down the road.
Up Next: How To Track Your Stimulus Money
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