After months of back-and-forth over the stimulus package, lawmakers have agreed on a plan that includes a second $600 stimulus package.

The nearly $900 billion bill includes a $600 stimulus check for eligible taxpayers. Payments to individuals would be capped at half of the first stimulus checks provided under last spring's CARES Act.

Lawmakers say they want to move quickly and now plan to attach this new stimulus package to the 2021 budget bill. The House and Senate have passed the bill, and now it is up to the President to introduce it.

So what does the second stimulus check date mean?

Americans can expect to see the second stimulus check deposited into their bank accounts as early as next week if the bailout is quickly agreed upon. Treasury Secretary Steven Mnuchin said the turnaround time for this direct payment will be much shorter than the first stimulus checks, which were made in the spring and summer.

Treasury Secretary Steven Mnuchin has said through negotiations that once an agreement is reached, the American people can expect expedited payment of the two stimulus checks, and the IRS will likely be able to obtain more data from both taxpayers and those who submitted information specifically to receive the first checks earlier this year. from both, and is currently filing more data.

Before 2021: If the President passes a bill by Saturday and it is passed by both the House and Senate, the IRS can begin making payments the following week. It is difficult to know the exact schedule due to the upcoming holidays, but this means that the money will be deposited into bank accounts just before or just after January 1, and paper checks could arrive not too long after that.

Past schedules have been hampered by congressional recesses, but lawmakers seem committed to staying in session until an agreement is reached.

Before the inauguration: of course, Stimulus Check 2 could also be postponed if talks drag on past the weekend, lawmakers opt for a short-term government funding bill instead, or if Congress adjourns.

After the inauguration: contracts could break down, leaving it up to the Biden administration. President-elect Joe Biden will take office on January 20, and if negotiations move quickly after the inauguration, the bill could be passed in early February and the checks could be issued by mid-month.

Of course, this is all speculation. Biden's plan may be different from what is currently on the table, and Georgia's runoff vote could change Senate priorities.

Furthermore, as the Wall Street Journal points out, an agreement in late January or later could actually delay the processing of stimulus check 2, as the IRS would have to devote resources to preparing for tax filing season.