Date and timeline of stimulus check: Biden signs Bailout bill

Date and timeline of stimulus check: Biden signs Bailout bill

The House of Representatives passed the American Rescue Plan on Wednesday, opening the floodgates for $1.9 trillion to flow directly and indirectly into the pockets of all Americans. This means that a third stimulus package will be implemented. [According to the New York Times, President Biden signed the bailout package Thursday afternoon. The president will address the nation tonight in a prime-time address.

But amidst all the hoopla, many people have only one question: when will the stimulus checks be sent? So, when will the stimulus checks be paid out? The latest timeline for the stimulus checks is as follows:

Wednesday, March 10: The House passes the American Rescue Plan.

Thursday, March 11: President Biden signed the plan, although he will not be named on the check itself. (Unemployment benefits extended in the last stimulus package are scheduled to expire later this week for the millions who lost their jobs during the pandemic.)

After that, the exact timing is a matter of speculation. Still, some inferences can be drawn from the small stimulus rollout in March and December 2020:

Week of March 17: Based on past stimulus checks, this is the earliest possible date for direct deposit into bank accounts.

White House Press Secretary Jen Psaki called direct deposit "significantly faster" than paper checks, and those who provided direct deposit information on their 2019 or 2020 tax returns will receive their stimulus checks this way.

Week of March 24: At this point, paper checks could begin to be issued; taxpayers who filed a 2019 or 2020 tax return and whose direct deposit information is not on file with the IRS will receive paper checks.

Week of March 31: The first electronic impact payment (EIP) cards will be sent out. This debit card is typically provided when the Treasury Department confirms that the payee does not have a bank account.

It is unclear how quickly the IRS will be able to adapt its system to the new requirements, since this stimulus check includes millions of people who were omitted from the previous checks, including college students, seniors, and dependents of disabled adults.

But one thing is certain: Stimmy is on its way.

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