Good news for those concerned about when the third round of stimulus checks will be issued. According to House Speaker Nancy Pelosi, lawmakers are hoping to approve the next bailout bill within the next month.

According to Business Insider, Speaker Pelosi wants to get the stimulus package on President Joe Biden's desk by March 14, when federal unemployment benefits expire. That would give Congress less than four weeks to negotiate and pass a package that includes a third stimulus package for low-income Americans.

"We want to get it all done by the end of February to offset the March 14 deadline when some of the unemployment benefits expire, and to make sure we get it on the president's desk," Pelosi said at a press conference last week.

Now that former President Donald Trump's impeachment trial has concluded, Congress is likely to turn its attention to negotiating a stimulus package; Business Insider released the following tentative schedule:

This week, the House Budget Committee should reconcile a relief bill. Meanwhile, the House Rules Committee may offer conditions for consideration of the bill.

Once these steps are completed, the House can hold a hearing and vote on the bill next week. The Senate would receive the House-passed bill the following week. If the Senate approves the bill, the President will be asked to sign it immediately.

The IRS can then begin sending checks the same way it sent the first $1,200 check and the second $600 check. Since the framework is already in place, Americans can begin receiving their stimulus checks approximately two weeks after the bailout bill is approved.

This is a simplified version of a process that could face many complications. The best-case scenario is that the bill will be passed by March 14. However, as was the case last year, government spending will be a dividing factor in the negotiations. The current framework calls for a package of $1.9 trillion.

As it stands, the third stimulus check is the equivalent of $1,400 for Americans earning less than $75,000 a year. Joint filers with annual incomes up to $150,000 are also eligible to receive the full amount.

Dependents up to age 23 and older parents living with adult children are also eligible for an additional $1,400.

These guidelines are subject to change as negotiations progress. For more information on the upcoming direct payments, see the Third Stimulus Check Calculator and the Third Stimulus Check Income Limitation Guide.