IRS Schedules Second Stimulus Check by October 12 As Soon As Congress Approves

The IRS could send out second stimulus checks by October 12, that is, as soon as Congress passes another COVID-19 relief aid legislation.

Despite the continued bickering between the Republicans and the Democrats on the passing of a new COVID-19 relief aid legislation, many unemployed Americans continue to hope of receiving a second stimulus check before the elections.

With the additional $300 unemployment checks offered by the Lost Wages Assistance Program (LWAP) ending soon, many Americans who have lost their jobs or who have been furloughed due to COVID-19 hold out hope of receiving second stimulus checks.

The foremost question is that if legislation will be passed before the November 3 election, how soon can they get their second stimulus checks.

Throughout this standoff between the Republicans and the Democrats, Treasury Secretary Steven Mnuchin has always been consistent in saying that as soon as legislation is passed and signed by President Donald Trump, he would be ready to send out the first checks just a week from the approval.

Basing on the timeline of the CARES Act and Mnuchin's words, the second stimulus checks could be sent out faster than the first.

Should the Senate pass a bill on October 5, and the House on October 6, then the president signs it on October 7, the first stimulus checks could be sent out by the week of October 12.

In the original CARES Act, it took close to three weeks before the first checks were sent out. The Senate passed the bill on March 25, followed by the House on March 26. Then, President Trump signed it on March 27. The first stimulus checks were sent out by April 15.

If the Senate passes a final bill on October 9, then the House on October 13, and the president signs on October 14, the first checks could be out by October 19.

However, if no new COVID-19 relief aid legislation would be passed before the election, President Trump could sign a presidential order on October 9, the same as he did with the LWAP. Direct deposits could start by the week of October 19. The Internal Revenue Service could begin sending out the first paper stimulus checks by the week of November 16 and the first EIP cards on December 7.

Should there be no legislation approved before the election, there will most likely be one after the election.

If the Senate would pass a final bill by December 1, the House on December 2, and the president signs on December 3, the first checks will be out by December 7.

Suppose the Senate passes a bill on December 7, the house on December 8, and the president signs on December 9. In that case, the first checks will be sent out by December 14, which means the unemployed will have something to look forward to for the winter holidays.

Just be reminded, though, that these timelines for a second stimulus check are mostly dependent on if both parties will finally be able to strike a deal and pass legislation. And if President Trump would be able to bypass Congress again and create another stopgap measure the same as the LWAP.

Check these out:

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