When could you get a third stimulus check?
(WVLT/CBS) - President-elect Joe Biden revealed a $1.9 trillion coronavirus relief plan recently. That plan proposes a third round of stimulus checks worth $1,400 for most Americans.
Though the relief could extend a helping hand to millions of households experiencing economic fallout, analysts say it could be months before the payments arrive, CBS News reported.
The plan’s price tag is likely to be a point of contention among Republican lawmakers, and experts expect the amount to be trimmed down to as low as $1 trillion. However, lawmakers on both sides of the aisle, analysts say, appear to support direct $1,400 payments.
Support for a new stimulus package may gain more power as the pandemic’s impact on the economy worsens, according to Ed Mills, an analyst with investment bank Raymond James.
“The market is back to an expectation that more fiscal stimulus is all but inevitable in the early days of the Biden administration, with the release of a $1.9 trillion ‘American Rescue Plan,’” Mills said in a report on January 15. “While we anticipate that additional fiscal support remains likely, the timing and scope are very much in flux.”
Here’s what analysts are predicting about the $1,400 checks and other spending proposals.
Are the $1,400 checks a done deal?
“Very likely, according to Wall Street and political analysts. There is growing support among Republican lawmakers for additional stimulus directed toward low- and middle-income households, with the latest effort to pass $2,000 stimulus checks winning some bipartisan support,” according to CBS News.
There is a possibility that a scaled down package will be passed within the first three months of 2021, according to Height Securities. The stimulus checks are likely to be included in that.
“We believe there is support for a smaller package that includes the $1,400 checks, more health care funding, support for small businesses, and some state and local aid,” Mills said.
When would I get a $1,400 check?
“Alec Phillips, chief U.S. political economist with Goldman Sachs, thinks the package could be passed in mid-February to mid-March. After the relief bill passes Congress, it must be signed by the president. After that, the IRS would distribute funds through direct deposit, mailed checks and prepaid debit cards,” CBS News reported.
With the first stimulus payments in April 2020, it typically took two weeks to several months for payments to reach people. The second round of payments required about a week to arrive via direct deposit.
However, some people experienced delays due to problems with their accounts.
“Based on previous stimulus money payouts, and assuming Congress passes a new relief bill by mid-February, the checks could arrive in bank accounts by late February, although that would likely be a best-case scenario. If a package is passed by the end of March, people might get their checks by early April,” according to CBS.
CBS News noted that these time frames mentioned assume that at least 10 Republican Senators support the package, allowing for 60 votes in the Senate to overcome a possible filibuster and pass the bill.
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