Details of the new US stimulus plan 2:04
Washington (CNN) -
The economic relief package for the coronavirus pandemic, which President Donald Trump signed on Sunday, includes a second round of stimulus checks for citizens.
The deal will provide stimulus checks for US $ 600. However, experts say it will take the Treasury at least two weeks to deposit the cash into the bank accounts of eligible individuals after the legislation is signed.
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Trump chooses chaos with delay in signing the covid aid bill
Time could be more challenging this time.
But the IRS (Internal Revenue Service) could probably start depositing the money in January, ”said Howard Gleckman, principal investigator at the Urban-Brookings Center for Tax Policy.
Last March, Congress provided individuals $ 1,200 in direct payments and couples $ 2,400 plus $ 500 per child under the $ 2 billion CARES Act.
Those stimulus checks began to be phased out for singles with adjusted gross income of more than $ 75,000 a year.
Additionally, those who earn more than US $ 99,000 received nothing.
Income thresholds doubled for couples.
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What would and would not include the second stimulus package?
2:13
It took two weeks after that law was passed for the Internal Revenue Service (IRS) to begin distributing the money.
But, months later, some eligible recipients still haven't received it.
Who gets the stimulus check faster?
Payments are not made all at once.
Those whose banking information is on file with the IRS will likely receive the money first because it will be deposited directly into their account.
Others will receive paper checks or prepaid debit cards in the mail.
About 90 million people –– more than half of those eligible–– received their payments during the first three weeks of April after the March agreement was signed.
Most people got their money in a period of two months.
LOOK: This is what the second US stimulus package includes.
Still, about 12 million eligible Americans were at risk of not receiving the money at all because the IRS had no way to contact them.
While most people received the money automatically, those with very low incomes who do not normally file taxes had to register online before November 21 to provide their address or bank account number.
The IRS, under pressure
Additional checks may delay the start of the 2020 tax filing season.
A second stimulus check means that the agency will have to make changes to the tax return forms.
Some of which have already been sent to printers.
December is not an ideal time to increase the burden of IRS work.
Typically this is the month work is done to prepare for the upcoming tax filing season and there may be fewer staff than usual due to the holidays.
“I think the IRS will deliver the stimulus checks in a timely manner.
It could be at the expense of the filing season start date, ”said Chad Hooper, executive director of the Professional Managers Association, which advocates for more than 30,000 IRS union workers.
Editor's Note: This story was originally published on December 21, 2020. It was updated with the signing of President Donald Trump to a financial aid package that includes stimulus checks.
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