It’s been a little over nine months since Donald Trump approved the CARES Act, which allocated $2.2 trillion in an attempt to reduce the economic impact of the pandemic. The package included a grand total of $679 billion in loans to businesses attempting to navigate the crisis in addition to the $270 billion reserved for the $1,200 stimulus checks sent out to the approximately 170 million Americans who qualified.
It’s safe to say the rollout left a little bit to be desired, as some people (myself included) spent weeks trying to apply on the website the IRS constructed in an attempt to convince the agency they exist, which was especially frustrating when you consider the checks were sent out to one million people who decidedly did not exist due to the fact that they were dead.
While the payment was certainly better than nothing, the sum left something to be desired when you consider how many Americans saw their income stream suddenly dried up, and it didn’t take long for people to start calling for another round. However, it did take long for the government to get around to it, as it took until November for Congress to start discussing a second bill and both chambers spent weeks negotiating a deal before ultimately agreeing on a package to send $600 to eligible recipients.
However, things hit a bit of a hitch after the legislation was passed, as Trump unexpectedly lobbied for that number to increase to $2,000 before quietly signing it on Sunday night to bring the standoff to an end, which resulted in people turning their focus to the all-important question concerning when they can expect their share to arrive.
According to CNET, Treasury Secretary Steven Mnuchin provided a tentative answer last week, saying:
“We call them ‘checks in the mail,’ but most will be direct deposits. It will be within three weeks. We are determined to get money in people’s pockets immediately. So that will be within three weeks.”
While the delivery will be staggered, the new bill requires the IRS to dispatch all of the checks by January 15th. However, it’s worth noting Congress will soon vote on a proposal to boost the sum to $2,000 for people making $75,000 or less, so while the timeline would likely change if it passes, I think it’s safe to say most people would be more than happy to wait.