Millions of Americans have yet to receive their second stimulus check of $600 and many are questioning the allotted amount. Payment will be deposited into the same bank account in which customers received their 2019 tax refund. Because of this, as many as 13 million people may experience a delay in receiving their money after the IRS sent the funds to closed or invalid bank accounts.
IRS is working hard to ensure your stimulus payments
According to the IRS, stimulus payments are expected to be deposited into bank accounts by the end of January. For those who have not yet received direct deposits, they should continue to watch their bank accounts for a deposit in the coming days. The IRS emphasizes that the information taxpayers see in the Get My Payment tool, including account numbers and potential deposit dates, may continue to display unfamiliar account numbers as the IRS continues to work through and update this issue.
No action is necessary for taxpayers as this work continues; they do not need to call the IRS, their tax provider, or their financial institution. Visit the IRS’s page for more information on the status of your stimulus payment.
File your 2020 taxes
Those who have yet to receive their checks may need to wait to file their 2020 taxes when they can claim the stimulus payment as a tax rebate. That could mean at least several more weeks of waiting for their stimulus checks, which would be sent via tax refunds, but it would secure their tax rebate. The IRS typically begins accepting tax returns for the prior calendar year at the end of January and starts processing them in February.
Democrats demand more
Senate Democrats plan to prioritize a bill containing more COVID-19 relief aid, which will include an additional $1,400 payment to many Americans and money to accelerate vaccine deployment, as their “first order of legislative business” when they assume control of the Senate.
“We have an opportunity to work with our House colleagues and a new administration to defeat the virus, provide the relief the American people need, and reunite the country,” said Senate Majority leader Chuck Schumer (D-NY).
Schumer emphasized the immediate relief bill would contain the additional money, on top of $600 individual payments Congress approved last month, to fulfill the promise of the $2,000 payments that Biden made to voters in Georgia’s runoff elections this month. “We will get that done,” promised the President-elect.
The New York Senator also said the additional stimulus relief aid would prioritize money for vaccine distribution, schools, small businesses, and assistance for state and local governments, which was left out of the last COVID-19 package in a dispute with Republicans.
Biden on board
The president-elect has said repeatedly in recent days that he will push Congress to pass an additional pandemic relief bill meant to boost the flagging economic recovery and to accelerate efforts to deploy vaccine doses.
$600 is simply not enough when you have to choose between paying rent or putting food on the table.
We need $2,000 stimulus checks.
— Joe Biden (@JoeBiden) January 11, 2021
What’s next?
Experts are predicting an additional stimulus package to likely come in March. That is because the most recent relief measure extended unemployment programs until mid-March, which puts pressure on Congress to act on additional financial support by that cutoff to continue unemployment benefits for millions of Americans.
President-elect Joe Biden is set to be sworn into office on Wednesday, January 20, at noon. America will have to wait and see if the stimulus checks will be increased under the Biden Administration, but experts continue to be optimistic about the additional financial aid.
