By Aman Jain. Originally published at ValueWalk.
Senate Majority Leader Mitch McConnell, on Tuesday, noted that stimulus checks would be part of the GOP proposal, which would arrive sometime later this week. Support from McConnell almost confirms that stimulus checks would be part of the next stimulus package. So, rather than just waiting for the coronavirus stimulus check, you should take necessary steps that may help you to get the payment quickly.
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How to get coronavirus stimulus check quickly?
The first thing that you should do is to check if your payment information with the IRS is updated. For this, you need to go to Get My Payment page on the IRS website. On this page, you can check the status of your payment, the payment method, as well as enter your bank account information for a direct deposit.
If you got the first stimulus payment via check, then you would have likely gotten the payment later than others. This time, however, if you want the next coronavirus stimulus check to reach you quickly, you will have to provide the IRS with your bank account information to get a direct deposit.
Providing your bank account information will ensure that the IRS puts the money directly into your bank account as soon as Congress approves the next stimulus checks.
However, if you have changed bank accounts since the first stimulus payment, then you would not be able to set up direct deposit. In this case, the IRS would first send the payment to your old bank account. After the bank rejects the payment, the agency would send you a check.
Sort out issues
If you didn’t qualify for the first coronavirus stimulus checks due to some issue, then also you should quickly try to address those issues so that you can possibly get the payment this time.
If you were eligible, yet you haven’t got the payment, it could be because the IRS is still processing your 2019 tax return, or someone else claims you as a dependent on their tax return. You should make efforts to sort out these issues quickly as the next coronavirus stimulus check is likely just days away.
It is largely believed that the next relief package will be passed in the first week of August. This is because the Senate is scheduled to go on a month-long break starting August 7.
Talking of when you would start getting the stimulus checks if the package is approved in August, there are no definite answers. We could, however, take hints from the time it took the first stimulus checks to reach taxpayers.
It took the IRS about two weeks to start sending the first set of checks. This time, however, the agency is expected to take less time as it is already prepared and has all the information it needs to send the payment.
The post How to ensure you get 2nd coronavirus stimulus check quickly appeared first on ValueWalk.
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