$2,000 stimulus checks: How soon could you get one?
Doug Whiteman Tue, January 12, 2021
Joe Biden's $2,000 stimulus checks: How soon could you get one?
President-elect Joe Biden is getting ready to unveil a multitrillion-dollar coronavirus rescue package that'll include his plan for a quick, third round of "stimulus checks" for most Americans. Biden last week promised $2,000 direct payments would "go out the door" soon if voters in Georgia gave him a Democratic majority in the U.S. Senate — and they did, through a pair of runoff elections.
Over the past two weeks, many people have been receiving their second COVID relief payments in the amount of $600. That's after an attempt to raise the amount to $2,000 failed in the closing days of 2020. Biden has referred to the $600 as a "down payment," with more to come.
Here's what we can currently say about whether and when you're likely to see a third stimulus check.
Vote results in Georgia set wheels in motion for new checks Biden made his remarks about $2,000 checks at a campaign rally in Atlanta, one day before a vote that unseated two Republican U.S. senators from Georgia. The Democratic wins in those races gives Biden's party control over both houses of Congress. That could make it easier for his proposals, like $2,000 stimulus checks, to become reality.
"That money will go out the door immediately to help people who are in real trouble," Biden said at the rally.
Many struggling consumers have been eager for the government to keep sending cash. Americans largely used their first stimulus payments for basics like groceries and utility bills, a survey from the U.S. Bureau of Labor Statistics found. Some also invested the money, the survey said, or used it to meet various other needs. Those may have included buying affordable life insurance, as sales of policies have surged amid the pandemic.
When Biden says "immediately," just how quickly might that be? He's not scheduled to take office until Jan. 20, and the new Senate — with Democrats in charge — may not be seated until the 22nd. So, if there will be fresh relief payments, you're not likely to get one until February, at the earliest.
What if you need more than $600 right now?
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/expect-third-stimulus-check-under-160500295.html
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