When can you expect your next stimulus check? These dates are the key to timing – Community News
Stimulus Check

When can you expect your next stimulus check? These dates are the key to timing

When can you expect your next stimulus check?  These dates are the key to timing

When can you expect your next stimulus check? These dates are the key to timing

President Joe Biden has hit the road this week to promote his $1.9 trillion economic bailout, which would get you a third stimulus check — this time for up to $1,400.

Democrats controlling Congress try to stay on track as they race to meet smaller deadlines leading to one big deadline. If they can keep things on track, relief to help you settle your bills or pay off debts may be just weeks away.

Here’s the latest on when to expect your next stimulus check.

A first deadline looms at the end of this month

The United States Capitol building at sunset, Washington DC, USA.

Lucky Photographer / Shutterstock

In Milwaukee on Tuesday, Biden spoke to Republican critics in front of a CNN town hall who say his pandemic proposal is too massive and expensive. “This is the time we need to spend,” the president said. “Now is the time to get big.”

In addition to the $1,400 incentive checks, the package includes a wide variety of other aid, including $400 a week in additional unemployment benefits.

The aid is expected to alleviate immediate financial pressures on struggling families. Last spring, most recipients spent their first $1,200 incentive check on essential needs, including groceries and rent, according to the U.S. Bureau of Labor Statistics.

Some of the money was also used for savings and investments, a bureau survey found, or for other unspecified things — possibly to buy affordable life insurance, as demand for life insurance has skyrocketed during COVID-19.

The U.S. House committees are finalizing work to draft a final bill “which we can vote on sometime late next week, I hope,” Speaker Nancy Pelosi said Thursday. Democrats push for vote on Friday 26 February (shorter deadline), although it can be carried over to the weekend.

Pelosi told reporters that Democrats are trying to stay on track as they push Biden’s plan at breakneck speed using a special, streamlined process that would allow the bill to pass Congress with simple majorities — and possibly no Republicans on board.

When are you most likely to get another stimulus check?

After the House, the action shifts to the Senate, where Democrats hold power by the narrowest margin and need every vote on their part. But Democratic West Virginia Senator Joe Manchin is a big question mark.

Manchin has expressed support for dropping the stimulus check income limit. Individuals who made up to $75,000 were eligible for full pay in the final two rounds, but Manchin has said he wants proof that someone making $75,000 is needy enough to receive the full $1,400 this time around.

If Democratic Senate leaders can keep Manchin in the fold, they could try to send the legislation straight to the Senate floor without votes in the committee, according to the Washington newsletter Punchbowl News.

Speaker Pelosi said the goal is to have a bill on the president’s desk in time to prevent millions of Americans from losing their bonus unemployment money. Existing federal booster benefits expire on: Sunday 14 March (big deadline).

Provided there are no unexpected roadblocks — and Biden can sign the bill in the first half of March — the IRS could start paying stimulus checks within days. That means you may receive your next infusion of cash as soon as mid March.

What if you need your next stimulus check right away?

Extreme close-up of the federal coronavirus stimulus check provided to all Americans by the United States Treasury in 2020, featuring the Statue of Liberty.

William Sawalich / Shutterstock

But that timing is still at least a month away, which is too long when your bills are piling up straight away. If you can’t wait and need more money right away, here are a few ways to make money in the meantime.

  • Lower the cost of your debt. Has your credit card dragged you through the pandemic? If so, the interest is probably starting to weigh you down. Organize your debts — and make them disappear faster — by folding your balances into a single debt consolidation loan at a lower interest rate.

  • Lower your insurance bills. If you’re not driving as much due to the pandemic, your auto insurance company may be willing to give you a discount on your rate. Is your insurer stingy? That’s easy enough – just shop around for a better deal. And while you’re at it, you can save hundreds on your homeowners insurance by comparing rates to find a lower price for that coverage.

  • Refinance your mortgage (if you have one) and cut your payments. When was the last time you refinanced your home loan? If it’s been more than a year, you’re too late. Rates were the lowest ever, so refinance your existing mortgage and enjoy great savings. An estimated 16.7 million U.S. homeowners could lower their monthly home payments by: an average $303 through a refi, according to mortgage technology and data provider Black Knight.

What if you don’t get a stimulus check this time?

Congress will continue with the same stimulus check income limits as before — meaning if you got a full payment last time, you’ll get another one.

But if it looks like you won’t receive the full $1,400 check, if at all, there are a few things you can do:

  • File your 2020 taxes immediately. You may be eligible for an incentive scheme if your income has fallen in 2020 due to the pandemic. But since the IRS bases your eligibility on your most recent tax return, you’ll want to get that information from the IRS as soon as possible. Log in to a good tax software program and file your 2020 return as soon as possible.

  • Limit your budget and “make your own” stimulus control. By finding a few creative ways to cut back, you may be able to wring another $1,400 out of your current budget. For example, maybe it’s time to permanently log out of any streaming services or other monthly subscriptions you’re not actively using. Do you have a hobby or special talent? Turn it into an afterthought to generate additional income. And download a free browser extension that automatically looks for better prices and coupons when you shop online.