There is a chance that Congress will approve a third stimulus check. But the news is not yet confirmed. So some common questions are arising with the next stimulus check. When is the next stimulus check coming out? What will be the amount of the next stimulus check? People are searching for some confirmed news about it. But our knowledge is limited with it.
Ten Republican senators introduced a new stimulus bill proposal on Sunday. It states that those who earn only $50,000 or less yearly will get this next Stimulus check of $1,000. So, there is a chance of changing the stimulus check formula, which was all set to send a partial payment to fewer people.
Joe Biden has proposed a $1,400 stimulus check. The GOP proposal is one of the latest from those set to limit Biden’s $1.9 trillion stimulus package. This stands ahead of all the negotiations over the final bill.
When Is The Next Stimulus Check Coming?
Most stimulus checks take a couple of weeks to arrive. Several American individuals eligible for stimulus checks have already received a one-time stimulus check from the Treasury Department. This money they can spend or save, hence, is completely dependent upon them.
Stimulus checks aren’t guaranteed, but a next stimulus check will likely arrive soon. Various factors can slow down the processes, and a smaller bill approves the stimulus check.
At the same time, keep in mind that checks for various payment groups (EIP cards, physical checks, and direct deposits) may come at different times. See the below chart to make your concept more clear about the next stimulus check.
Next Stimulus Check Date – Latest Update:
Where’s My Stimulus Check Coming?
You can check the stimulus check’s payment using a special tool, i.e., IRS’s Get My Payment Tool (this updates at least once a day). This tool updates you whether your stimulus check was sent to you or not. Your money can be sent to you via mail and direct deposit.
On the other hand, various banks offer early direct deposits, which applies to your paycheck. However, this process will extend your stimulus check to a great extent.
If you get a “not available” message on the IRS’s tool, then it means that either you will not be paid right now or you are not eligible for the second or next stimulus check.
Why Isn’t A Third Stimulus Check Guaranteed?
Whether a third stimulus check will happen or not is up to Congress. As per the current discussion in Washington and Biden’s Campaign, they promise to help everyday Americans with some direct payment.
A third stimulus check, under Present Biden’s plan, the $600 second-round stimulus check would be increased by $2,000. Biden calls for $1,400 payments as part of the $1.9 trillion relief package.
Now, who will qualify for the $1400 stimulus check? This would include elderly parents staying with their adult children, college students aged 23 years or even younger, and children over 16 years of age. Thus, these people will qualify for the next stimulus check.
How A Third Stimulus Check Will Differ From The First And Second Payments?
For the first and second stimulus check, the total amount was lowered for individuals at specific income levels. However, your amount can steadily decrease to zero if you are a qualifying widow, married, filing a separate tax return, or single.
Simultaneously, there is a big push in Washington for a third stimulus check, Though the eligibility criteria and the amount can vary compared to earlier payments.
As already discussed above, the third stimulus check will be dependent upon Congress and the new president. Your new stimulus check can be higher or much lower, depending on what you got before.
What Should You Do With Your Next Stimulus Check?
These checks are meant to stimulate the economy. However, there are various things that you can do with your next stimulus check, and these are described below:
1. Support Local Business:
If you are in a good financial position to support your local businesses, then you must proceed. You can use these funds to help spur the economy of your country.
You can also consider opening a high yield investment account, and this way, you can find great deals. Utilizing stimulus check funds in this way can genuinely be beneficial to many people at the same time.
2. Pay Off Debt:
Paying off your debts is one of the best things you can do with your next stimulus check when you first receive it.
It is good to invest in these funds to pay off the highest interest rate debt first, thus decreasing the amount of interest you are paying.
3. Building Your Emergency Fund
You might have realized the importance of an emergency fund in this Coronavirus lockdown crisis. You may require money at any time, and no one knows when an emergency arises when you require funds.
Hence, creating your own emergency fund is crucial, and you need to focus on this at the earliest possible. This stimulus check is a great opportunity for you to increase your savings.
4. Budget And Cover Necessary Expenses
Now, it’s time to estimate your budget and see if the check satisfies your daily essentials or not. It is best to save your payments and assure that you are making the most out of them.
Therefore, covering your daily expenses and other demands is regarded as the best way to utilize your next stimulus check.
The Final Thoughts
You have to use a tool to track your next stimulus check. According to the reports, your payment will arrive soon; however, it can take a few weeks or a couple of months depending upon the Congress and the President. Hence, the above factors explain better regarding your near stimulus check.