If you are eligible for the $1,200 coronavirus stimulus check and haven’t yet received it, today is the last day to sign up for direct deposit on the IRS’s “Get My Payment” portal. The system closes at 12 p.m. Eastern Time on Wednesday. After that, you will have to wait for a paper check in the mail, which could take several months.
The IRS started mailing out paper checks in late April, starting with eligible recipients in the lowest-income tranche. The higher your taxable income is, the longer you’ll need to wait for the payment to arrive.
As of last Friday, the IRS had deposited and mailed more than 130 million checks, according to CBS, leaving about 20 million eligible Americans still awaiting their money.
In the meantime, Americans could be in line to receive a second government check, with Congress mulling a second round of coronavirus economic stimulus. On Tuesday, House Democrats proposed a $3 trillion coronavirus relief package, named “The Heroes Act,” on top of the $2 trillion rescue package Congress passed in late March.
Like the first economic relief package, the new proposal includes a direct payment section that would give up to $1,200 to individuals earning less than $99,000 a year and up to $2,400 to couples without dependents. But the new plan is particularly generous to families with children, providing $1,200 per child up to a maximum of three. For example, a couple making less than $150,000 a year with three children will receive $6,000. (The earlier program gave $500 for each qualifying child.)
The proposed legislation also calls for extending additional unemployment benefits through January, free coronavirus testing and treatment for all Americans, as well as emergency funding for local and state governments.
If passed, the bill will be the largest economic relief package in U.S. history. Yet, Republican congressional leaders doubt whether a second round of emergency funding is necessary as states begin to reopen. “[The bill] is not going anywhere,” said Senator John Thune (R., S.D.), the No. 2 Senate Republican, per The Wall Street Journal.
“This is nothing more than a messaging exercise by House Democrats, they didn’t have any input from Republicans,” Thune said.
The House is expected to vote on the bill Friday. Negotiations with Senate Republicans could start as early as this month.