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Here's when you can expect your stimulus check

Yahoo Finance's Denitsa Tsekova joins Kristin Myers to break down the latest on stimulus checks.

Video Transcript

KRISTIN MYERS: Well, the president has signed a stimulus into law. And of course, folks want to know when they can expect their checks and how much it's going to be. We've got Yahoo Finance's Denitsa Tsekova here with an update. Hey, Denitsa.

DENITSA TSEKOVA: Hi, Kristin. So what happened yesterday is the $900 billion stimulus bill was signed into law by President Trump. It was part of the omnibus spending bill which funds the government through September 2021. Out of the $200 billion stimulus relief, we're gonna see $166 billion being sent straight to Americans' wallets in terms of direct payments.

What's a little bit different with this round of direct payments is people will get $600 per individual. This is just a half of what they got the first time. For dependents, this time they will get $600. This is slightly more than the $500 per dependent which we saw in the last round. So pretty much if you are a family of four, you can expect the $2,400 payment coming to your bank account.

The question is, when? So according to the bill text, all the payments should be distributed by January 15, which is not so long from now. But it's important to say that this may happen much earlier. Treasury Secretary Steven Mnuchin, last week he said that the payments could actually start being spending this week.

Quite a few things happened since then. As-- as we know, the president held the bill for a few days before he signed it. So this can cause significant delay. We still don't know what's the exact date. But considering that the IRS has a lot of that information and has already sent out the first round of stimulus-- of stimulus checks and has a lot of information about that, this can happen fairly quickly.

This is one of the things why stimulus checks is being widely supported because compared to other provisions, it can be distributed very quickly. What we can see is that most of the people will get direct deposit into their bank accounts so they won't have to do anything or wait a little bit while-- a little bit longer. But for those people for whom the IRS doesn't have information on file, like the last time, they will be mailed a check. Last time there was also-- there were also prepaid cards. Maybe this will happen again.

But this time the mailing process will be a little bit quicker. We're expected to see around 10 million checks being mailed a week. And this will happen every week from now until January 15. So people will probably not wait longer for those rather than mid-January.

KRISTIN MYERS: Denitsa, I'm hoping you can tell us in, like, 20 seconds or less what's going on with the potential for a $2,000 stimulus check?

DENITSA TSEKOVA: Well, this likely won't become a law. So people maybe shouldn't be expecting that type of payment coming to their-- to their account soon. But there is a House floor vote on it today. There are high chances it's gonna pass the House. But it's probably gonna face a lot of opposition in the Senate. So most of the experts I've talked to say that this is unlikely to become a law.

KRISTIN MYERS: Right. All right. Denitsa Tsekova, thanks so much for giving us that update.