President Joe Biden’s $1.9 trillion coronavirus relief package calls for a third round of stimulus checks, though it could be as late as April before Congress approves the proposal and the $1,400 checks make their way to Americans.
Goldman Sachs analyst Alec Phillips said in a note to clients that several factors would influence the timetable for the bill’s passage, including the Senate’s impending impeachment trial of former President Donald Trump and likely resistance from GOP lawmakers on Capitol Hill over the package’s price tag.
“We do not expect 10 Republicans to support a $1.9 trillion relief package,” Phillips wrote, Fox News reported.
The haggling over the bill’s cost likely will not affect the dollar amount of the stimulus payments, but the back-and-forth negotiations between Democrats and Republicans held up the last round of checks for months, and financial analysts expect more of the same this time — possibly as late as early April if Congress drags its feet, CBS News reported.
Once Congress passes the bill and the president signs it, the IRS and Treasury Department would then distribute the funds via direct deposit, mailed checks and prepaid debit cards.