If a deal is reached, experts say it will take at least two weeks for the Treasury to get cash into individuals’ bank accounts after any new legislation is signed.
“The timing could be more challenging this time, but the IRS could likely begin to get the money out in January,” said Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center.
In March, Congress provided individuals with $1,200 direct payments and couples with $2,400 plus $500 per child under the $2 trillion CARES Act.
As with that first round, the $600 payments included in the current legislation would start phasing out for individuals with adjusted gross incomes of more than $75,000, and those making more than $99,000 won’t receive anything. The income thresholds would be doubled for couples.