Second stimulus check calculator: See how much money you'll get from the coronavirus relief payments
After months of stalled negotiations, congressional leaders announced on Sunday evening that they had reached a bipartisan deal on a coronavirus aid package worth around $ 900 billion.
If the bill were passed by the House and Senate as expected on Monday, the legislation would help millions of Americans still affected by the pandemic by offering a new round of economic reviews, improved unemployment benefits and small business money, and new funding for small businesses includes struggling industries, tax breaks, vaccine distribution, and education and health care.
Legislators have not yet released the bill, but the stimulus reviews are expected to follow the same eligibility formula as the first round - although they will be half the size of the $ 1,200 payments that will be made earlier this year with the passing of the Act were dispatched March CARES Act.
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American adults earning less than $ 75,000 will receive the full $ 600 check, while couples earning less than $ 150,000 will receive $ 1,200. Payments will be curtailed for higher earners (5% of the amount by which their Adjusted Gross Income exceeded the original threshold) and will be ceased entirely for those earning more than $ 99,000 and couples earning more than $ 198,000. Relatives under the age of 17 are also eligible for payments of $ 600.
This means a family of four can receive up to $ 2,400.
This free calculator from Omni can help you see how much money to expect under the HEALS Act.
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The agreement also includes a retrospective provision to the CARES Act to extend controls to mixed-status households so that American citizens married to non-Social Security nationals can receive aid.
People without income or benefit recipients are still entitled to the full amount of the check.
The vast majority of Americans will not need to take any action to receive the money. The IRS will use their 2019 tax return, if filed, or their 2018 tax return as an alternative.
Almost two weeks after the CARES law went into effect, the Treasury Department made more than 81 million payments worth more than $ 147 billion through electronic transfers to recipients' bank accounts, according to the Government Accountability Office.
Treasury Secretary Steven Mnuchin promised to take an equally aggressive approach to the second stimulus checks and said during an interview on CNBC that Americans could expect to receive the money as early as next week.
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“The good news is that this is a very, very quick way to get money into the economy. Let me emphasize: people will see this money early next week, ”Mnuchin said on Monday morning. "So it's very fast, it's money that is returned to the company."
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