Second Stimulus Checks Are Finally Coming. Here's Who Will Get One.
Nearly 8 million Americans have fallen into poverty since Congress approved a first round of $ 1,200 stimulus checks in April, and it's getting worse. Lawmakers scrambled over the weekend to put together a new coronavirus stimulus plan and ended up ending a six-month stalemate between congressional leaders and the Trump administration.
The good news is that a second round of direct stimulus payments to individuals is included in the latest $ 900 billion stimulus package, despite not being proposed in the original legislation.
The bad news? The new check amount is significantly less than in the first round of checks, which was approved eight months ago.
Below you will find answers to the most important questions about stimulus checks at the moment.
How much does the new stimulus check cost?
Unfortunately, those hoping for another check for $ 1,200 will be disappointed. The second round of checks costs up to $ 600 per person, which is about half the size of the first round allowed under the CARES Act.
President Donald Trump tweeted over the weekend that Congress should increase the size of checks and has advocated direct payments of up to $ 2,000 per person. Even so, he supposedly approves of the final number.
Who qualifies for a second stimulus check?
The exact conditions of participation have yet to be announced. However, it is widely believed that the qualifications will match those of the first round of payments. In this case, the eligibility is based on the adjusted gross income from your last tax return.
Single adults with incomes up to $ 75,000 and those filing as head of households with incomes up to $ 112,500 would receive the full payment of $ 600. Married couples with incomes up to $ 150,000 would receive $ 1,200. For those earning more, payments would expire - single individuals earning more than $ 99,000 and couples earning more than $ 198,000 would be ineligible.
Mixed status families can now receive payments, according to a statement by House Speaker Nancy Pelosi, D-Calif., And Senate Minority Chairman Chuck Schumer, D-N.Y. So far, anyone married to a non-citizen who does not have a Social Security number and with whom they file taxes jointly has been denied a stimulus test, even if they otherwise qualify. This new provision also applies retrospectively to the CARES Act, which means that some people will receive both payments.
Will relatives receive a stimulus check?
According to Pelosi and Schumer, checks are "worth up to US $ 600 per adult per child," indicating that dependent children are again eligible for additional funding. In fact, the new stimulus package offers $ 100 more per child than under the CARES Act.
It has not yet been determined whether adults who can be claimed as dependents, such as B. Students, are also qualified for a check.
When are stimulus checks carried out?
It took the government months to distribute the first round of stimulus payments. Now that the Internal Revenue Service is more familiar with the process, the distribution of the new round of $ 600 payments could begin as soon as next week, according to Treasury Secretary Steven Mnuchin.
“People will see this money early next week. It's very fast, ”Mnuchin told CNBC on Monday morning. "This is a very, very quick way to get money into the economy."
Most likely, payments will be sent straight to your bank account if you have current banking information on file with the IRS (e.g. when you received your most recent tax refund or received this year's direct deposit refund). Otherwise, physical checks will be sent, which can take several weeks.
What else does the stimulus package include?
In addition to stimulus checks, the new package offers individuals and companies additional facilities. Some of the most important provisions include:
$ 300 per week additional unemployment benefits. Workers who accumulate unemployment will receive their regular benefits through March 14, plus an additional $ 300 per week. Under the CARES Act, unemployment benefits included an additional $ 600 per week that expired in July.
Small business support. The stimulus package also includes $ 284 billion of forgeable loans granted under the paycheck protection program. An additional $ 20 billion will be given to businesses in low-income communities in disaster loans for economic injuries. US $ 15 billion goes to live venues, independent cinemas and cultural institutions.
Emergency rental. The package includes $ 25 billion in rental support for families struggling to stay in their homes and an extension of the eviction moratorium.
The package also includes funding for tax credits, sick leave, education and childcare, food aid and more.
Remember that an agreement has been reached but has yet to be voted on. Congress is expected to vote on the legislation on Monday, but until both the House and Senate formally approve the stimulus package, its details may change.
Do you have to pay taxes on your coronavirus stimulus check?
How to invest in the rising stock market when you don't have a lot of money
This $ 300 tax deduction is only available for 2020
Do you love HuffPost? Become a founding member of HuffPost Plus today.
This article originally appeared on HuffPost and has been updated.
You should check here to buy the best price guaranteed products.
You really don't want Ultimate Slip 'N Slide and "explosive diarrhea" in the same headline like this
Caitlyn Jenner hits back at 'hypocrite' Jimmy Kimmel for calling her 'Donald Trump in a wig'
Minimum legal age for marriage to be raised to 18 as forcing 16-year-olds to wed is 'child abuse'
No more tiers. Gavin Newsom signs order to officially end most COVID rules Tuesday
Sweeny Murti on the Luis Severino injury and a brutal performance by Jameson Taillon on Saturday
Michelle Rodriguez Says She and Paul Walker Bonded Over Both Being ‘Earth Creatures’