Your Second Stimulus Check May Come Sooner Than You Think
Americans have been waiting for another coronavirus emergency law to be agreed so that a second round of stimulus checks can be sent out. Finally, on December 20th, Congress reached a consensus, and once lawmakers vote on the bill on December 21st, the process of sending out the stimulus checks will begin shortly thereafter. You could get your check very soon after, according to Treasury Secretary Steven Mnuchin. Mnuchin called CNBC's Squawk on the Street December 21, ahead of the expected Congressional vote, saying, "People will see this money early next week."
However, experts believe it could take at least two weeks for the Treasury Department to put cash into people's accounts after the legislation is signed. "Timing might be trickier this time around, but the IRS could probably start pulling the money out in January," Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, told CNN. Still, it is unlikely that anyone entitled will see his stimulus checks in January. After the first aid package, it took the IRS about two weeks to start distributing the stimulus checks, and the process continued for months.
Would you like to learn more about the second coronavirus bill? Read on for answers to your most pressing questions. For more information from the White House, see A White House Official Who Issued This Warning About The New COVID Mutation.
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How much does my second stimulus check cost?
Woman in glasses opening mail
According to the Washington Post, the economic facilitation bill is around $ 900 billion, but the new round of stimulus testing for individuals will be $ 600. That's half the initial stimulus check that was part of the original $ 2.2 trillion CARES bill approved in March. And when you're ready to make some big changes to get more money, check out which state is where you can make the most money.
Who is entitled to a second stimulus check?
happy young woman reading letter
Similar to the first stimulus checks, only those who earn below a certain amount are eligible. According to Newsweek, Americans who earned less than $ 75,000 in 2019 will qualify for the full $ 600 stimulus check. Anyone who made more than $ 75,000 in 2019 will receive a discounted payment, and Americans who made more than $ 99,000 in 2019 will not receive any assistance.
Children are also eligible for the full $ 600 stimulus check, which is $ 100 more than the first round of checks. You can calculate how much your household gets here. And to see how your state is handling the vaccine, read that these states are getting less from the COVID vaccine than they were told.
How can I get my money faster?
Portrait of man using laptop while working in interior, copies space
If you want to receive your stimulus check as soon as possible, you should make sure that your banking information is on file with the IRS. According to CNN, the money will likely be sent directly to those who set up that information first.
If you receive a check or prepaid debit card in the mail, you will likely have to wait at least an additional few weeks. According to Newsweek, the Treasury Department can send up to 7 million checks a week. After the first relief bill was passed in late March, the Treasury Department "began mailing checks in mid-April, starting with low-income families making less than $ 20,000 a year," the outlet reports. Then the debit cards were sent from mid-May.
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What else does the relief invoice include?
A federal stimulus check that sits on 0 bills
In addition to a second series of stimulus checks, the new aid package offers additional benefits for the unemployed. According to CNBC, anyone using the Pandemic Unemployment Assistance (PUA) to access unemployment benefits and the long-term unemployed using the Pandemic Emergency Unemployment Compensation benefits can receive an additional payment of 11 weeks until March 14, 2021. The package also provides for an additional $ 300 per week for the unemployed, also through March 14, 2021.
The bill also provides for more Paycheck Protection Program (PPP) loans for small businesses, and extends PPP eligibility to nonprofits and local newspapers, television and radio stations, according to CNBC. In addition, the bill extends the nationwide eviction moratorium until January 31, 2021 and includes grants for childcare providers and K-12 schools and colleges. For more information on the pandemic, see This is why Dr. Fauci has not yet received the vaccine.
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