Congress has finally reached a deal on a $900 billion coronavirus economic relief package that includes a second stimulus check for most Americans. You’ll get less than in the first round of stimulus checks, but the good news is you may see the money sooner.
The Associated Press reports Senate leaders sealed the deal on a new Covid bill Sunday that includes $300 a week in supplemental unemployment benefits for 10 weeks — half the amount the CARES Act provided in March over 16 weeks — plus subsidies for hard-hit businesses and money for schools, health care providers and renters facing eviction.
The rescue package also confirmed $600 stimulus checks for most Americans to help out with financial hardships caused by the Covid-19 pandemic. Americans with taxable income under $75,000 (or $150,000 for couples filing jointly) will be eligible for the full amount: $600 per adult or $1,200 per couple.
Children would also qualify for stimulus checks worth $600 each; a family of four could potentially receive $2,400. As of Sunday evening, it’s unclear if dependents over age 17 would qualify for a stimulus check.
The first round of stimulus checks, which gave qualifying American adults a one-time direct payment of $1,200 plus $500 for each child under the age of 17, was part of Congress’ $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March. A second round of stimulus checks worth $1,200 was approved in the HEROES Act in May, but legislation stalled for months and the new package cuts those direct payments in half.
How much will I get?
Each U.S. adult and child will get up to $600, with roughly 80% of Americans expected to receive the full amount. Like the CARES Act, checks will get smaller for higher income groups: Payments phase out at a rate of $5 per every additional $100 (or 5%) in income starting at $75,000 in adjusted gross income for singles, $112,500 for heads of household, and $150,000 for married couples filing jointly.
So most people will get about half as much as they received in the first round of stimulus checks. If you received $1,200 last time, expect $600 this time. It’ll be a little different for families, as a married couple with two children received up to $3,400 in the first round; that same family of four would now receive $2,400.
The amount you receive will be based on income calculations from your most recent tax return: Look at Line 7 on your Form 1040 for “adjusted gross income” to see how much you qualify.
More details will be revealed Monday when the bill is passed.
When will I get my check?
A vote is expected Monday, and President Donald Trump is expected to sign it quickly as one of his last acts in office. If Trump signs it before Christmas, checks could begin going out shortly after Jan. 1; U.S. Treasury Secretary Steve Mnuchin said in August that payments could start going out a week after a new aid bill is signed.
The money would likely be delivered faster for most Americans than in the first round because millions verified their information on the IRS “Get My Payment” site in March.
“I can get out 50 million payments really quickly, a lot of it into people’s direct accounts,” Mnuchin said.
Others, who would receive paper checks or possibly debit cards, would receive the money in the coming weeks or months.
Will there be more relief?
Senate Minority Leader Chuck Schumer, D-N.Y., said Sunday on the Senate floor the deal was “far from perfect” but will deliver “emergency relief” to Americans. He said he would push for another relief bill once President-elect Joe Biden takes office; aid for state and local governments has been a sticking point in previous negotiations.
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2nd stimulus check confirmed in $900B Covid relief bill: How much will I get? When? - syracuse.com
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