Distribution of the second round of $600 stimulus checks will begin before the end of 2020, Treasury Secretary Steven Mnuchin said.
“People are going to see this money the beginning of next week,” Mnuchin told CNBC.
The direct payments are roughly half the amount paid to adults through March’s CARE Act, which gave up to $1,200 for individuals and up to $2,400 for married couples. The new stimulus act does provide more money for dependents - $600 vs. the $500 payments in the first act.
The first payments will go to those who have direct deposit information on file with the IRS, followed by distribution to those who received paper checks. The IRS has not said if the “Get My Payment” link that allowed recipients to provide banking information will be used for the second round of payments.
The stimulus money is part of a massive $2.3 trillion bill that includes $1.4 trillion for funding the government and $900 for coronavirus relief. The House and Senate have both signed off on the bill, which now heads to President Donald Trump with a Dec. 28 signing deadline. The president has indicated he will sign the bill.
Stimulus calculator
Like the previous stimulus, there are income caps related to the second round of direct payments. Individuals earning up to $75,000 or married couples up to $150,000 are eligible for the full payments with the amount reduced incrementally above those income levels - $5 for every $100 in income.
You can go here to use a calculator to estimate how much your second stimulus will be.
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December 22, 2020 at 11:38PM
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Second stimulus check: $600 payments start next week; calculator shows how much you will get - AL.com
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