Stimulus checks are on the way in which. This is what you should know
Federal Stimulus Checks will be prepared for print May 8 at the Philadelphia Financial Center.
Jeff Fusco | Getty Images News | Getty Images
Another round of coronavirus stimulus payments is on the way for millions of Americans struggling financially due to the public health crisis.
President Donald Trump signed a $ 900 billion aid package to Covid on Sunday evening, days after he proposed blocking the bill if stimulus checks were not increased from $ 600 to $ 2,000. (That never happened: the Republicans of the House quickly shot down Democratic attempts to pay $ 2,000.)
The last major bailout package passed by Congress in March, the $ 2.2 trillion CARES bill, approved stimulus checks of up to $ 1,200 per person. After months of negotiations between Republicans and Democrats over the form of the second auxiliary bill, they agreed to put $ 600 on the checks.
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Legislation also calls for the unemployed to receive $ 300 a week for at least 10 weeks and for grocery stamp payments to be more generous, including in the 5,500-page bill.
Here’s what you need to know about this final round of stimulus checks:
How much will the payments be?
The new checks will be issued up to $ 600 per adult and $ 600 per child.
Individuals with adjusted gross income of up to $ 75,000 will receive this full payment, as will heads of household earning up to $ 112,500 and married couples earning up to $ 150,000.
Those with incomes above this level will receive a partial payment that decreases by $ 5 for every $ 100 of income.
If you earned much less in 2020 than you did in 2019, you may not receive a stimulus payment, but you can claim that money in the form of a tax credit upon filing.
When will i get my check?
If the IRS has your direct deposit information, you’ll be among the first to receive the payment. The check can reach your account within two weeks.
A senior finance officer told CNBC that it believes people could start receiving their payments as early as this week.
Those who haven’t given this information to the IRS can expect to get a check or prepaid debit card – and unfortunately wait longer for their money.
The Treasury Department can write 5 to 7 million checks a week.
When the first checks entered in March, a congressional schedule estimated it would be up to 20 weeks for the money to come out. However, there are still millions of eligible people waiting.
What if I still haven’t received my first stimulus check?
When you file your taxes for 2020, you can claim what is known as a “Recovery Rebate Credit”.
With this credit, you can either get a bigger tax refund or reduce your debt.
– Additional coverage from Lorie Konish.
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