Washington D.C (GNB)- A second stimulus check is finally on its way! The U.S. Congress passed an $892 billion coronavirus aid package on Monday night aimed at throwing a lifeline to the nation’s pandemic-battered economy.
The bill passed by the Senate on Monday night, that would send the bill to President Donald Trump appeared likely to follow soon. President Donald Trump will sign the legislation once it reaches his desk.
The agreement includes stimulus checks of up to $600 per person for individuals earning $75,000 per year and married couples who earned up to $150,000, with an additional $600 for each dependent under 18 living in the same household, roughly $284 billion in Paycheck Protection Program loans, $25 billion in rental assistance, an extension of the eviction moratorium and $82 billion for schools and colleges.
New forms of direct payments will be issued to millions Americans under the bill, assuming it passes and is signed by President Donald Trump.
How much will you get?
The IRS will issue checks based on your AGI or adjusted gross income. The information will come from your latest tax return which for most Americans is the 2019 calendar year.
If you earn $75,000 a year or less, you’ll receive $600. If you earn between $75,000 and $87,000 a year, the amount will be prorated. The more your make, the less you’ll get until you hit that $87,000 threshold. Earners over that amount will not receive any money.
Head of households will be able to earn up to $112,000 a year and still be eligible for a check.
Couples who file their taxes jointly will earn similar levels to those who file individually. For instance, a couple who earns $150,000 or less a year will receive $1,200. Couples who earn between $150,000 and $174,000 will receive less than $1,200.
Dependents under age 17 are also eligible for $600 checks, and there’s no cap on the number a household can receive. So if a single person earned $50,000 in 2019 and has four children under 17, the individual will be eligible for a $3,000 payment.
(Based on figures from the December 2020 covid relief package. Your inputs will not be stored).
Who is eligible to receive a payment?
You need a Social Security number to qualify for a relief check. As noted above, individuals earning up to $75,000, and couples earning up to $150,000 will receive the full amount. After that, the checks will phase out as detailed above. Income is based on 2019 tax returns.
Will working American gets a stimulus check?
Yes, as long as you meet all of the other eligibility requirements.
When will checks be sent?
Secretary of the Treasury Steven Mnuchin said as soon as Congress approves the deal, he’ll be able to begin depositing checks within a week.
Those with direct deposit on file with the IRS will receive their money first. Paper checks will take longer.
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