Second Stimulus Check Possibly Coming Soon
The Senate this week revealed their latest Coronavirus relief package, which would include a second round of stimulus checks. If the bill for the new Economic Stimulus Package is passed by August 7th, the checks should go out about 13 business days after that. If the bill isn't passed before August 7th (when the Congress takes a 1-month recess) then we won't expect to see any checks until October.
The new stimulus check will be a little different from the first round. The first wave of checks that were mailed out earlier this year included $1,200 as well as $500 per each dependent child under 17. The NEW stimulus check proposal will remove that age requirement for dependents – so parents with college kids or those taking care of elderly family members may also qualify. Here are some more details about the new economic stimulus package….
Who Qualifies for the Second Stimulus Check?
- Those making under $75,000 per year will once again qualify.
- If you file jointly and make under $150,000 per year, you qualify.
- If you have any dependents, you will get an extra $500 per dependent. (No age limit)
- If you earn more than $75,000 per person, you'll still get a check but deduct 5% of the amount you make over $75,000.
- Those making $99,000 or more (per person) do not qualify.
How Much Money Will the Stimulus Check Provide?
- Qualified people will get a $1200 stimulus check.
- If you have dependents, you will get an additional $500 per dependent (no age limit this time)
How Do I get My Stimulus Payment?
If you already filed your 2019 Tax Return, you won't need to do anything. Your check will be direct deposited to your bank, or mailed to you as a check. I know most of us got our checks much faster if we chose direct deposit, versus those who had to wait on a physical check.
Mailed payments may also be sent as a prepaid debit card. If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services. You can then transfer that money to your bank account if you wish.
If you have not (or do not) file – you'll need to head over to the IRS website to give them some information.
Others Who May Benefit:
If the bill is passed – it may also include these following benefits for schools, unemployed and businesses that have been affected
- Extend Unemployment Benefits that ended this past week
- Fund Schools
- Liability Protection for Businesses
Find out more details and updates about thew new stimulus check here.
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