Lawmakers reached an agreement on Sunday for a $900 billion Covid-19 relief package. Indeed, the bill includes federal assistance for small businesses and health-care providers. In addition, there is a second stimulus check for Americans.
Here is what we know about the second stimulus check
- The Amount
The latest stimulus deal would provide a direct payment worth up to $600 payments to individual taxpayers,including dependent children under age 17. earning up to $75,000 a year or married couples with annual incomes up to $150,000. That means a family with two children could end up with $2,400 in stimulus money.
Individuals with incomes above those limits will receive smaller amounts. Actually,just like the CARES Act, the new bill will reduce high earners’ checks by 5 percent of the amount by which their adjusted gross incomes exceeded the initial threshold. It means, for example, that an individual making $80,000 would get a check for $350.
Lawmakers agreed in the new bill to allow approximately 1.2 million American citizens who are married to undocumented immigrants to be eligible which the first bill: The CARES Act” prohibited.
- Difference with The first CARES Act
Direct payment when from $1200 per individual in the first stimulus check round to $600. Also, dependant children over 17 are excluded.
- When will I get my stimulus check?
Treasury Secretary Steven Mnuchin said that he could begin sending the second direct payment next week, assuming the new stimulus bill becomes law in the next day or two. That is because most of the infrastructure is already in place.
In conclusion, the IRS sent out the first stimulus payments on a different timeline depending on the method(direct deposit, paper check, or EIP card).