Stimulus Check – US Government Check, Payment
On Sunday morning, White House economic adviser Larry Kudlow provided some highly anticipated details on the second stimulus check, as well as other benefits that may be included in the Senate’s CARES 2 Act. The big question for many American minds, as they continue to fight financially through COVID-19, will there be another check on the way?
On CNN’s “State of the Union”, Kudlow stated that $ 1,200 checks to Americans will be part of the new recovery package. While this is good news for the many Americans who need help, there are still many things we don’t know and questions that need to be answered.
Who is eligible?
While we won’t know details until the bill passes, the determining factors should be similar to the first check.
Whether or not you get a check, and whether you get the full amount, will depend largely on your income. Like the first check, there will be a salary limit to determine if you are eligible to receive a check, but it is unknown if it will be the same as last time.
Guidelines for the first stimulus check:
- Individual taxpayers with adjusted gross income of up to $ 75,000 (up to $ 150,000 for married couples filing joint returns) received full payment.
- For taxpayers with incomes greater than those amounts, the payment amount was reduced and then gradually phased out for people whose income exceeded $ 99,000 (or $ 198,000 for joint taxpayers without children).
Parents also received $ 500 for each qualifying child from the first check, and children can play a role in the amount received for the second round of payments. Citizenship, marital status, and age, among other factors, will also determine eligibility.
When will I receive my check?
As for time, there is still a long way to go before the check reaches your mailbox. The Senate Republicans’ plan to reveal the details of the economic stimulus package on Monday, but has yet to be approved.
Once the plan is announced, there could still be weeks of negotiations with the Democratic-led House of Representatives before all the details solidify. After reaching an agreement, the stimulus bill won’t go into effect until the president signs it.
Treasury Secretary Steven Mnuchin told reporters on Saturday that the checks will arrive in August, but that still leaves plenty of room for uncertainty. An important determining factor is whether the bill will pass before August 7, which is the last day of the Senate in session before the August recess. If the negotiations are not concluded before that, they will have to resume them when they return on September 8, meaning the checks could be delayed until the end of September. Once the law passes, it’s just a matter of when the IRS sends the checks.
Details on additional components in the proposed plan can be found here.
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