HIGHLY anticipated stimulus checks will soon be in Americans’ pockets after President Trump signed Congress’ coronavirus relief bill of $900billion, giving Americans a payout of at least $600.
The checks come after the President had refused to sign the package, demanding that Congress reconvene and agree on a higher sum of money to send to American families, as many are still struggling to make ends meet due to the pandemic.
When do the second stimulus checks come out?
There is no exact date when the stimulus checks could come out – but they are expected to arrive shortly after the New Year.
Congress formally passed a $900billion relief bill on December 20 that would have granted US citizens a small second payout from the government.
On Sunday, Trump revealed that he signed off on the bill, guaranteeing another round of stimulus checks for Americans.
Treasury Secretary Steve Mnuchin previously said once signed off by the president, direct deposit payouts could begin in around a week.
The value of stimulus checks may increase, however, as the House is set to vote on increasing the amount from $600 to $2,000 for individuals with an additional $600 per dependent.
This would give a family of four $5,200.
The coronavirus bill would also offer extended emergency unemployment benefits of $300 and provide relief on evictions that are set to expire on December 31.
Because of Trump’s halted signature, nearly 14million people lost additional unemployment aid.
Lanetris Haines, a self-employed single mother of three in South Bend, Indiana, will lose her $129 weekly jobless benefit unless Trump signs the package into law, the Associated Press reported.
“It’s a chess game and we are pawns,” she said.
Trump, who has still not committed to a formal veto, spent Christmas Day golfing while railing against the bill — which is attached to a $1.4trillion government funding package that will force a federal government shutdown if not signed.
“$2000 + $2000 plus other family members. Not $600. Remember, it was China’s fault!” Trump tweeted on Saturday night.
President-elect Joe Biden lashed out at Trump for not signing the bill into law.
“This abdication of responsibility has devastating consequences,” Biden said in a statement Saturday.
“It is the day after Christmas, and millions of families don’t know if they’ll be able to make ends meet because of President Donald Trump’s refusal to sign an economic relief bill approved by Congress with an overwhelming and bipartisan majority.”
The government had proposed a shutdown on December 29 if the bill was not signed.
House Speaker Nancy Pelosi (D-CA) said she was willing to hold a vote in the lower chamber on Monday to increase the stimulus check amount.
However, it is unlikely to get through the Republican controlled Senate.
Senator Roy Blunt, a member of the GOP leadership, does not believe there are 60 votes in the upper chamber of Congress to pass the $2,000 payments.
“I hope the president looks at this again and reaches that conclusion that the best thing to do is to sign the bill,” Blunt told reporters, according to the New York Times.
How much will you receive?
Under the current bill that Trump signed off, Americans who earned up to $75,000 in 2019 will qualify for a $600 payment, with the threshold set at $150,000 for couples.
Families of four (two adults, two kids) could get a $2,400 payout.
Any change in your AGI or total income could increase or reduce the stimulus check.
This means if a person got a promotion or a new job, their payout could be smaller this time around.
If Congress approves the modified amounts, however, individuals will get $2,000 – with an additional $600 per child.
Who gets a second stimulus check?
Adults who have earned up to $75,000, have a social security number, and filed a 2019 tax return are eligible for a check.
Dependents 16 and younger claimed on a 2019 tax return will qualify as well but the $600 will be issued toward the taxpayer.
If dependents recently became a parent or got a new job, they may qualify for their own check as an independent adult.
As Trump has signed off on the bill, the IRS and Treasury could start sending out the payments shortly after January 1.
With checks expected to roll out shortly after the new year, Biden has reportedly been in talks to push for a third round of stimulus payouts.
