You’ve heard about the 2nd COVID-19 stimulus check, but what does it mean for you as you weather the ongoing coronavirus pandemic?
Stimulus Check Amount
Let’s dig into the specifics just for a second. As U.S. lawmakers have agreed to the much-awaited stimulus bill to offset the economic impact of the COVID-19 pandemic, this means that the vast majority of American taxpayers will receive an injection of cash. Economic impact payments of up to $600 will be sent to individuals.
Did you know there’s more wrapped up in this mega bill? The highlights of the $900 billion bill also offers:
- $300 per week to unemployment benefits for 11 week, from the end of December through the beginning of March
- A 15% increase in SNAP (Supplemental Nutrition Assistance Program) benefits for the next 6 months
- Eviction protection for renters through January 31, 2021
- $25 billion in rental assistance for those who remain jobless
- $20 billion for states to use for the purchasing of vaccines, rendering the vaccine free to receive for anyone who opts to get it
- $20 billion for states to use for coronavirus testing
As of publishing, the full relief bill has not been released to the public.
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Am I Eligible for a Coronavirus Stimulus Check?
You’re eligible for a stimulus check if you’ve filed a federal tax return for 2018 or 2019.
Do I Need to Contact the Government to Get My Stimulus Check?
No. The IRS will calculate and automatically send the economic impact payment to you if you’re eligible.
The IRS will use your information from your 2019 tax return to calculate your payment amount. If you haven’t yet filed your return for 2019, the IRS will use information from your 2018 taxes to calculate the payment.
Payments should be sent to you automatically via direct deposit from the return filed or through a check via U.S. mail.
How Much Will My Stimulus Check Be?
Let’s break down how much you might receive:
- Individuals who earned $75,000 or less in 2019 are eligible for the full $600 stimulus payment. Married couples filing joint returns earning up to $150,000 will receive the full $1,200 stimulus check.
- Single filers with income exceeding $75,000 and $150,000 for joint filers with no children are not eligible.
You’ll receive $600 if you earned less than $99,000. Likewise, if you are married filing jointly and earned more than $198,000.
You’ll also receive $600 for each dependent younger than 17.
Nonresident aliens are ineligible for a stimulus check.
When Will My Stimulus Check Arrive?
This is dependent on when the President signs the final stimulus bill. You can expect to begin receiving stimulus checks starting in 3 weeks after the bill is signed into law.