A second Covid Relief bill was signed by President Trump on Sunday, December 27th. After the two trillion dollars CARES Act that Legislature passed in March, the new relief bill is the second-largest federal stimulus plan, amounting to about 900 billion dollars.
The second stimulus package will bring 600 dollar checks to individuals whose income is 75,000 dollars or less. Children ages 16 or under will each receive a 600 dollar stimulus check as well. Couples who have collectively made up to 150,000 dollars will receive 1,200 dollar checks. Legal immigrants who do not have green cards and undocumented immigrants will also qualify for the stimulus. According to CBS News, “Couples who include an immigrant without a Green Card would also qualify for the checks, a provision that is retroactive to the CARES Act…”
Over 787,000 more people have recently filed unemployment claims. Those who are currently unemployed, and those who have been filing for unemployment since last year will receive 300 dollars a week for 13 weeks. This is less than the 39 weeks of unemployment from the first stimulus package.
Many who have benefits from Social Security, Supplemental Security Income, and Veterans Affairs do not have to worry because they will also be getting the stimulus check. “I am particularly glad that the final text of the relief package includes my bipartisan bill to ensure that recipients of Social Security, Supplemental Security Income and certain VA benefits will receive these payments automatically,” said Senator Maggie Hassan.
The Treasury Department and the IRS will be the ones distributing the stimulus checks and unemployment checks. They have until January 15 to deposit as many stimulus checks as possible. Stimulus payments will be made through direct deposit, paper checks, or Economic Impact Payments (EIP). If after the January 15 deadline, money has still not been received by eligible recipients, they will be able to file it in their federal tax returns. CNET stated, “If you don’t receive your full second stimulus check money by then, you will need to claim all or part of the missing amount when you file your federal tax returns in this year as a Recovery Rebate Credit. You’ll also be able to claim any money the IRS still owes you from the first round of checks as a credit.” If the paper check or EIP debit card is still in transit to a recipient’s residence before the deadline, then use the USPS tracking tool or the IRS “Get My Payment” tracking tool.
As we fight through this pandemic, stay strong and stay informed. Here are some links to help you learn more about the new stimulus relief bill: