Not everyone qualifies for the next round of stimulus checks. What you need to know.
President Trump has signed the massive 5,000+-page stimulus bill in order to fund the government, help Americans out financially, distribute more vaccines for the pandemic, and to provide for the defense. That means millions of Americans will receive $600 each in the next two weeks and if Trump gets his way, a lot more than that. But not everyone will qualify this time around. Just because you got an initial stimulus check does not mean you will get one this time.
Now that President Trump has signed the $2.3 trillion COVID-19 relief package, Americans are eagerly awaiting whatever they can get to help them with bills during the pandemic. This round of payments is half the size of the initial one provided under the CARES Act in late March.
Individual taxpayers who earned up to $75,000 in 2019 and couples who filed taxes jointly with annual incomes up to $150,000 will be eligible for the payments. That will mean $600 to those individuals and $1200 in the bank accounts of married couples who qualify.
Every dependent child will also get $600. But if a dependent child is over the age of 17, they won’t receive a check and they can’t collect one for themselves.
All of this is predicated on your 2019 tax return.
Those who made less money in 2020 than the previous year can still claim this money in the form of a refundable tax credit when they file their taxes. And individuals who earn slightly more than the threshold will also receive a check.
The payments decline by $5 for every $100 in income. This means, for example, an individual making $80,000 would get a check for $350.
If you make over $99,000, you won’t get a check and married couples who make twice that will also not see a check.
No timeline has been set for the payments, but if it follows the last payment, it should hit accounts within two weeks. Perhaps sooner. When stimulus checks were approved under the original CARES Act, it took about two weeks for the Treasury Department to start distributing the money.
If you provided your banking information to the IRS when filing last year, you will likely be among some of the first to see the cash land in your account via direct deposit.
If you are receiving your payment via check or card, it will take longer.
Congress will vote on additional stimulus checks and repealing Section 230 — all wins for the American people.
Well done Mr. President!
— Lindsey Graham (@LindseyGrahamSC) December 28, 2020
The bill is authorizing a new unemployment supplement of $300 per week through March 14 instead of the $600 per week benefit that expired in July.
The bill also resurrects a forgivable loan program for small businesses and includes protections against evictions.
There’s also money for COVID-19 vaccine distribution and cash-strapped transit systems.
President Trump is not satisfied with the $600 per person check. A vote will be held in Congress Monday to increase the checks to $2,000 each.
“Therefore, a family of four would receive $5,200,” the president said concerning the increase.
The president will use the Impoundment Control Act of 1974 in an attempt to get Congress to drop what he called “wasteful spending” in order to get them to boost the coronavirus stimulus checks up to the levels that he demanded last week.
“As President of the United States, it is my responsibility to protect the people of our country from the economic devastation and hardship that was caused by the China Virus,” Trump said. “I understand that many small businesses have been forced to close as a result of harsh actions by Democrat-run states. Many people are back to work, but my job is not done until everyone is back to work.”
Increase payments to the people, get rid of the “pork”. https://t.co/jq82qFIyUs
— Donald J. Trump (@realDonaldTrump) December 27, 2020
Though the larger payments are supported by the Democrat-controlled House, they would also need approval from the Republican-led Senate, where there’s expected to be opposition. With increased pressure from the American public, we will see if Congress caves on the issue. A third stimulus check is definitely a possibility.
Incidentally, if you’re a “nonresident alien,” you would not be eligible for a second stimulus check. The government defines a nonresident alien as someone who “has not passed the green card test or the substantial presence test.”
Note that you didn’t have to be a U.S. citizen to receive the first stimulus payment. Noncitizens must have a Social Security number and live and work in the U.S. to receive a stimulus check under the CARES Act. The $900 billion stimulus bill would make it possible for families with a noncitizen spouse to qualify for a second stimulus check, even if they themselves are issued a taxpayer identification number (ITIN) by the IRS and not a social security number.
People with overdue child support won’t be automatically disqualified this time. And the current law wouldn’t prohibit incarcerated people from getting a stimulus check either.