THE second stimulus check has been approved and sign by Donald Trump, and Americans will quickly start receiving the $600 payout.
After President Trump gave the $900billion relief bill the green light, Treasury Secretary Steve Mnuchin promised Americans would receive their payments as early as December 29.
When will I get the second stimulus check?
On December 29, Mnuchin tweeted that some Americans with direct deposit could receive their checks as early as that night, and said paper checks will be sent out on December 30.
The Department of “Treasury has delivered a payment file to the Federal Reserve for Americans’ Economic Impact Payments,” Mnuchin’s tweet began.
“These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week.”
“Paper checks will begin to be mailed tomorrow,” he continued in another tweet. “Later this week, you can check the status of your payment at http://IRS.gov/GetMyPayment.”
How much will you receive?
The value of stimulus checks may increase, however, as of right now each eligible American will receive a $600 payment.
A family of four can receive a payment of $2,400, which includes a couple and two children.
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.
Are unemployment benefits also included in the bill?
The coronavirus bill also offers extended emergency unemployment benefits of $300 and provide relief on evictions that are set to expire on December 31.
The extra $300 extended benefits will run through March 2021.
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.