After nearly nine months and seemingly endless negotiations in Washington, millions of Americans could soon gain a second stimulus control.
Congressional leaders on Sunday unveiled a $ 900 billion stimulus deal calling for another round of direct payments to help Americans overcome the coronavirus pandemic.
The $ 600 checks are half the $ 1,200 payment legislators passed by the CARES Act in late March, but they could give many people a short-term financial life in a matter of weeks.
Congress has not yet released the text of the stimulus bill or other key details about the new payments. But that’s what is known about the second round of controls and how the pitch might be based on how the first ones were distributed.
Who is eligible for another stimulus control?
Similar to the CARES Act, the latest stimulus agreement will distribute payments of $ 600 to individual taxpayers earning up to $ 75,000 a year or married couples with annual incomes of up to $ 150,000.
People with incomes above these limits will receive lower amounts. It’s not certain how payments will be cleared according to the latest bill, but the CARES Act reduced high-pay checks by 5 percent of the amount by which their adjusted gross income exceeded the initial threshold.
Households will also get $ 600 for each dependent child, more than $ 500 under the CARES law, which means a family of two adults and two children could get up to $ 2,400 in stimulus money. But, according to reports, dependents aged 17 and over will not be able to get the money.
Lawmakers agreed to a provision that would allow approximately 1.2 million American citizens married to undocumented immigrants to collect the new checks, which the CARES law banned, according to the New York Times.
When will I receive my stimulus?
The timing for distributing the checks is still uncertain because Congress has not passed the bill, which lawmakers are expected to vote on Monday. But the money could start moving fast if the CARES Act is an indication.
The Treasury Department began delivering payments to more than 80 million taxpayers in mid-April, approximately two weeks after the CARES Act was passed. In August, Treasury Secretary Steven Mnuchin indicated that the feds could begin rolling out new checks the week after Congress passes a bill authorizing them.
“We did it the first time: I can get 50 million payments very quickly, a lot in people’s direct accounts,” Mnuchin told reporters.
People who submitted their bank account information to the Internal Revenue Service with their 2018 or 2019 income tax returns would probably be the first in line because the feds could deposit the checks directly into their accounts.
The 14 million people who sent their bank information to the IRS earlier this year to collect their first stimulus checks could also get their second payments quickly, but the Treasury has not definitively said whether it will reuse the bank data that has already been collected, according to CNBC.
The process of deploying the first stimulus checks was plagued by failures in the spring, such as payments to wrong bank accounts and delivery to dead people. But an IRS official has said the agency would be “better positioned” to distribute another round of checks than in April.
“The infrastructure is already in place to manage this payment,” Chad Hooper, president of the Professional Managers Association, which represents IRS managers, told CNBC.
With publishing cables