On December 20th congressional leaders reached an agreement on a $900 billion Coronavirus relief package. This is a long awaited decision for American citizens, who are now eligible to receive up to another $600 in stimulus payments.
Here’s What We Know About The Second Round Stimulus Payments:
Lawmakers are finalizing the legislation around the stimulus payments now, and experts are saying it will take at least 2 weeks for the Treasury to organize these funds for distribution to citizens.
The $600 payments are available for individuals making less than $75,000 a year (couples making less than $150,000 are also eligible).
Individuals making between $75,000 and $99,000 are still eligible for funds, but will receive smaller payments, and individuals who make over $99,000 are not eligible to receive a second-round stimulus check.
Eligible families will receive an additional $600 for each child until age 17 (which is $100 more than families received in the first round of relief earlier this year).
Income is based on 2019 tax returns, and the stimulus checks are not taxable.
Although Americans are happy that a second round of stimulus relief is on it’s way, many economists have expressed concern that a one-time $600 payment will not make up for months of missed rent and other bills. Sen. Josh Hawley told reporters, “I would say that that’s progress. It’s not where I would like it to be.”
How Will I Receive A Second Stimulus Check?
Those who filed their 2019 tax returns will receive their money automatically via direct deposit. If the IRS doesn’t already have your direct deposit info, you will likely get a check in the mail, or receive a pre-paid debit card like the last round of payments.
Recipients of Social Security (SSI) and/or Social Security Disability (SSDI) will likely receive the first wave of payments issued, as long as banking and contact information with the IRS is up to date.
For more information on the status of payment, and to confirm your banking details are current, you can use the IRS’s online portal.
What if I still haven’t received the first stimulus payment?
The deadline for the first stimulus checks has passed, however if you are eligible and still haven’t received a payment (or you believe the amount you received is incorrect) you can claim a “recovery rebate credit” when you file your 2020 taxes next year.
If you have an an injury or illness that prevents you from working a full-time job, you could receive up to $3,011 per month in Government support.
Lots of different types of injuries and illnesses qualify. This includes things like back injuries, arthritis, knee / hip replacements, heart attacks, different types of cancer and more.
If you are interested in getting approved for Social Security Disability Benefits, and speak to someone that can help you apply, click the button below and complete the quick 30 second form now. We hope to help you receive the benefits you deserve!