After weeks of uncertainty, President Donald Trump signed the much-awaited congress $900 billion stimulus deal into law.
The amount is an addition to additional payments that could raise the figure to $2,000. This was after a House vote, which mandates the bipartisan framework to offer help to small businesses, give money to institutions tirelessly fighting the Covid-19 pandemic, and continues with federal supplements to people receiving state unemployment benefits.
Additionally, the proposal includes $300 billion for startups that include Protection Program loans as well as $300 federal unemployment supplements.
Timeline for a second stimulus check
The second stimulus checks will start streaming in soon. The direct payments will likely land into different bank accounts from January 11, 2021. This will be two weeks from when President Trump will sign the bill into law.
The relief bill provides the Internal Revenues Service (IRS) to disburse all direct payments with a deadline of up to January 15.
Individuals who won’t receive the direct payments will use the Recovery Rebate Credit when filing tax returns next year.
Eligibility for second stimulus checks
If you were eligible for the first stimulus check, getting the second stimulus check won’t be a challenge.
According to the most recent tax returns, people who earned $75,000 annually qualified for a whole package of $1,200 stimulus.
Joint filers or married people who earn below $150,000 each year would get $2,400. Those earning more up to $100,000 per year earned a prorated amount.
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