After a great deal of haggling, President Trump finally signed a coronavirus stimulus package Sunday, sending a second round of stimulus checks to Americans greatly in need.
This time, the aid amounts and who will receive them are more confusing. This bill grants only half of the $1,200 allotments dispersed earlier this year. Most likely, $600 checks will be awarded for each adult and child.
President Trump and House Speaker Nancy Pelosi want bigger amounts. The House passed a bill on Monday to increase the stimulus to $2,000 per person. On Tuesday, Senate Majority Leader Mitch McConnell blocked an attempt by Senate Minority Leader Chuck Schumer to unanimously approve the House-approved legislation and it was unclear whether the chamber would vote on the measure.
So meanwhile, here is a guide to who gets what, and when, based on the package approved by Trump.
When Will I Get My Check?
The U.S. Treasury could begin dispersals this week, but with Friday's federal holiday, checks may not begin arriving until after Jan. 4.
How Much Will It Be?
If your gross adjusted income for 2019 was $75,000 or less, you get $600. If you and your spouse file jointly and earned up to $150,000, you will get $1,200. The amounts lessen, by gradual amounts, as incomes rise.
But if you earned more than $87,000 individually, and more than $174,000 jointly, you are ineligible for any stimulus funds.
How Much Will My Children Receive?
Each dependent child under the age of 17 will get $600, based on your qualifying income. That amount is $100 higher than the first bailout payments. Adult dependents are not covered. That means college students, who are often claimed as dependents by their parents, won't receive anything, nor will disabled adults and seniors being cared for by family members.
What Happens If the $2,000 Payment Passes the Senate?
Should the Senate approve the last-minute effort to increase stimulus checks, you will not get an additional $2,000 on top of the already approved $600 amount. Rather, a second payment of $1,400 will likely go out.
Where Can I Ask More Questions?