New Stimulus Check: Your Stimulus Check is Coming Soon, Here’s How to Prepare

The New Stimulus Check could be coming soon. You will need to know about the eligibility and a potential timeline about it. Bill negotiations on Stimulus Check are at an impasse, leaving the second round of about $1,200 direct payments in limbo. With the Senate back in his session, the related issue on when you might get additional stimulus relief is what you should wonder. While the pace of job loss is slowing, there is a record-breaking of about 43 million people who have already filed for unemployment since the pandemic began, according to CNN. Financial technology firm SimplyWise reported that about 63% of American citizens require a second stimulus check if they are expected to pay bills.

New Stimulus Check

New Stimulus Check

A new direct payment could come at a pivotal time, with coronavirus still making impacts in countries, there is concern that the economic hardships of the pandemic are far from ending. Considering all this, the congress and the White House have attempted to agree on a plan but cannot agree on spending. In response to the stalled talks, President Trump signed few executive orders in early August inclusive of a $400 in weekly aid to unemployed Americans, but the status of a second wave increased of about $1,200 stimulus payments is unclear.

After passing the eligibility status on this service, eligible candidates could receive the second wave of the Stimulus Check. Citizens who make more than $75,000 a year according to their recent taxes return qualify for the first-round entire payment. Married citizens are to receive a larger payment if they have a joint total income of approximately $150,000 or less than the amount.

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New Stimulus Check Status

Democrats have blocked and shut down a slimmed-down $300 billion relief package, according to The Wall Street Journal. It includes $300 in extra weekly federal unemployment benefits until December 27th, more money for the Paycheck Protection Program, and an additional aid United States Postal Service, coronavirus vaccine research, and liability protections.

These bills did not include a check, and now both Democrats and Republicans appear to be pessimistic that they can reach a deal on aid before the Novembers election. Meanwhile. About 70% of American citizens already have beliefs that the government should issue a stimulus check. This will be done by reallocating $300 billion in unused coronavirus relief funds. However, this operation would require the approval of Congress.

New Stimulus Check Eligibility

You will have to consider if you qualify for the new check before any other issue. If you were eligible for the first stimulus check, then you should be eligible for the new stimulus check. Here are the eligibility criteria for the New Stimulus Check:

  • Citizens who earned $75,000 or less per year according to their recent tax returns are qualified for the entire sum of about $1,200 stimulus check.
  • Married citizens or joint filers who earn below the sum of $15,000 per year are eligible for the sum of about $2,400.
  • Citizens (married) who earn more of about $100,000 per year receive a prorated amount.

New Stimulus Check Date

We should consider the New Check timeline. It could cone into consideration now that the Senate is back in session. Whether the negotiators agree on a new package before the end of this week, or month, will determine how soon it will come.

The Check deadline is on the 30th of September, so they would most likely look to have a bill passes before this date.

New Stimulus Check Amount Requirements

Treasury Secretary Steven Mnuchin (the negotiator) negotiating with the lawmakers on behalf of the White House told reporters, “The amount of the new stimulus check might be the same as the first stimulus check”. Meaning the stimulus check doesn’t support the expansion and increase of eligibility like the Heroes Act does.

Amount Calculator

If you ever want to see how much you are eligible for on the Check, then there is a medium for you to do so. Although the new check qualifications have not yet been set by the government, the calculator offers a value estimate based on the criteria for the first check.

All you have to do is to get your device connected to the internet; enter the URL.

Do I need to apply?

The details of distribution haven then announced yet, but it seems if this measure goes through, then qualified citizens could be sent checks automatically based on information from their recent tax return. Also, a direct deposit may also be an option, especially if the IRS already has your bank information from sending your tax refund. This is according to “Forbes”.

New Stimulus Check Application Guidelines

  • Have a Social Security number: It is required you have gotten your SSN to receive the stimulus check.
  • File a tax return for 2018 or 2019: The amount of your stimulus check is based on the adjusted gross income listed on the recent tax return you filed. Citizens of America whose adjusted gross income was less than $75,000 will receive the maximum amount of stimulus check. While citizens who receive Supplementary Security Income (SSI) and Veterans Affairs (VA) beneficiaries are not required to file a tax return and will get their payment automatically.
  • Use the IRS free online tool to speed up payment: Citizens who don’t have a tax filing obligation and don’t receive federal benefits are to use this tool. With this IRS tool, you can provide payment information and receive your payment quickly. This tool requires your Social Security number, mailing address, date of birth, and the number of qualifying children in order to create and submit a simple tax return.
  • Provide updated bank information to the IRS: You can also use the Get My Payment tool on the IRS website to set up a direct deposit. This tool won’t work if you haven’t filed a tax return for 2019.
  • Wait for direct deposit or a paper check: The Direct-deposit payments started going out on April 13th and will commence throughout the month. The paper check starts going out the week of April 20th after the direct-deposit.

You should consider the New Check as an unemployed citizen of America who seeks for ways to earn and pay off taxes. I hope this article seems useful to already participants of the first stimulus check payment and also to new Americans who haven’t heard of the Stimulus Check before.

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