The Stimulus Check Update could bring a second round of $1,200 payment to eligible taxpayers. With the Congress and other bodies working on a new relief bill, citizens might be wondering how the second stimulus check might look like. A new direct payment could come at a pivoted time since the coronavirus quarantine is still impacting countries, there are concerns that the economic hardships of the pandemic are far from getting over.
Here is an update on the second stimulus check, and you should carefully read through as well as other stimulus check news on the site to get fully prepared so as not to get delayed during the second stimulus pay-outs.
Stimulus Check Update
The second stimulus check 2 date could come into focus now that the Senate is back in session. Whether the negotiators agree or on a new package before the end of this year. The deadline for this check is near, so they ought to pass the bill before then.
If you were eligible for the first stimulus check, then you should also be eligible for the new stimulus check 2. Citizens who earned $75,000 or less per year according to their most recent tax returns are qualified for the entire $1,200 stimulus check. Married couples or a joint filer earning under $150,000 per year will be eligible for $2,400. Then others who earn more or $100,00 per year are to receive a prorated amount.
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Stimulus Check 2 vs. Stimulus Check 1
After the Stimulus Check 1 payment, you might wonder the differences this Stimulus Check Update will bring. The Stimulus Check 2 will provide a $500 benefit for dependent children of all ages, and this includes college students and adults with disabilities. Firstly, the rounds of payment limited this payment to dependent children age 16 and younger. This means that families with older dependent children could receive more money with the Stimulus Check 2.
House Democrats added to a similar proposal, though their HEROES Act would have increased the amount of the benefit to $1,200 per dependent but limited total payments to $6,000 per household. The first draft of the GEALS Act does not appear to cap the number of eligible dependents per family.
It was also reported by CNBC that the Stimulus Check 2 is protected from hold by debt collectors and banks, though unpaid child support can still be taken out of benefits. Additionally, prisoners who re-incarcerated in 2020 will remain largely ineligible.
Why the Stimulus Check 2
With a pace of slow rate of job loss, there is a record-breaking id about 43 million people who have already filed for unemployment since the pandemic began, according to CNN. However, the regular initial claim has fallen in every report for the past 10 weeks. And more could still be laid off though. It was reported by Financial technology firm SimplyWise that nearly 63% of American citizens require a second stimulus check if they are expected to pay bills during this period of quarantine.
About 70% of Americans also believe that the government should issue a second stimulus check, according to The Motley Fool. While the Senate Majority Leader, Charles Schumer (NY) said that he supports another round of these checks. Meanwhile, there are many American citizens who haven’t made claims of their previous stimulus check, and there is an estimated amount of about 2 million California residents that may still be due payment and may have reportedly missed the initial wave due to their tax return status.
This second round of stimulus checks will make huge assists to low-income earners feed and also pay taxes before jobs and businesses are firmly continued after the Coronavirus outbreak.
For more information check here IRS.GOV
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