Stimulus checks are now due to most Americans after President Trump signed off on a $900 billion coronavirus relief bill last weekend.
This round will be $600, compared to $1,200 earlier this year.
Although, a bill passed by the House on Monday could increase the payments to $2,000; however, it faces an uphill battle in the Senate.
But don’t worry, it’s not holding up your $600. If it were to pass, it would be as a separate payment, so you’d receive a check for $1,400.
Here’s what we know about the coming payments:
First, you need a Social Security number to qualify for a relief check.
Individuals earning up to $75,000, and couples earning up to $150,000 will receive the full amount.
After that, the amount of the check then decreases by $5 for every $100 of income above those thresholds, phasing out completely at $87,000 for individuals and $174,000 for couples.
Income is based on 2019 tax returns.
Dependents under age 17 are also eligible for $600 checks, and there’s no cap on the number a household can receive.
So if a single person earned $50,000 in 2019 and has four children under 17, the individual will be eligible for a $3,000 payment.
The biggest eligibility change involves households where one or more people has a Social Security number while another member or members do not. In the CARES Act, such households were entirely barred from receiving payments.
Now, payments will be sent to every eligible member of such households — those with Social Security numbers.
When will you receive stimulus payments?
There’s no exact date, just like the previous round, but it should be quicker than the first round because the IRS is set up to make payments now.
Treasury Secretary Steven Mnuchin said on Tuesday that Americans could begin seeing payments as early as Tuesday night through direct deposit, with paper checks being mailed out as soon as Wednesday.
.@USTreasury has delivered a payment file to the @FederalReserve for Americans’ Economic Impact Payments. These payments may begin to arrive in some accounts by direct deposit as early as tonight and will continue into next week (1/2)— Steven Mnuchin (@stevenmnuchin1) December 29, 2020
Paper checks will begin to be mailed tomorrow. Later this week, you can check the status of your payment at https://t.co/pFBzGzK8mD. (2/2)— Steven Mnuchin (@stevenmnuchin1) December 29, 2020
If you received a direct deposit payment the first time around, it’ll be quicker -- and you’ll be first in line to get the check.