When you consider all the complications that have been surrounding the second stimulus checks, the first round seemed rather smooth! Just till a couple weeks back, Americans were almost sure they were receiving a second round of the stimulus checks to help them cope with the effects of the coronavirus.
Both the GOP and the Dems have been vocal about the need for a second stimulus package, but they are yet to put up a detailed plan. So when, if at all, will Americans get their checks? Will it be before the Presidential elections? The parties had seemed reluctant, but now both are pushing for the package.
The Washington Post reported that President Trump had encouraged the Republicans in Congress to support the economic relief bill with higher numbers.
How Big Is The Package For The Stimulus Checks?
The Bipartisan Problem Solvers Caucus had unveiled on Tuesday a plan that supports $1.5 trillion to be a part of the coronavirus stimulus package. According to WaPo, this means the second round of stimulus checks would also come around $1200 for Americans.
Trump has reportedly said he is happy with this huge figure. He knows some Republicans are yet to agree, but he seemed confident of convincing them. “I want to see people get money,” Trump said.
Two weeks back CNN had reported that the stimulus checks seem unlikely before the Presidential elections. The election is supposed to happen in the first week of November and stretching another 2 months for the checks would put pressure on the Trump Administration.
Trump seems to hurry up the process. He even suggested redirecting the $300 billion left unused in the pandemic relief funds, according to NYP. redirecting this money would make the process faster once the Congress approves. That means the stimulus checks would reach Americans before the Presidential elections, in all probabilities.
The first round of stimulus checks sent $1200 to individuals. Married couples had received $2400. Parents received an extra $500 for each of their kids under 17 years. CNBC reported that individuals who made upto $75,000 and married couples who made $150,000 received the “full payments”. The report also mentioned that the payments were reduced gradually for those who made more than those amounts. The payments were completely phased off for couples making more than $198,000, and individuals making money greater than $99,000.
reported that if the Congress can pass the stimulus bill soon, the IRS will send the stimulus checks to Americans just within one week. In that case, the checks are sure to come in within the year.
You can use various tools available online to check where you stand with the IRS and how much money you could potentially receive from the stimulus checks.