COVID-19 cases in the US are still on a rise. On top of that, President Donald Trump is disputing the recent presidential election results that showed Joe Biden as victorious. Amidst all this, millions are wondering what the White House administration change would mean for stimulus check 2. The stimulus package negotiations continued very close to the election days. However, the political leaders had to take a break because of the campaign.
What Is The Latest Stimulus Check 2 Update?
Congress is still to agree on certain parameters for the second stimulus plan. However, sources have reported that stimulus check 2 for $1,200 is in the last stages of approval. Moreover, Democratic president-elect Joe Biden recently included an additional stimulus check round to his relief plans.
It looks like a change in administration is definitely bringing a change in the stimulus package. Even so, no further details have been released on the exact amount or the eligibility criteria from either of the parties. However, given that a lot of information regarding the Democrat’s and the Republican’s stimulus package proposals are in the public, we can deduce what lies ahead.
We will take into consideration the HEROES Act pushed by the Democratic Party and the CARES Act pushed by the Republican party. We should note that even though the administration is changing, stimulus check 2 needs support from both sides to be approved. Additionally, president-elect Joe Biden has to sign the order to make it into law.
Since 2020 is almost over and the political parties are currently involved in presidential election result disputes, it’s very unlikely that stimulus package 2 will be passed by this year.
Stimulus Package Eligibility Criteria
As per the CARES Act, eligible individuals received a stimulus package worth $1,200. Married couples who applied together received checks worth $2,400.
Financial experts have stated that the second round of stimulus packages will help boost the US economy, which has been extremely hurt by the COVID-19 pandemic. Additionally, the rise in unemployment has left many vulnerable to bankruptcy. As has been reported, individuals whose earnings are lower than $75,000 will receive stimulus check 2. As for married couples, the eligibility criteria is $150,000 or less.
The adjusted gross income also plays a role in the eligibility criteria. The IRS uses a person’s AGI to check if they are eligible for the stimulus package. Individuals with $99,000 AGI or less are eligible for the stimulus package.
However, if an individual’s AGI is between $75,000 – $95,000, the eligible person will receive a portion of the stimulus check.
What’s interested many about stimulus check 2 is whether the definition of dependents will change or not.