If President Trump does not sign the bill, the second round of stimulus payments included in the coronavirus rescue package passed by Congress on Monday night will now be at risk.
The agreement provides for a check for $600, but the president said on Tuesday that he hopes to increase this amount to $2,000 per person.
However, House Republicans on Thursday prevented the Democrats from increasing funding, putting the entire package at risk. Democrats seized on Trump’s unexpected objections to the bill to urge Republicans to accept a higher amount of stimulus checks-Republicans are now in a difficult place, and they will be forced to decide whether to counter the president. .
The Democrats vowed that their efforts are not over yet. They promised to pass a bill that would increase the cost of stimulus checks to $2,000, and a full vote in the House of Representatives on December 28.
The following are the key knowledge about the Covid-1
Who gets the money fastest: The payment will not be paid all at once.Bank information is Those who file with the Internal Revenue Service are likely to receive the money first, because the money will be deposited directly into their account. Others will receive paper checks or prepaid debit cards by mail.
In the first three weeks of April after the signing of the March agreement, approximately 90 million people (more than half of the eligible population) were paid. Most people received the money within two months.
Despite this, there are still about 12 million eligible Americans who risk not getting the money at all because the IRS has no way to contact them. Although most people receive the money automatically, very low-income people who usually don’t file tax returns must register online by November 21 to provide their address or bank account number.
The IRS is under pressure: If Congress retains the same eligibility requirements as the first round of inspections, the process may be almost as easy as pressing a button.But if you change the parameters, it may complicate things, especially if In addition to revenue, Congress also added other restrictions.
Additional checks may be delayed The beginning of the 2020 tax season. The second incentive check means that the agency will have to make changes to tax returns, some of which have already been sent to printers.
Some background: In March, under the $2 trillion CARES Act, Congress provided $1,200 in direct payments to individuals and $2,400 to couples, plus $500 per child.
As in the first round, the $600 payment included in the current law will begin to phase out individuals with adjusted total incomes of more than $75,000, and individuals with annual incomes of more than $99,000 will get nothing. The income threshold for couples will be doubled.
Read more about Covid-19 stimulus negotiations here.
CNN’s Suzanne Malveaux, Phil Mattingly, Clare Foran and Kristin Wilson provided coverage for the position.