The federal stimulus check is ready to be printed at the Philadelphia Financial Center on May 8.
Jeff Fusco | Getty Images News | Getty Images
Due to the public health crisis, millions of Americans who are struggling financially are facing another round of coronavirus stimulus payments.
President Donald Trump signed a $900 billion Covedi relief plan on Sunday night to make it into law. A few days later, he suggested that if the stimulus measures were not raised from $600 to $2,000, He will block the bill. (This never happened: the Republican House of Representatives quickly rejected the Democrats̵
Congress passed the final aid package in March, a $2.2 trillion CARES bill, authorizing stimulus inspections of up to $1,200 per person. After months of negotiations between Republicans and Democrats on the shape of the second relief bill, they agreed to pay the check to $600.
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The bill also gives the unemployed a federal grant of at least $300 a week for at least 10 weeks, and makes food stamp payments more generous, including many other provisions in the 5,500-page bill.
This is what you need to know about the latest round of stimulus checks.
How much is the payment?
The price of the new check is up to $600 per adult and up to $600 per child.
Individuals whose total income does not exceed $75,000 after the adjustment will be paid in full, and individuals whose annual income does not exceed $112,500 and married couples whose annual income does not exceed $150,000 will receive the full payment.
Those whose income is higher than these levels will receive a partial payment, and every 100 dollars of income will be reduced by $5.
If your income in 2020 is much less than in 2019, you may not receive the stimulus payment, but you can still claim the money in the form of a tax credit at the time of submission.
When can I check?
If the IRS has your direct deposit information, you will be the first to receive payment. The check may be mailed to your account within two weeks.
Those who have not shared this information with the IRS can expect to get a paper check or prepaid debit card, and unfortunately, they wait longer.
The Ministry of Finance can deliver 5 to 7 million paper checks every week.
When the first inspection was conducted in March, a congressional timetable was estimated to take 20 weeks to get the money. However, there are still millions of qualified personnel waiting.
What should I do if I still have not received my first stimulus test?
When you submit your 2020 tax, you can apply for the so-called “recovery credit”.
This credit will allow you to get a larger tax refund or reduce your debt.
-Other reports by Lorie Konish.