But The White House Does Support Another Round Of Relief
Back in July, Trump told Fox Business that he was on board with a second round of economic impact payments, so long as it’s “done properly.” More recently, on Monday, Press Secretary Kayleigh McEnany said “the president would love to see the direct payments to Americans.”
Right now, everything hinges on stimulus bill negotiations between the two parties, according to Treasury Secretary Steve Mnuchin. “If we can get a fair deal, were willing to do it this week,” he told CNBC on Monday.
Later, though, Trump quelled hopes that legislators would strike a deal anytime soon. In a Wednesday news conference, the president told reporters that the bill was “not going to happen.”
If Approved Checks Could Go Out To Consumers Pretty Fast
The IRS hit several speed bumps earlier this year when it was tasked with distributing 159 million stimulus checks in the middle of tax season and the coronavirus outbreak. But now that the infrastructure for delivering the payments is in place, the process could be a lot speedier.
Since the IRS has already assembled the data it needs to deliver the first stimulus payment, they should be able to deliver a second payment fairly quickly and at a lower administrative cost, Jack Smalligan, an ex-Office of Management and Budget official, told the Wall Street Journal in July.
Last time around, the people who received their stimulus checks first were those whom the IRS already had direct deposit information on file. You may want to make sure the IRS has your updated bank account, address and other contact details using its “Get My Payment” tool.
Once that’s taken care of, the only thing left to do is wait.
When Will I Get My Stimulus Check
If the new bill gets signed before Christmas, which is highly probable, the checks will be distributed just after the New Year. It means you might be getting one as soon as 15 days from now! Steven Mnuchin also reportedly said that “People are going to see this money at the beginning of next week.”
Since it’s the IRS that will be distributing the money, people who are already in their database will receive the checks the fastest.
You May Like: Should I Have Received My Stimulus Check By Now
Pelosi Weighs Up Recalling House Over Usps
In the face of the growing USPS crisis, Politico says that Pelosi is considering recalling the House from its summer recess to tackle the issue, in a report confirmed to Reuters by a Democratic congressional aide.
Democratic Representative Carolyn Maloney this week introduced legislation seeking to prohibit changes to the USPS’ January 2020 level of service until after the Covid-19 pandemic is over, and Reuters has been told by the congressional aide that the House could vote on the measure.
According to Politicos report, some Democrats have also suggested an early return from recess could be used to deal with other issues such as unemployment benefits, but have been told that addressing the USPS crisis must be the immediate priority.
Policies Applied In The Us To Mitigate The Covid
The Coronavirus Aid, Relief and Economic Security Act has been the mainstay of the Federal government’s economic aid plan – totaling $2.3 trillion.
The CARES Act provided for $367 billion in loans and grants for small businesses expansion of unemployment benefits to furloughed individuals, gig workers and freelancers direct stimulus check payments to individuals over $130 billion for the health care system $500 billion of loans to large corporates $150 billion to state and local governments.
The following is an overview timeline of the actions taken in response to the coronavirus pandemic in the US:
– The Fed cuts interest rates in two emergency meetings on March 3 and March 15 , taking the federal funds rate to 0-0.25%. It also cut the discount window rate by 150 basis points.
– The Fed rolls out its third emergency credit program in two days.
– The Fed promises unlimited, spending response to the crisis open-ended QE, including purchases of to near $3 trillion. corporate and municipal bonds.
– CARES Act signed into law
– The Fed broadens access to dollars with repo agreements for foreign central banks.
– The Fed rolls out $2.3 trillion to backstop ‘Main Street’ local governments and small and mid-sized businesses.
– The Fed broadens its help for local governments, offering to buy bonds of up to three years’ duration from counties with as few as 500,000 residents and cities with as few as 250,000 residents.
Also Check: Track My Stimulus Check 3
Monthly $2000 Stimulus Check: Is It Possible
Forbes reports that a bill that proposes monthly payments of $2,000 to eligible taxpayers is “gaining steam” with some congressional supporters. The House bill was put forth by Rep. Time Ryan and Rep. Ro Khanna .
Senator Kamala Harris and entrepreneur Andrew Yang, who were both 2020 presidential candidates, have thrown their support behind a $2,000 a month stimulus check package, with the idea that such checks would be avoidable to anyone earning up to $120,000 per annum.
Harris introduced the Monthly Economic Crisis Support Act, alongside Senator Bernie Sanders and Senator Ed Markey. Under that scheme, the monthly checks would not only apply for individuals, but also married couples would be able to get $4,000 per month and a further $2,000 per dependent would be made available, up to a maximum of three dependents. And the payments would be available to all US residents, regardless of whether they have a Social Security number or file taxes.
The government should be here for the people in a moment of crisis, said Harris. People should be able to count on their government to see them and to create a safety net for them, so that these people dont fall into povertyor further into povertyduring the course of this pandemic.
And it would appear that getting the HEROES Act through the Senate would the first hurdle to jump before other stimulus check plans can be properly proposed, let alone brought into effect.
Stimulus Check Website: Do You Need To Sign Up
No, you do not need to sign up for your stimulus check. The government should have a record of how much you make each year based on your tax filings.
The IRS has thus far provided updates as to how many stimulus checks it has sent out, as well as the total amount of those checks.
88 million checks, $158 billionMay 8: 127.5 million checks, $217 billionMay 22: 152 million checks, $258 billion 159 million checks, $267 billion
The latest numbers do not include the $2.5 billion that the IRS sent to people living in U.S. territories.
If you’re a non-filer, you’ll need to take a few more steps to ensure you receive your check.
Also Check: I Never Received A Stimulus Check
How Is My Second Stimulus Check Calculated
The IRS relies on your tax return to calculate whether you qualify for the second stimulus check. So your eligibility was based on your 2019 tax returns, which you filed by July 15, 2020.
According to the text released by Congressional leaders, the COVID-19 relief bill notes those with an adjusted gross income over certain limits receive a reduced amount of money, with the checks phasing out entirely at higher incomes.
Your AGI is calculated by subtracting the deductions that you made during the tax year from your gross income .
Heres a quick breakdown of the AGI limits for the $600 stimulus checks:
- Single filer checks begin to phase out at AGIs above $75,000.
- Head of household checks start getting phased out at incomes over $112,500.
The IRS reduces stimulus payments by 5% for the total amount that you made over the AGI limit. This means that for every $100 that you make over the limit, your check goes down by $5. At high enough incomes, the checks phase out entirely. So if you earned over $87,000 as an individual taxpayer, $174,000 as a joint filer, or $124,500 as a head of household, you do not get a stimulus payment. The following calculator allows you to calculate your benefit amount:
This second round of stimulus checks is currently half the maximum amount of the first stimulus checks that were included in the CARES Act in March.
The Economy Might Have Tipped Into Outright Deflation And Slower Economic Growth The Consequences Of Which Would Have Been Harder To Manage
Each round of payment led to a significant rise in personal income and consumer spending in that month. The checks given under the Consolidated Appropriations Act were given mainly in January 2021. In that month, there was a 3% monthly increase in real consumer spending and a 10% increase in real personal income. The personal savings rate increased from 13.5% in December 2020 to 20% in January 2021.
They also contributed to stronger economic growth, boosting the US economic output by 0.6%, according to the Congressional Budget Office. The poverty rate in the US fell to 9.1% in 2020, the lowest its been since estimates were first released in 2009.
A recent study showed that the economic relief programs kept 6 million children out of poverty, 3 million of which were primarily due to the Child Tax Credit.
If the US government decides to make future policies to improve upon these programs, they should look to this data as its shown that the Economic Impact Payments did a great deal to stimulate the US economy and help the American citizens to stay afloat during a pandemic that unexpectedly took jobs, healthcare, and security from several Americans.
Don’t Miss: 2nd Stimulus Check Release Date
Second Stimulus Check: Headlines
– Mitch McConnell objects to a Senate vote on the $2,000 stimulus checks for the third day running on Thursday.
– Mitch McConnell admits that the bill to increase stimulus checks to $2,000 has “no realistic path to quickly pass the Senate” on Wednesday.
– Pelosi and Gingrich press McConnell to allow vote on ‘clean’ bill for $2,000 stimulus checks
– Treasury Secretary Steven Mnuchin says $600 checks could arrive by direct deposit as early as Wednesday.
– Senate to vote on overriding Trump defense bill veto as president lashes out at “pathetic”Republican leaders.
– Georgia Senate run-off “too close to call” say pollsters, with control of upper house to be decided on 5 January.
– Dollar loses ground over economic aid bill concerns.
– Sen. McConnell is introducing a new bill with $2,000 stimulus checks but its tied to a repeal of the social media-related Section 230 and finance for election fraud investigation.
– President Trump urges Republican senators to “get tough” and approve the $2,000 stimulus checks after McConnell blocks Senate vote.
– Senate majority leader Mitch McConnell twice blocks immediate vote on $2,000 stimulus checks on Senate floor on Tuesday after House moved to pass bill on Monday.
– US House on Monday passed bill that would increase covid stimulus payments from $600 to $2,000 by 275-134 vote.
Related stories:
Trump To Forego New Year’s Eve In Florida For Early Return To Washington
US President Donald Trump on Thursday was due to fly back to Washington a day earlier than planned, as he continued his fight with Congress over a defense bill and stimulus checks as well as a long-shot bid to overturn his November election defeat.
Trump, who originally was scheduled to attend a New Year’s Eve party at his Mar-a-Lago resort in Florida, is expected to leave for Washington at around 11 am EST .
The White House has given no reason for the change, but it coincides with Trump’s fight with Congress over his veto of a major defense bill and his demand for increased covid-19 stimulus checks, as well as a spike in tensions with Iran.
Senate Majority Leader Mitch McConnell, the top Republican in the chamber, dealt a likely death blow on Wednesday to Trump’s bid to boost coronavirus aid to Americans, declining to schedule a swift vote on a bill to raise relief checks to $2,000 from the $600 included in the relief package passed by Congress earlier this month.
Trump had ramped up pressure on fellow Republicans to back the bigger checks for struggling Americans in a series of tweets in recent days in which he attacked Republican leaders as “pathetic” and accused the party of having a “death wish” if it did not increase stimulus payments.
Republicans in Congress have largely stuck with Trump through four turbulent years, but the president is angry that they have not fully backed his claims of election fraud in the 3 November election that was won by Democrat Joe Biden.
Don’t Miss: When Is The Stimulus Checks Coming
What If I Should Have Gotten The First Stimulus Check But Didnt
The IRS has established a page called Recovery Rebate Credit for taxpayers who qualified for the first stimulus check, but didnt receive it or only received part of what they should have.
If you believe you qualified, but didnt receive the stimulus check go to this page on the IRS website and find out information on how to get it.
Stimulus Checks For Dependents And Children
For every child or dependent under the age of 17 , parents who meet the above eligibility requirements will receive an additional $500 economic impact payment.
However, if the child was born or adopted in 2020, parents will not be supplemented because the payments are based on 2019 tax returns. That said, the IRS is allowing new and payment-eligible parents to claim their child on next year’s returns for retroactive compensation.
Note that the second round of stimulus checks, which may come from the Heroes act to be voted on soon, removes the age limitations on who qualifies for the $1,200-per-dependent kicker. It does cap the number of dependents at three.
Recommended Reading: How Do I File For My Stimulus Check
Third Round Of Stimulus Checks: March 2021
Barely a week after the second round of stimulus payments were completed, new president Joe Biden entered office and immediately unveiled his American Rescue Plan, which proposed a third of round of payments to Americans, including some of those who might have missed out on the first two rounds.
On Thursday 11 March, Biden signed his $1.9tn American Rescue Plan into law. The third payment provided eligible individual taxpayers for a check of up to $1,400, while couples filing jointly could receive a maximum of $2,800. In addition, families with dependents were eligible for an extra payment of $1,400 per dependent, regardless of the dependent’s age this time, there was no limit to the number of dependents that could be claimed for.
The first stimulus payments were issued swiftly – just hours after Biden has signed the bill, the first batch of 164 million payments, with a total value of approximately $386 billion, arrived by direct deposit in individuals bank accounts. Some received their payments on the weekend of 13/14 March 2021. Since then, payments had been sent on a weekly basis including “plus-up” payments until the end of the year. Like before, those who didn’t get all the EPI3 funds in 2021 due to them will be able to claim them when they file their tax returns in the spring of 2022.
Will The Irs Know Where To Send My Stimulus Check
Many eligible taxpayers do not need to do anything in order to receive their stimulus payment. The IRS will already have all the data they need to determine whether a taxpayer is eligible, as well as where to send it.
The IRS will primarily use tax returns filed in 2019, but taxpayers who have not filed their 2019 returns will still have their 2018 returns used to determine whether someone is eligible for a stimulus payment.
Stimulus payments will be deposited into the same bank accounts stated on the tax return filed.
Recommended Reading: How Long Does Stimulus Check Take In The Mail
Irs Has Sent $6 Billion In Stimulus Payments Just In June Here’s How To Track Your Money
Your stimulus check could be on its way, along with child tax credit money and unemployment tax refunds. We’ll explain the state of the payments today.
Stimulus check payments aren’t over yet for everyone.
Don’t think that the child tax credit payments going out in just over two weeks are all the IRS is focused on. The tax agency continues to send weekly batches of the third stimulus checks, with more than $6 billion in stimulus payments going out just in June. Some of that money includes “plus-up” adjustments for people who received less money than they were supposed to get in earlier checks.
Even though many of us got our stimulus money in the earlier batches in spring, some have had to wait weeks or months for their checks. The IRS sent money first to people who’d already filed their 2019 or 2020 tax returns because those were the easiest to verify. So if you’re still waiting for your stimulus check up to $1,400 — or think you might be due a plus-up payment — we’ll tell you what to do next.
In the meantime, many experts say a fourth stimulus check is unlikely, but millions of families will be getting a good chunk of money with July’s first child tax credit payment. We can tell you how to know if you qualify and how much money you could expect over the course of the year. The IRS is also issuing unemployment tax refunds to millions of people who received jobless benefits last year, though payments are taking longer than expected. This story was updated recently.
The 2nd Stimulus Check: How Much And Who Gets It
The U.S. government has approved a new round of financial aid to assist families and individuals facing hardships due to the ongoing pandemic. This article is accurate as of January 6, 2021 and will be updated as more information becomes available.
**The IRS recently released additional FAQs regarding the second stimulus. For more information, read IRS Statement about Second Economic Impact Payments.
At a glance:
- The U.S. government will be issuing a second round of economic impact payments, also known as stimulus checks.
- No action is required. Payments will be issued automatically.
- Individuals who earn $75,000 or less per year will receive $600.
- Couples who earn less than $150,000 per year will receive $1,200.
- Children under age 17 will receive $600 each.
- If you dont receive the full payment youre entitled to, file and claim the Recovery Rebate Credit on your 2020 tax return.
- You need a Social Security number to qualify for this stimulus. People with a SSN who did not receive the first stimulus because they are in a mixed-status household may now qualify.
- Workers receiving unemployment will receive an additional $300 per week through March 14, 2021. The extended benefits also apply to self-employed individuals.
- Additional provisions include assistance with rent payments and childcare, plus aid for small businesses and various state and local programs.
Read Also: Stimulus Check Went To Closed Bank Account