Yesterday, Congress passed the $900 billion stimulus package that attempts to cover a broad area of the economy that has been affected by Covid-19. A major part of the package is direct payments to more than 180 million Americans. Here is how much you can expect to get and when.
Second Stimulus Checks Coming
The second stimulus checks will largely follow the same formula from the CARES Act that was passed back in March. In fact, it will still exclude adults dependents, just like the CARES Act. This is despite language that had been talked about even as recent as Sunday night that said that dependents would qualify even if older than 17. But, it will still be only for dependents 17 and younger.
One more thing different from the CARES Act is that the amount is now set at $600, instead of $1,200 for filers. That means half the money for a couple that files together but it also means $100 more for dependents so that means $600 for each eligible child under 17 as well.
Second Stimulus Calculator
Here is a calculator that shows you what you can expect to receive from the second stimulus checks.
This is written by the same Jasmine J Mah that wrote the first stimulus calculator – hope it helps to make this all a little more simple for you!
How Soon Will Second Stimulus Checks Come?
The legislation calls for the direct payments to go out before January 15. This means that we will likely see direct deposits of the checks in the next couple of weeks. The IRS has said it will go quicker this time than last time since it will follow the same system and they have already done this once.
For those that have received checks last time, we will wait and see if the IRS makes a tool available again to get the money deposited instead.
I know that government spending and especially this bill is a politically charged topic. I also know that there are millions that have been impacted financially due to shutdowns that have been done across the country. I hope that this money does help those that are in deep need and that the money does find its way to help many businesses that have been hurting as well.