As the global economy continues to reel under the COVID-19 pandemic, many are eagerly waiting for the stimulus check 2020. While the negotiations are currently at a limbo, there has been some stimulus check status updates that you need to know.
Here’s Everything You Need To Know About Coronavirus Stimulus Check 2020!
Sources say that the White House and Congress have decided that the second round of stimulus checks is necessary to help businesses burning this crisis. However, there have been some disagreements regarding the amount that needs to be spent.
Early in August, Donald Trump signed several executive orders because of a delay in agreements. The orders stipulated that unemployed US citizens would be paid $400 aid on a weekly basis. The second stimulus check update of $1,200 is still unclear.
Sources say that the Senate is trying to secure a $1,200 stimulus package for individuals as a direct payment. However, this would mean that the federal monthly unemployment benefits will be reduced from $600 to $200 a week.
Who Qualifies For The Stimulus Check 2020?
The guidelines for stimulus check 2020 includes people who qualified for the first round. As per the notice, taxpayers with a gross income of $75,000 in a year qualified for the first stimulus check 2020. Meanwhile, married couples earning less than $150,000 together a year received a higher amount.
If you want to know the calculations, and if you are qualified, you can check out the stimulus check calculator.
Stimulus Check Update As Of 7th September 2020
Democrats and Republicans are still to reach an agreement of the stimulus package. The chambers of Congress will be shut until after Labor Day.
On 7th September, Donald Trump called a meeting and discussed the approval of a $1,200 package for the second wave of stimulus checks 2020. Sources say that the $300 billion from the coronavirus fund will be reallocated for this purpose. However, this decision still needs Congress’ approval.
Steve Mnuchin, Treasury Secretary, informed media sources that the Democratic House Speaker Pelosi has refused to come to an agreement unless the White House decides to spend $2.6 trillion. However, CNN reported that she has agreed to continue in a resolution so that the government doesn’t shut down.
As per the Wall Street Journal, Mnuchin has agreed to meet with Nancy Pelosi and discuss spending around $1.5 trillion for the second round of stimulus check 2020.
Reports are in that Republicans are pushing for a smaller stimulus package. This would mean that the weekly $300 reserved for unemployed Americans will last till the 27th of December. As per CNBC, the Senate Minority Leader called the attempt “unacceptable.”
Because of this disagreement, it is possible that the second stimulus check 2020 would arrive only around October. The Senate might jump into action after Labor Day, but the unemployed Americans will get financial aid only late in the fall.
Taxpayers with a gross income of $100,000 will receive a prorated amount for their stimulus money.
When Can You Expect Your Coronavirus Stimulus Check 2020?
The exact date for the payment of the stimulus money has not been released as of yet since any agreement has not been reached and the Senate is on a recess. The stimulus money payment date will be determined by the negotiators.
If bilateral talks resume, there is a chance that the bill will be voted early. It is important to note that 30th September is the budget deadline, so it is most likely that they will try to pass the bill before the end of this month.
If you need to know about your tax refund, you can check TurboTax to do the same.
Bank Account Information, Qualifying Child, Social Security Number, Tax Refund: Stimulus Check 2020 Details
As per the treasury secretary, who is standing in for the White House, the second wave of stimulus checks will be the same as the first one.
This means that the White House is pushing for a bill that does not include expansion (like the limit on qualifying child), which the Heroes Act proposes.
The Heroes Act requires every member of a family to receive $1,200. $6,000 is the cap per family. On the other hand, the Republican’s Cares Act proposes to give $500 to 16 years old and under children.
Under the Cares Act, a family with two college kids will receive $2,500, while the same family can receive $4,800 under the Heroes Act.
Given the non-agreement, the second stimulus check status is still in a swamp. There have been a ton of speculations. However, it’s always good to know how you can expect from either of the two bills. You can visit free Stimulus Check 2020 calculators to do so.
What Are The Benefits Of Round 2 Proposed Stimulus Checks 2020?
While the first wave of stings check had an age limit for dependent members of the family, the second wave proposes to add $500 for dependent members of all ages.
Democrats have also proposed to expand the limit through their Heroes Act. However, they propose to provide $1,200 instead of $500 per person.
The benefits will also provide for child support that has not been paid yet. However, incarcerated people will still be considered ineligible for the stimulus checks.
Why Is Coronavirus Stimulus Check 2020 Important?
Since the beginning of the pandemic, the US has recorded 43 million unemployed people. And since the economy has taken a hit, it is likely that more people will lose their jobs. In this time of crisis, as per SimplyWise, around 63 percent of Americans are desperately waiting for the second round of stimulus checks. The number of filers for financial aid has only skyrocketed since.
$2,000 Stimulus Check A Month?
The idea has gained immense support from the public and Congress supporters.
Bernie Sanders and Kamala Harris are leading another bill proposing $2,000 per American citizen a month for as long as the pandemic continues.
Despite the momentum, the economic impact of this amount could lead to heavy financial stress on the federal government.