Congress approved a new $908 billion stimulus bill on Monday that would renew government benefits set to expire this month, including $300 weekly unemployment checks, rental assistance and an eviction ban, plus a second stimulus check for up to $600 for qualifying adults and their dependent children — but not dependent adults. This $900 billion portion of the package, which is focused on government stimulus and coronavirus-related aid, is tied to a much larger bill to fund government operations through 2021. (We don’t go over that portion here.)
The combined funding/COVID-19 stimulus bill hit a huge roadblock on its way to becoming law. On Tuesday, President Donald Trump called the bill a “disgrace,” highlighting areas of spending related to the government funding portion and not to the stimulus portion. He also asked Congress to amend the $600 per person ceiling for a second stimulus check to up to $2,000 a person. (Meanwhile, President-elect Joe Biden has committed to a third stimulus check. Here’s how a new Congress in January could hold the key.)
What does it mean for the fate of the stimulus bill? The situation could go one of several ways, but it isn’t dead yet. While we wait to see what happens next, we’ve broken down the key issues in the $900 billion COVID-19 relief portion of the stimulus package below. This story has been updated with the most current information.
A second stimulus check for $600 per adult, and…
The new economic relief bill — which Congress merged with funding for next year’s federal budget — will send a second stimulus check topping out at $600 to each eligible adult and a flat sum of $600 per qualifying child age 16 years and younger. That’s a change from the cap of $1,200 per adult and $500 per child dependent, from the first round of payments.
Individuals will receive the full $600 if their AGI is under $75,000. Their payment will start to decline as their yearly income goes up. For heads of household, the AGI is $112,500, and for those married and filing jointly the number is $150,000. Here’s a breakdown of the qualification requirements for the second stimulus check and some information about how much money you might be able to get…Read more>>