A second stimulus check is on its way to the Americans as the Congress confirmed the news last Saturday night.
A stimulus check was first appeared under the presidential time of Donald Trump and lately turned out to be a sufficient solution for the economy in short term. It solved the shortcut of income for some families and temporarily eased the pain of COVID-19.
However, after the lockdown was lifted up in some states, and the COVID-19 problem started to be more under control, the stimulus check program was also abandoned. Nothing probably would change, if COVID-19 did not once again strike the U.S. at a high intensity. Recently, the death in the nation is climbing as the casualties and the infected cases are also rocketing. Economy suffered again, and this time, could be worse than the first wave.
It is essentially important for the government to restart the stimulus check.
Good news is Congress has plan for the come back of the financial aid program and they are working on it. Seriously, another aiding check program is necessary in order to boost a nation that is struggling badly with a strange enemy from out of nowhere. Here are some crucial information that you all should know about the second stimulus check.
How much should you get from it?
Congress has calculated a need of a higher amount of new stimulus check. However, the base for these checks will probably be around $600. Besides, families that have children can receive an extra amount of $600 for each child. Theoretically, a family with 3 child will receive a $1,800 check.
What we don’t know for sure is that whether college students living with children can receive the extra amount of financial aid. We also don’t know how adjusted gross income (AGI) will affect high-income families. In the first round of financial aiding, if your AGI was between $75,000 and $99,000, your check will be decreased. There is no AGI for people whose income exceed $99,000.
We might expect the same thing for this the second payment of financial support check.
When we will have it and social security numbers
IRS approved the first payment of stimulus check two weeks after CARE Acts passed the approval of aiding check. Anyway, the same thing won’t happen this time. Most payment will arrive at American hands during the time of 2021’s January. If you have tax refund profile on IRS system, you might expect a faster payment process.
IRS can also pay money to your benefits-related accounts if you are member of Social Security Administration, Railroad Retirement Board, or Veterans Administration.
Besides the timing of next financial support check, lawmakers also argue about using Taxpayer Identification Number (TIN) instead of Security Numbers. Using TIN will allow non-U.S. citizens access to the aiding check and receive the essential financial support. But again, everything is still undergoing the bargain.
Things can change at anytime.