How to see if you would qualify for second round of $1,200 stimulus checks under new proposal
WHILE a new coronavirus relief package is still in the works in Congress, both Democrats and Republicans seem to agree that another round of direct payments to Americans is necessary.
Qualifications to receive a stimulus check this time around mirror those included in March's CARES Act – with some slight changes, according to a memo from the Senate Finance Committee.
Individuals who earned a gross adjusted income of up to $75,000 in 2019 (or 2018, depending on their last tex return) would receive the full $1,200 check.
Those who make more would have their checks reduced by $5 for every $100 in income. Individuals who make more than $99,000 would not qualify.
Couples who earned a gross adjusted income of up to $150,000 in 2019 (or 2018, depending on their last tax return) would receive a full $2,400 check.
Couples who make more would have their checks reduce by $5 for every $100 in income. Those who make more than $198,000 would not qualify.
Individuals with dependents would receive an additional $500 for each dependent of any age. This differs from the CARES Act, where only dependents under the age of 17 qualified.
Individuals with no income or whose income comes from programs like SSI benefits would still be eligible, according to CNBC.
It's unclear at this time if the $600 unemployment benefit, which expired at the end of July, would be renewed. Republican lawmakers reportedly want to lower it to $200.
While an official bill has not been signed yet, Treasury Secretary Steve Mnuchin said that Democrats and Republicans are working to come to a deal on the checks before heading into a month-long recess on August 7.
On Tuesday, Mnuchin said that Congress is not close to a deal just yet – but they have agreed on a timeline, according to Bloomberg.
"We’re going to try to reach an overall agreement, if we can get one, by the end of this week — so that legislation could then pass next week," he said.
His comments came after a meeting with House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer.
During an interview with PBS, Pelosi said that Congress "has to have an agreement" by the end of the week – and said she's confident they will reach one.
If they don't, Americans may have to wait until after Congress' month-long recess to get their checks.
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