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On December 21st, Congress passed a new spending package to provide economic stimulus to the country. The second round of stimulus check will $600 per adult or child under 17. These payments have begun processing although some may show up as pending until January 4th. The government has until January 15th to send all payments. If you do not receive your payment by January 15th or you are still waiting on funds from the first round of economic impact checks; you will need to file for a Recovery Rebate Credit with your taxes.
What the bill does for individuals:
- Provides $600 checks to individuals making $75,000/year or less and couples making under $150,000/year. Families will receive an additional $600 per child under the age of 17. The money will be issued using the same methods as the CARES Act and people may see direct deposits before the end of the year. Visit Get my Payment to see the status of both stimulus checks.
- This legislation modifies the taxpayer identification requirement in the CARES Act to include families where some, but not all, members have SSNs. For couples filing jointly, at least one spouse must provide a valid SSN to receive their portion of the payment or credit. For taxpayers with qualifying children, at least one spouse must provide a valid SSN plus the SSN for each qualifying child. This modification also applies to the first round of stimulus checks, be sure to file for a Recovery Rebate Credit with your taxes.
- Extends federal unemployment benefits an additional 11 weeks, including PUA. While the federal program will expire in March, individuals with unused benefit will have through April 5th to use them.
- Authorizes another round of Federal Pandemic Unemployment Compensation. Running from December 26th through March 14th, an additional $300 will be added to each week's benefit.
- Extends the federal eviction moratorium through January 31st
- Revives the Paycheck Protection Program for small businesses. Businesses that have already received PPP may apply for another round.
- Creates a grant program for venues, museums and theaters who have lost at least 25% of their revenue
- Allocates money for rent relief programs
- Provides funding for K-12 educational institution and childcare
- Raises SNAP benefits by 15% for a 6 month period
- Expands the PEBT program to include families on SNAP with children under 6 years old
The CARES act was passed March 27th, 2020 and contains information on direct payments to individuals and families, pandemic unemployment and small business loans. The US Treasury Department and the Internal Revenue Service (IRS) have begun paying individuals to help support them during the COVID-19 pandemic. However, some taxpayers who typically do not file returns will need to submit a simple tax return to receive the payment. People receiving SSI/SSD should expect to see their stimulus checks (which may be issued in the form of a debit card) by the end of August, 2020.
There is no earned income requirement to be eligible for a payment, but non-filers may need to take additional steps to receive it. The Social Security Administration will share information for Social Security (Old-Age, Survivors, and Disability Insurance) beneficiaries with IRS to help ensure these beneficiaries receive an automatic advance payment. The IRS will conduct a public awareness campaign to reach other non-filers and provide them with information on how they can receive the payments.
What did people will get?
Single people earning below $75,000 will get $1,200.
Married couples earning below a combined $150,000 will get $2,400.
Parents will receive $500 for each child under age 17.
A reduced amount will be available for individuals and couples making more than $75,000 and $150,000 respectively. But there will be no payments for individuals earning more than $99,000 or couples earning more than $198,000.
To check on the status of your CARES act stimulus check, please visit https://www.irs.gov/coronavirus/get-my-payment or call the IRS customer service line at 1-800-919-9835.
What is the small print?
Eligibility is primarily determined by tax returns
NOTE: Immigrants without valid Social Security numbers and “resident alien” status will NOT receive any payment. (Resident alien status means either a Green Card or the ability to prove a “substantial presence”). This excludes people who may have filed taxes under an individual taxpayer identification number (ITIN) rather than an Social Security Number (SSN).
Someone who did not file a tax return in 2018 (e.g., a student), must file a 2019 return to qualify.
Individuals receiving Social Security benefits are on file with the government and payments will be based on those records.
People who have filed income tax in 2018 and then moved, and have not yet filed for 2019, will face a delay.
Visit the IRS website for more information about this economic impact payment.