The Latest Lowdown On Second Stimulus Check
According to a story reported on by WHDH/7 News Boston, lawmakers are expected to vote Monday on the deal, which would provide for $600 checks, but experts say it will take at least two weeks for the Treasury to get cash into individuals’ bank accounts after legislation is signed.
In March, Congress provided individuals with $1,200 direct payments and couples with $2,400 plus $500 per child under the $2 trillion CARES Act. Those payments started phasing out for singles who earn more than $75,000 a year and those earning more than $99,000 did not receive anything. The income thresholds were doubled for couples.
As with the first round, the new payments will only be sent to people below a certain income level, though it wasn’t immediately clear Sunday where that would be set.
It took two weeks after that bill was passed for the IRS to start distributing the money — but some eligible recipients still haven’t received it, months later.
Who gets the money fastest? Well apparently, the payments do not go all out at once. Those whose bank information is on file with the IRS will likely get the money first because it will be directly deposited into their account.
Others will receive paper checks or prepaid debit cards in the mail.
About 90 million people — more than half of those eligible — received their payments within the first three weeks of April after the March deal was signed. Most people had their money within eight weeks.
While most people received the money automatically, very low-income people who don’t normally file tax returns had to register online before November 21 to provide their address or bank account number.
Also, additional checks may delay the start of the 2020 tax filing season. A second stimulus check means the agency will have to make changes to the tax return forms, some of which have already been sent to the printers.
Please check out the full story for much more information at WHDH/7 News' website here.
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