Congress is in the process of finalizing an economic relief bill that is expected to provide another round of $600 stimulus checks to those in need.
How much can you expect to receive?
Although higher amounts were discussed, it looks like the second stimulus check base amount will be $600. That’s half the amount of the first-round payments authorized by the CARES Act back in March. It’s also expected that families will receive an additional $600 for dependents. So, for example, a family of four could get a second stimulus check for $2,400. It is unclear if college-aged students, or elderly living with their family will constitute as dependents.
Under the CARES Act, first-round stimulus payments were phased-out depending on your income and tax filing status. To qualify for a second round of stimulus checks your income can not exceed $99,000. In addition, your stimulus check may be reduced if you fall in the annual income bracket of $75,000-$99,000.
When will this program go into effect?
Although may could use it, it is unlikely that checks will be mailed out before the end of the year. If there is quick approval on the relief bill checks can be expected within a couple of weeks post approval.
If you already have your bank account information setup with the IRS you can anticipate an even faster turn around as a direct deposit. This method of payouts was not allowed under the CARES Act, but could be an option with this new bill.
Are you still waiting on your initial stimulus check?
Non-Filers who have still not received their first stimulus payment need to provide information online to the IRS by November 21, 2020 to qualify.
If you have an an injury or illness that prevents you from working a full-time job, you could receive up to $3,011 per month in Government support.
Lots of different types of injuries and illnesses qualify. This includes things like back injuries, arthritis, knee / hip replacements, heart attacks, different types of cancer and more.
If you are interested in getting approved for Social Security Disability Benefits, and speak to someone that can help you apply, click the button below and complete the quick 30 second form now. We hope to help you receive the benefits you deserve!