How much you will get, when to expect it, and more.
Congress is set to approve the second round of COVID-19 stimulus relief today, voting on a bipartisan $900 billion economic relief package. It has been more than seven months since the first relief bill, and the second round of direct payments to Americans couldn't come sooner.
Once the House and Senate pass the bill, it will land on President Trump's desk for signing. The new bill includes:
- Temporary $300/week supplemental jobless benefit
- $600 direct payment to qualified Americans
- Money and subsidies for hard-hit businesses, health care providers, schools, and renters facing eviction
Like many Americans, we're eagerly awaiting the $600 to help pay bills and support the economy. Here's what to expect with the next stimulus check:
When to Expect Your Check
When the first stimulus payments were approved on March 27, it wasn't until April 15 that some started seeing money in their accounts. Even then, it took days to weeks for many Americans to get their payment.
Fortunately, the first stimulus set the IRS up to get money to Americans faster this time around. Treasury Secretary Steven Mnuchin even said that the money should begin appearing in bank accounts by next week once approved.
Those who received the last check by mail are encouraged to sign up for direct deposit to ensure a quick delivery. The IRS is sending payments to direct deposit accounts first, then mailing checks, which could take up to a few weeks.
How Much to Expect
While the new bill isn't giving quite as much to Americans, it will still go a long way in helping Americans stay afloat in troubling times. Here's what you can expect on your check this time:
- Individuals making up to $75,000 annually: $600
- Couples making up to $150,000 annually: $1,200
- Additional $600 per dependent child
Use this calculator to determine how much you'll receive.