Congress recently announced a $900 billion relief package which will be provided to millions of Americans as soon as next week. However, there have been some considerable changes from the last stimulus check.
At first, there were no reports about whether direct payments would be provided to the households. However, after an eleventh-hour negotiation, it was decided $600 per person will be provided via direct payments. In the light of millions of Americans suffering from unemployment because of the pandemic, advocates believe this was the need of the hour.
According to a study from TransUnion, 6 out of every 10 persons have expressed that they have been suffering financially due to the pandemic. Moreover, 40% of them were relying on the relief package to aid them in paying their bills.
Raymond James analysts have stated that the stimulus will last until March. Senate Majority Leader Chuck Schumer has explained that they will need another package after this to continue the recovery of the economy and that will be the priority of the Biden Administration.
According to the new proposed bill, single adults earning less than $75000 will be provided $600 whereas married couples earning less than $150,000 will be provided $1200. This is a decrease from the previous CARES Act where single adults received $1200 and married couples received $2400.
To determine the amount you will receive, a second stimulus calculator can be used. Each dependent child will be receiving $600 which is an increase from the $500 provided in the CARES Act. However, this does not include any dependent who is above the age of 17, which leaves out college students and some high school students. This also does not cover dependents who are senior citizens.
In the CARES Act, only American citizens and immigrants with a Green Card were provided stimulus checks. However, this time around legal immigrants without a Green Card, who are formally known as undocumented immigrants, will also receive stimulus checks.
American citizens who were spouses of undocumented immigrants were not provided with stimulus checks, nor were their children. Several lawsuits were filed against this on the claim that it was unconstitutional.
Treasury Secretary Steven Mnuchin has reported that people will start receiving the checks by next week. This is also different from the previous bill where many people received their checks a few weeks and even many months later.