President Donald Trump has finally signed off on the coronavirus relief package amounting to $900 billion, which also includes direct payments to Americans.
Even though the stimulus checks are half the amount of the ones provided in March, they are a relief for many Americans suffering because of the pandemic.
Americans are set to receive $600 for single individuals who earned up to $75,000 last year and married couples who made $150,000 will be getting $1200 in direct payments. Anyone who has registered as the head of the household will also be receiving $600 provided they earned up to $112,500. Moreover, dependents under the age of 18 will also receive $600 each, $100 more than the amount proposed in the previous bill.
If you are eligible to receive a greater amount according to your 2020 income, this will be provided after filing of tax returns in 2021.
Trump has raised objections on the $600 stimulus checks, demanding they should be increased to $2,000. The House will be voting on this proposal soon, however, the Republican majority Senate will most likely vote against it.
This time around, the government is prepared since all of the information on recipients was already obtained during the last relief package. The payments will reach the American people more quickly this time compared to the last time when it took weeks and even months for people to receive the payments.
Individuals do not need to sign up for this relief bill as it is provided to anyone who has filed a tax return recently, is a disabled veteran, or is eligible to receive Social Security or disability benefits. The checks will be directly deposited into the account of individuals who are registered for tax refunds or benefits.
People who opted to receive paper checks in the last bill will also receive them this year if account information for direct deposit has not been reported to the government since then. If an individual has moved to another place since the last stimulus checks, they should inform IRS of the address change as quickly as possible.
The Treasury Department is set to initiate a campaign to answer any questions people might have about the checks. The IRS has also provided a tool on their website to assist people in receiving their payments.
Non-citizens can also receive the checks provided they have a valid Social Security number.