Are you ready for a second stimulus check?
Here’s what you need to know.
The first wave of stimulus has been sent to millions of Americans. Have you received your stimulus check? Finance Minister Steven Mnuchin estimates that around 80 million Americans have received their stimulus checks this week through direct deposits. The stimulus check, or Economic Impact Payment, is part of a $ 2.2 trillion stimulus package intended to help Americans after the COVID-19 pandemic.
Why haven’t you received the first stimulus check
If you haven’t received a stimulus check, there may be several reasons, including:
- You may not be eligible for a stimulus check;
- You have not filed a federal tax return in 2018 or 2019;
- You filed a federal tax return, but your tax return has not been processed;
- You did not provide your direct deposit information to the IRS;
- You have recently shared your direct deposit information through the Non-Filer online portal, but it has not yet been processed;
- You share your direct deposit information through the Get My Payment online portal, but it has not been processed;
- You receive Social Security or other benefits (although you will receive stimulus checks automatically, your information has not been added to the Get My Payment tool);
- Your identity cannot be verified; or
- You tried to enter your direct deposit information, but could not be due to a technical error or one of the reasons above.
Did you go to the IRS website and get the “Payment Status Not Available” error message? The reason why it might be due to one of the reasons above. The IRS said it plans to update this tool every day because more information and tax returns are processed. If you have not provided your direct deposit banking information to the IRS, you will receive a paper check. The IRS will begin sending paper stimulus checks on April 4 and plans to send around 5 million checks per week. If that step is correct, it may take several months for some Americans to receive their stimulus checks. The IRS will first send a paper stimulus check to taxpayers with the lowest gross income adjusted for their federal tax returns.
Second stimulus check?
Several members of Congress and President Donald Trump commented that a one-time payment of $ 1,200 was not enough money for many Americans who lost their jobs or faced financial difficulties. The CARES Act is the third stimulus bill related to Coronavirus passed by Congress, and a fourth stimulus bill can be made possible. During the 2008 financial crisis, for example, the IRS sent two rounds of stimulus checks. What is the second stimulus check like? Well, here’s one possibility: two members of congress want to give monthly cash payment for Americans who have been affected by the COVID-19 pandemic. Representatives Tim Ryan (D-OH) and Ro Khanna (D-CA) introduced a new congressional law – Emergency Money for People – to provide monthly cash payment for eligible Americans until the job returns to the pre-COVID-19 level.
Emergency Money For People’s Law
If passed by Congress in its current form, the Emergency Money Act for the People will function like this:
- Worthy Americans will accept $ 2,000 cash per month guaranteed at least six months.
- This monthly cash payment will continue until the employment ratio with the population for people aged 16 years and over is more than 60%.
- Monthly cash payment will no calculated as income.
- Monthly cash payments will not adversely affect anyone’s ability to qualify for income-based federal or state aid programs.
Who Will Be Eligible
Like the $ 1,200 stimulus check (Economic Impact Payment), not every American will be eligible for stimulus checks under the Emergency Money for the People Act. This is what will get a monthly cash payment based on this legislative proposal:
- Every American adult aged 16 and older who earns less than $ 130,000 per year will receive $ 2,000 a month;
- Married couples who earn less than $ 260,000 will receive at least $ 4,000 per month;
- Eligible families with children will receive an additional $ 500 per child, with a maximum fund of three children.
- Students and adults with disabilities who are still claimed to be dependents will be eligible. Individuals will receive monthly payments and their parents or guardians will receive dependent credit.
- Individuals who are unemployed or who have no income will qualify.
Individuals who do not qualify based on tax returns 2018 or 2019 can qualify based on adjusted gross income in 2020 by sending two consecutive months of salary.