$900 Billion Stimulus Package Signed
Last week, Congress passed the second stimulus bill during the Covid-19 pandemic. The $900 billion sum was part of a $2.3 trillion package that also includes $1.4 trillion to keep the federal government up and running through September 2021. We covered some of the main details that are of interest to millions of Americans, such as a $600 check and $300 additional weekly payments for the unemployed.
Over the weekend the bill was also signed by Presidents Trump, which means that checks could be sent out in a few days, or very early in January. The bill also averted a federal government shutdown on Tuesday.
President Trump advocated for $2,000 stimulus checks before signing the bill. For now payments are just $600 payments for each eligible individual with income less than $75,000 and $1,200 for married or joint filers that make less than $150,000. Eligible dependents 16 and younger can qualify for $600 stimulus checks. However the president and some lawmakers are still seeking to give Americans $2,000 stimulus checks.
Since the bill was approved and signed very late in the year, those currently in the Pandemic Unemployment Assistance and the Pandemic Emergency Unemployment Compensation programs will likely not receive a payment for the final week of 2020. Also the $300 federal enhancement may only last for 10 weeks instead of 11 weeks which was originally planned.
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Not sure how they are determining who gets the money. I think the first stimulus checks that were sent out like 7 months ago were for people’s income based on their 2018 tax returns. No idea if they are just duplicating that. I hope not since a lot of people may not have qualified based on 2018 or even 2019 incomes, but lost their job this spring and are well under $75k this year.