The House of Representatives and the Senate both signed off on the $900 billion relief package in the wake of the COVID-19 pandemic of 2020. The pandemic saw an unprecedented loss of American lives and forced over 40% of the population into unemployment. President Trump signed the package into law at the end of December 2020. This means that the second stimulus check, worth $600 will either be deposited directly into your account or be mailed to you before January 15. This check relief package includes small business loans as well as PPE distribution and virus testing funds. It also extends unemployment benefits through to mid-March.
If you make under $75,000 a year, you qualify for the entire payment. If you’re married and have a joint total income of $150,000 or less, you will be eligible for a larger payment.
If you are eligible but still haven’t received your check, the IRS encourages you to track the status of your stimulus check using their “Get my Payment” tool. If you get a “not available” package you either don’t meet the requirements for a stimulus, you receive federal benefits, you haven’t filed a tax return, or it will be paid at a later date. The IRS claims that eligible beneficiaries who get the “not available” message on the tool will be able to claim the unpaid amount on their 2020 tax return (due on April 15, 2021) as part of the Recovery Rebate Credit feature.
Most Americans are wondering about the landscape of relief payments under a Biden Presidency. While there’s nothing definite to report, Biden has already emphasized his wish for recovery through his emergency plan to save the economy. Features of this plan include an increase in monthly social security checks and a minimum of up to $10,000 per person in student loan forgiveness. This should come as some relief to the millions of Americans whose employment and livelihood has been affected by COVID-19.
Most Americans are wondering about the landscape of relief payments under a Biden Presidency. While there’s nothing definite to report, Biden has already emphasized his wish for recovery through his emergency plan to save the economy. Features of this plan include an increase in monthly social security checks and a minimum of up to $10,000 per person in student loan forgiveness. This should come as some relief to the millions of Americans whose employment and livelihood has been affected by COVID-19.