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Home / Tips and Tricks / 9 things to know about another stimulus now check that the House has approved a new bill

9 things to know about another stimulus now check that the House has approved a new bill



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Here’s what’s happening with a second stimulus check today.

Angela Lang / CNET

After almost two months of little movement, Washington lawmakers seem to have stepped up the pace of finding an agreement on a the second incentive payment for Americans who face requirement. The negotiations to reach one final bill has not been the easiest to follow, and the situation is now complicated by President Donald Trump’s recent hospital stay after being diagnosed with COVID-19.

Coronavirus has infected over 7.4 million Americans and killed over 211,000 people in the United States alone.

As we approach November 3 election, here are nine critical factors about incentive payments that can help you understand where the situation is right now. These facts are changing as situations develop, including the bill status today (it changes every day), ins and outs of eligibility, how fast you can get a second stimulus control and how these incentive payments relates to your income tax. We update this story regularly with new information.

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High unemployment and a tight economy underline the need for more support.

Angela Lang / CNET

The president has been in the hospital with COVID-19

On Thursday night, Trump and First Lady Melania Trump announced that they had both tested positive for COVID-19 and on Friday, the president was admitted to Walter Reed National Military Medical Center in Maryland after a report Friday morning that he had experienced “mild symptoms.”

What exactly this means and whether it will affect the outcome of the bill remains to be seen; however, negotiators – House Speaker Nancy Pelosi and Finance Minister Steven Mnuchin – have continued talks and appear to be closer to a deal than they have been for weeks.

Even Senate Majority Leader Mitch McConnell was more optimistic about the outcome of the talks when Friday closed.

“I’m trying to find out here if I should predict another bill quickly or not, but talks have been accelerating over the last couple of days … I think we’re closer to getting a result,” McConnell said, according to the Washington Post Congress. reporter Erica Werner via Twitter.

As of Friday night, Trump was characterized as working from the hospital. CNET is closely monitoring the situation.

A new stimulus bill has passed, but here’s what it really means

The House of Representatives approved a revised stimulus bill Thursday that includes a stimulus payment, and $ 600 per week in federal unemployment benefits and airline and restaurant assistance (compare it with the CARES Act here). But – and this is critical – this new grip on the hero law is not law. Negotiations on another two-party proposal are still ongoing, which could lead to even more changes in the legislation and the fate of another round of stimulus checks. Pelosi and Mnuchin spoke on Friday and have said they intend to continue discussions.

If the talks, which are under enormous pressure, succeed, they can give a whole new team that both chambers would then vote on. About conversations is not it successful, the US may have to wait to see what happens next (some likely scenarios below). The House is set to stand alone after Friday, but can be called back to vote.

Both parties want you to get a new check for up to $ 1200

There is strong bipartisan support to provide an additional direct payment to people who qualify (more on that below). Republican and Democratic lawmakers and President Donald Trump all say they want a solution that includes a second stimulus check, including other measures in the relief bill, such as improved unemployment benefits.

Provisions for a second inspection have been part of three proposals since the CARES law was adopted in March, one written by Democrats and two by Republicans.






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The IRS can speed up the process of issuing checks

IRS and Treasury Department sent the first round of incentive payments to recipients within 19 days. Mnuchin has said he could send them much faster this time when new legislation is signed.

“I was able to get 50 million payments really fast” and start making payments a week after a bill is signed, he said in August. We have mapped how fast a new check could come.

You will not pay tax on relief money

IRS does not consider incentive money to be income, and a payment you receive this year will not reduce your 2021 refund or increase the amount you owe when you file your 2020 tax return. You will also not have to repay part of your check if you are entitled to a lower amount in 2021. IRS said that if you did not get everything you owed this year, you can claim it as a credit on your federal income for the 2020 tax return by filing in 2021. Here is everything to know about stimulus checks and taxes.

Eligibility rules can be changed in your favor

While we believe that a second stimulus control would largely follow the same guidelines as the first, eligibility requirements may change. It may even benefit your family if a new incentive bill redefines it which is considered a qualified addict.

Other eligibility remarks:

The IRS has a strategy for who gets their check in which order

With the first stimulus check, the IRS and the Treasury Department sent payments in three ways: direct deposit, physical checks, and prepaid EIP cards. According to the latest figures from the Ministry of Finance (from June), this is how the almost 160 million payments are broken down:

  • Direct deposit: 75% or 120 million payments
  • Paper check: 22% or 35 million payments
  • Prepaid EIP debit card: 3% or 4 million payments

It is expected that you will get your money the fastest with direct deposit, followed by the check and then the EIP card. Read more about priority groups here. The IRS automatically selects the payment method, but will likely open its portal that allows people to sign up for direct deposit if new legislation is approved.

We already think we know how much money you can pocket

If you are still waiting for your first payment or looking for an estimate of how much a second check may contain, you can use ours stimulus control counter to get an idea of ​​how much you, your family and your relatives can expect to receive, especially if the qualifications change with a new round of payments. Our calculator tool does not save your personal information in any way.

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Less than a quarter of eligible recipients received their payment as a check in the mail.

Sarah Tew / CNET

Payment information can be complicated

When and if a second stimulus check is approved, the details will need to be torn up. While some situations are simple, other complications about you and your loved ones can make it unclear if you are eligible, the size of a check you can expect and when it will arrive. Striped cases abound.

For example:

There is much more to know about other government payments during the pandemic. Here’s what you need to know about a possible interest rate check from the IRS, den $ 300 federal unemployment benefits and the administration’s payroll tax cut.




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