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Home / Tips and Tricks / New stimulus control: 9 things to know now that Trump has COVID, House approved a bill

New stimulus control: 9 things to know now that Trump has COVID, House approved a bill



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

Angela Lang / CNET

President Donald Trump hospital stay with COVID-19 has increased the pressure for Democrats and Republicans to reach an agreement which finances a the second incentive payment and other measures to help Americans. The situation was already difficult to follow and predict due to complex rules regarding eligibility and payment schedules. But the president’s illness raises more questions, even if it underscores the far-reaching effects of the coronavirus.

“We are making progress,” House Speaker Nancy Pelosi told Face the Nation on Sunday. She stressed the need to agree major consequences of a stimulus bill aimed at “crushing the virus.” COVID-19 has killed over 211,000 people and infected over 7.4 million in the United States so far in 2020.

With November 3 election 30 days away, these nine important facts about incentive payments show the situation in its current situation, including how fast you can get a new payment, how to estimate the size of your total check and how the incentive payments are reflected in your income tax. We update this story frequently.

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

Angela Lang / CNET

Trump’s hospital stay at COVID-19 could move the timeline

Trump is currently being cared for at Walter Reed National Military Medical Center in Maryland, with his treatment including steroid dexamethasone and supplemental oxygen as needed, according to Trump’s personal physician, Dr. Sean Conley, who also said the president could be released as early as Monday.

What exactly Trump’s situation means and whether it will affect the outcome of a stimulus package remains to be seen. But on Saturday, Trump’s Twitter account announced the president’s support for a new bill, a sign of urgency in connection with his illness.

Meanwhile, the main negotiators for Democrats and Republicans – House Speaker Nancy Pelosi and Finance Minister Steven Mnuchin – have continued talks and appear to be closer to a deal than they have been in weeks.

A new stimulus proposal 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 way of hero law is not law. Negotiations on another bipartisan proposal are still ongoing.

If the talks succeed, they can give a completely new law that both the House and the Senate 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 officially on hiatus from Friday, but can be called back at any time 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 Trump all say they want a solution that includes a second stimulus check, among 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 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 does not reduce the 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. The 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 reopen its online portal that allows people to do so 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 check calculator to get an idea of ​​how much you, your family and your relatives can get, especially if 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 benefit and the administration’s payroll tax cut.




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