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

New stimulus control: 9 things you need 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 COVID-19 diagnosis and return to the White House has intensified the pressure for Democrats and Republicans to reach an agreement which finances a the second incentive payment and other measures to enforce coronavirus spores economic crisis. COVID-19 has infected over 7.4 million people and killed over 211,000 in the United States so far in 2020.

“I am confident that we will have an agreement,” House Speaker Nancy Pelosi told MSNBC on Monday. “The time for that I can not say, because I do not know.”

“The president is committed to reaching an agreement, but he wants to make sure we move quickly but also in a financially responsible way,” White House Chief of Staff Mark Meadows told Fox News on Monday.

With November 3 election now less than a month out, these nine important facts about incentive payments will help you understand the current situation, including how fast you can get a new payment if you are entitled, how to estimate the size of your total check and how the incentive payments are reflected in your federal income taxes. This story is updated regularly with new information.

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

Angela Lang / CNET

Trump’s COVID-19 disease could change the timeline

Trump returned to the White House on Monday after being cared for at Walter Reed National Military Medical Center in Maryland. His hospital treatment included steroid dexamethasone and supplemental oxygen as needed, according to Trump’s personal physician, Dr. Sean Conley.

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 – Pelosi and Finance Minister Steven Mnuchin – have continued talks and seem to be closer to a deal than they have been for weeks.

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 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 bill 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.

One possible obstacle is to get the Senate Republicans on board with the bill. Mnuchin has reached out with the outlines of the bill, according to The Washington Post, but the Senate’s opposition may block a new package. Meanwhile, Senate Majority Leader Mitch McConnell paused Senate votes until Oct. 19 after three Republican senators tested positive for COVID-19, but have said he would return to vote on a stimulus bill.

Both parties want you to get a new check for as much as $ 1,200

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 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 do not pay tax on incentive 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 2020 tax return by filing in 2021. Here is everything to know about stimulus checks and taxes.

The eligibility rules can be moved to your advantage

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 and when

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 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 get

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 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 benefits and the administration’s payroll tax cut.




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