The Associated Press (al.com)
President Trump’s signature on the COVID-19 relief bill clears the way for another round of stimulus checks for the public.
The exact timing on when they will arrive remains to be seen.
How much will the checks be?
The checks will be roughly half of the amount of those approved in the March CARES Act, which included stimulus payments of $1,200 per person.
The new $600 checks are based on 2019 adjusted gross income and would pay $600 for those earning $75,000 or less and drop incrementally from there with a cap of $87,000. Head of households would qualify for the full amount if they earn under $112,500 with a cap of $124,500; married filing jointly would receive the full amount if they earn under $150,000 with a cap of $174,000.
If you earn more than the income caps, you will receive a partial payments dropping by $5 for every $100 above the limits.
The amount paid for dependents is increasing from $500 to $600.
When will checks arrive?
Treasury Secretary Steven Mnuchin said last week the IRS would likely be ready to send out the first payments in days once the measure is approved. The first round of payments would go to those who have direct deposit information on file with the IRS, followed by those who received a paper check during the first stimulus distribution.
The distribution process is expected to go smoother than the first round when it took almost three weeks for checks to begin arriving.
Most of the second round of payments will be direct deposits, Mnuchin said.
“We call them ‘checks in the mail,’ but most will be direct deposits,” Mnuchin said. “It will be within three weeks. We are determined to get money in people’s pockets immediately. So that will be within three weeks.”
The legislation signed by Trump sets a Jan. 15 deadline for the stimulus payment distribution.