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Home / Tips and Tricks / 9 Things You Should Know About Another Stimulus Check After House Passes New Law

9 Things You Should Know About Another Stimulus Check After House Passes New Law



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The following happens today with a second stimulus check.

Angela Lang / CNET

After nearly two months of little movement, Washington lawmakers appear to have quickened the pace in seeking an agreement on a second stimulus payment for Americans who hit that conditions. The negotiations to reach a final bill was not that easy to follow, and now the situation is getting complicated President Donald Trump’s recent hospitalization after being diagnosed with COVID-19.

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

As we approach that Election on November 3rdHere are nine critical stimulus payments factors that can help you understand the current state of the situation. These facts are constantly changing as the situation evolves, including the bill’s status today (it changes every day) Advantages and disadvantages of eligibilityhow fast you could get a second stimulus test and how these stimulus payments relate to your income taxes. We regularly update this story with new information.

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High unemployment rates and a weak economy underscore the need for more aid.

Angela Lang / CNET

The president was hospitalized with COVID-19

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

What exactly this means and whether it will affect the outcome of the calculation remains to be seen. The negotiators – House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin – have continued their talks and appear closer to a deal than they have been in recent weeks.

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

“I’m trying to figure out whether or not to be quick to predict another bill, but the talks have accelerated in the last few days … I think we’re closer to getting a result,” McConnell told Washington Congress Post reporter Erica Werner, via Twitter.

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

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

The House of Representatives passed a revised stimulus bill on Thursday that includes a stimulus paymentplus $ 600 a week in unemployment benefits and airline and restaurant aid (Compare it to the CARES Act here). But – and this is crucial – this new version of the Heroes Act is not law. Negotiations on another, bipartisan law are still ongoing, which could lead to further changes to the legislation and the fate of another round of economic reviews. Pelosi and Mnuchin spoke on Friday saying that they intend to continue discussions.

If the talks, which are under immense pressure, are successful, they could result in an entirely new bill that both chambers would vote on. When conversations are not Successful, the US may have to wait to see what happens next (some plausible scenarios below). The house is due to take a break after Friday but can be called back to vote.

Both parties want you to receive a new check for up to $ 1,200

There is strong support from both parties to provide one more direct payment to people who qualify (more on this below). Republican and Democratic lawmakers, as well as President Donald Trump, all say they want a solution that includes a second economic review, such as: improved unemployment benefits.

Provisions for a second review were part of three proposals since the adoption of the CARES law in March, one from Democrats and two from Republicans.


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Next stimulus checks: what to expect


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The IRS could expedite the process of issuing checks

Sent to the IRS and Treasury Department the first round of stimulus payments to the recipient within 19 days. Mnuchin has said he could send them much faster this time once new laws are signed.

“I could get 50 million payments very quickly,” and start making payments a week after signing an invoice, he said in August. We have noticed how quickly a new check could arrive.

You will not pay taxes on aid funds

The IRS Stimulus money is not considered incomeand a payment you receive that year won’t reduce your 2021 refund or increase the amount you owe when you file your 2020 tax return. You also don’t have to repay any part of your check if you qualify for a lower amount in 2021. The IRS said if you didn’t get all of what you owed this year, you can claim it as credit for your 2020 federal income tax return by filing it in 2021. Here is Everything you should know about stimulus checks and taxes.

The conditions of participation may change to your advantage

While we believe that a second stimulus check would follow largely the same guidelines as the first, Admission requirements Subject to changes. It could even benefit your family when a new stimulus bill is redefined who counts as a qualifying dependent.

Further information on eligibility:

The IRS has a strategy of who gets their check and in what order

With the initial stimulus check, the IRS and Treasury sent payments in three ways: direct deposit, physical checks, and Prepaid EIP cards. According to the latest figures from the finance department (as of June), the nearly 160 million payments are divided as follows:

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

The quickest way to get your money is expected to be with direct deposit, followed by a check and EIP card. Read More about priority groups here. The IRS will automatically select the payment method, but will likely open their portal which will allow people to be accepted Register for direct deposit when new laws are passed.

We think we already know how much money you can pocket

If you are I’m still waiting for your first payment If you’re looking for an estimate of how much a second exam might involve, you can use ours Stimulus Check Calculator to get an idea of ​​how much you, your family and Your loved ones This could be expected, especially if the qualifications shift with another round of payments. Our calculator tool does not save your personal data 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 details can get complicated

When and when a second stimulus test is approved, the details need to be deciphered. While some situations are straightforward, other complications for you and your loved ones can make it unclear whether you are eligible, how big a check should be and when it comes. There are plenty of marginal cases.

For example:

There is a lot more to know about other government payments during the pandemic. Here’s what you need to know a possible interest rate review by the IRS, the $ 300 unemployment benefit and the administration’s wage tax cut.




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