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Home / Tips and Tricks / New Stimulus Check: 9 Things You Should Know Now With Trump Having COVID House Has Passed A Bill

New Stimulus Check: 9 Things You Should Know Now With Trump Having COVID House Has Passed A Bill



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The following happens today with a second stimulus check.

Angela Lang / CNET

President Donald Trumps Hospitalization with COVID-19 increased the pressure for Democrats and Republicans to reach an agreement that finances a second stimulus payment and other measures to help Americans. The situation was already difficult to track and predict thanks to complex rules in terms of eligibility and payment plans. However, the president’s illness raises other questions, even as it underscores the far-reaching effects of the coronavirus.

“We’re making progress,” House spokeswoman Nancy Pelosi said on Face the Nation on Sunday. She stressed the need to agree on that greater impact of a stimulus bill this aims to “destroy 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 the Election on November 3rd In 30 days, these nine crucial facts about stimulus payments will reveal the current situation, including how quickly you could get another paymenthow to estimate the size of your entire check and what the stimulus payments are reflects on your income taxes. We update this story often.

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

Angela Lang / CNET

Trump’s COVID-19 hospitalization could shift the timeline

Trump is currently being cared for at the Walter Reed National Military Medical Center in Maryland. His treatment includes the steroid dexamethasone and supplemental oxygen if needed, according to Trump’s personal doctor, Dr. Sean Conley, who also said the president could be fired than on 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 related to his illness.

Meanwhile, key Democratic and Republican negotiators – House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin – have continued talks and appear closer to a deal than they have been for weeks.

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.

If the talks are successful, they could produce an entirely new bill that both the House and Senate 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 will officially be on break from Friday, but can be called back to vote at any time.

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 Trump, all say they want a solution that includes a second business cycle 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 online 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 can get, especially if 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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